Trevi Therapeutics stock advances as Q3 loss widens, trials progress

Trevi Therapeutics reported a wider third-quarter loss on Monday, November 9, 2026, while advancing clinical development of its investigational chronic-cough treatment Haduvio. The update, published by GlobeNewswire, covers the quarter ended September 30 and a series of pipeline milestones.

Clinical trials move into later stages

Trevi initiated the Phase 3 OCEAN-2 trial for patients with idiopathic pulmonary fibrosis-related chronic cough during the third quarter. OCEAN-1, which began in the second quarter, and OCEAN-2 are both recruiting. The company expects topline data from OCEAN-2 in the second half of 2027 and from OCEAN-1 in the first half of 2028.

Trevi also reported a positive October meeting with the US Food and Drug Administration on its non-IPF interstitial lung disease program. Subject to FDA review of the protocol, the company expects to start a Phase 2 dose-ranging trial in the first quarter of 2027, with topline results targeted for the first half of 2028.

Higher spending increases the loss

Trevi reported a net loss of 21.5 million US dollars for the third quarter, compared with 11.8 million US dollars a year earlier. Research and development expense rose to 19.1 million US dollars from 10.1 million US dollars as spending increased on the OCEAN and LAKE trials, while general and administrative expense reached 5.4 million US dollars versus 3.8 million US dollars.

Cash, cash equivalents and marketable securities totaled 299.4 million US dollars at September 30. Management said the balance should provide a cash runway into 2030, supporting development of Haduvio across idiopathic pulmonary fibrosis-related cough, non-IPF interstitial lung disease and refractory chronic cough.

Trevi focuses on chronic cough

Trevi Therapeutics is a US clinical-stage biopharmaceutical company based in New Haven, Connecticut. It develops Haduvio, an oral extended-release formulation of nalbuphine, for chronic cough linked to idiopathic pulmonary fibrosis, other interstitial lung diseases and refractory chronic cough. The company is focused on advancing this single clinical platform through late-stage and mid-stage trials rather than commercial product sales.

The broader US equity market remains a reference point for investors tracking development-stage biotechnology shares.