Trevi Therapeutics Announces Closing of $173M Underwritten Public Offer
Trevi Therapeutics Announces Closing of $173 Million Underwritten Offering
Trevi Therapeutics, Inc., an innovative clinical-stage biopharmaceutical company developing the promising investigational therapy Haduvio™ (oral nalbuphine ER) for the treatment of severe chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC), today announced the successful closing of its previously announced underwritten public offering.
Details of the Financial Transaction
The company successfully closed the offering of 13,340,000 shares of its common stock at a public offering price of $13.00 per share. Importantly, this total includes 1,740,000 additional shares issued directly upon the full exercise by the underwriters of their formal option to purchase additional shares of common stock in the public offering at the established public offering price, less standard underwriting discounts and commissions.
The total gross proceeds of the public offering reached approximately $173 million, before formally deducting standard underwriting discounts, commissions, and other necessary expenses payable directly by Trevi. All of the shares included in this robust offering were sold directly by Trevi Therapeutics.
Underwriters and SEC Registration
Morgan Stanley, Leerink Partners, Cantor, and Stifel acted collectively as the joint book-running managers for the successful offering, while Oppenheimer & Co. actively acted as the lead manager. The shares were formally offered by Trevi pursuant to an active shelf registration statement on Form S-3 (File No. 333-291517), which was properly filed with the Securities and Exchange Commission (SEC) on November 13, 2025, and became effective automatically upon its filing.
This financial offering was made explicitly and only by means of a formal prospectus supplement and the accompanying complete prospectus that thoroughly form a part of the official registration statement. The final, comprehensive terms of the offering are fully disclosed in a final prospectus supplement which has been officially filed with the SEC.
About Trevi Therapeutics and Haduvio™
Trevi Therapeutics, Inc. remains a dedicated clinical-stage biopharmaceutical company focused squarely on developing the investigational therapy Haduvio™ (oral nalbuphine extended-release). Haduvio represents a breakthrough as the first and only investigational therapy to clearly show a statistically significant reduction in chronic cough frequency within clinical trials across both patients suffering from IPF chronic cough and patients battling RCC.
Mechanistically, Haduvio acts intelligently on the cough reflex arc both centrally and peripherally as a precise kappa agonist and a mu antagonist (KAMA), directly targeting opioid receptors that are known to play a key regulatory role in controlling severe chronic cough. It is important to note that Nalbuphine is not currently scheduled by the U.S. Drug Enforcement Agency. Trevi fully intends to officially propose Haduvio as the commercial trade name for oral nalbuphine ER. Currently, its definitive safety and clinical efficacy have not yet been formally evaluated by any regulatory authority.
