Trevi Therapeutics

Trevi Therapeutics

Trevi Therapeutics was founded in 2011 and operates as a publicly traded clinical-stage company headquartered in New Haven, Connecticut. President and CEO Jennifer Good joined the company in 2014, bringing prior commercial leadership experience from Purdue Pharma. The firm's founding thesis centers on modulating the mu-opioid and kappa-opioid receptor pathways in the central nervous system, applying a repurposed molecule — nalbuphine — in a specialized extended-release oral formulation called Haduvio. Trevi has not generated product revenue and funds operations through equity financings and licensing agreements. The company's lead candidate, Haduvio (nalbuphine ER), has completed clinical trials for refractory chronic cough (RCC) in idiopathic pulmonary fibrosis (IPF) and prurigo nodularis — two conditions with high unmet medical need and no FDA-approved therapies at time of investigation. A Phase 2b/3 trial for RCC in IPF, called the RIVER trial, failed to meet its primary endpoint in 2024, prompting a strategic pivot. Trevi subsequently reoriented toward a Phase 2b trial in chronic cough associated with idiopathic pulmonary fibrosis, while continuing to explore Haduvio in prurigo nodularis and other chronic pruritic conditions. As of its most recent public disclosures, the company reported cash and cash equivalents sufficient to fund operations into late 2025. The firm maintains a lean virtual operating model with no physical laboratories of its own, relying on contract research organizations and external clinical sites across North America and Europe. Trevi completed its initial public offering in May 2019, listing on the Nasdaq under the ticker TRVI. The company has raised capital through multiple public offerings. In September 2024, Trevi announced a registered direct offering priced at-the-market under Nasdaq rules, raising approximately $25 million in gross proceeds to extend its cash runway. Key institutional investors have included entities associated with Baker Brothers Advisors and other healthcare-focused funds. As of early 2025, the company reported a full-time workforce estimated under 30 professionals. No adjacent philanthropic vehicles or operating subsidiaries are publicly disclosed.