Trevi Therapeutics Announces Pricing of $150 Million Underwritten Offering of Common Stock

Trevi Therapeutics, Inc. has announced the pricing of its underwritten public offering, aiming to raise approximately $150 million through the sale of 11,600,000 shares of common stock at a price of $13.00 per share. The offering, which is expected to close on or about April 20, 2026, includes a 30-day option for underwriters to purchase an additional 1,740,000 shares. All shares in this offering are being sold by Trevi, with the transaction managed by Morgan Stanley, Leerink Partners, Cantor, and Stifel as joint book-running managers.

Trevi Therapeutics, based in New Haven, Connecticut, is a clinical-stage biopharmaceutical company focused on developing Haduvio™ (oral nalbuphine ER) for the treatment of chronic cough associated with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC). Haduvio is notable for being the first investigational therapy to demonstrate a statistically significant reduction in cough frequency in clinical trials for both IPF chronic cough and RCC patients. The drug operates as a kappa agonist and mu antagonist (KAMA), targeting opioid receptors involved in cough control.

The decision to pursue this public offering comes as Trevi seeks to bolster its financial resources to support the continued development of Haduvio and other potential therapeutic avenues. The company's clinical progress has garnered attention in the biopharmaceutical sector, particularly given the growing need for effective treatments for chronic cough, a condition that significantly impacts patients' quality of life. The funds raised from this offering are expected to enhance Trevi's ability to advance its clinical trials and potentially expedite the path to market for Haduvio.

The broader market for biopharmaceutical IPOs has shown resilience, with many companies leveraging public offerings to secure necessary capital amid fluctuating market conditions. Investors are increasingly focused on companies that demonstrate innovative approaches to unmet medical needs, particularly in specialty areas such as chronic cough treatment. As Trevi Therapeutics moves forward with its offering, it reflects a trend where clinical-stage companies are actively seeking to capitalize on investor interest in novel therapies.

Overall, Trevi's public offering is indicative of a robust appetite for investment in the biopharmaceutical sector, particularly for companies with promising clinical pipelines. The successful execution of this offering could not only provide Trevi with the necessary capital to advance its initiatives but also signal confidence in the potential of Haduvio to address significant medical needs within the chronic cough treatment landscape.