Trevi Therapeutics, Inc. (TRVI) Stock Price & How to Invest
Short answer
You can invest in Trevi Therapeutics (TRVI) by buying shares or fractional shares at any major broker, or as one holding in a thematic basket. Trevi is a clinical-stage biopharmaceutical company with no approved products and no product revenue; its entire value rests on Haduvio (oral nalbuphine ER), an experimental therapy for chronic cough in idiopathic pulmonary fibrosis (IPF), other interstitial lung disease, and refractory chronic cough. It is a high-risk, binary, pre-revenue biotech where the stock tends to move on clinical trial data and regulatory milestones rather than earnings.
TRVI stock price
As of 2026-07-08, Trevi Therapeutics, Inc. (TRVI) last closed at $18.59, up 201.3% over the past year. Over the past 52 weeks it has traded between $6.17 and $19.50.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Trevi Therapeutics, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Trevi Therapeutics, Inc. (TRVI) do?
Trevi Therapeutics is a clinical-stage biopharmaceutical company developing a single lead candidate, Haduvio (oral nalbuphine extended release), for chronic cough. Haduvio is designed to act on the cough reflex both centrally and peripherally as a kappa-opioid agonist and mu-opioid antagonist (a KAMA mechanism), a different approach from the P2X3 antagonists that most rivals pursue. Trevi is targeting three indications: chronic cough in patients with idiopathic pulmonary fibrosis (IPF), chronic cough in non-IPF interstitial lung disease (ILD), and refractory chronic cough (RCC). The company has no marketed products and generates no product revenue, so it funds itself through equity raises and operates at a net loss, which is typical for a company at this stage.
The investment picture is a classic high-risk, high-reward clinical biotech. Trevi has reported positive mid-stage data: its Phase 2b CORAL trial in IPF-related chronic cough (N=165) met its primary endpoint across all dose groups in June 2025, and its Phase 2a RIVER trial in RCC showed a statistically significant reduction in cough frequency in March 2025. After an End-of-Phase 2 meeting with the FDA, Trevi initiated its first Phase 3 trial in IPF-related chronic cough and a Phase 2b trial in RCC in early 2026. An April 2026 stock offering raised roughly $162 million in net proceeds, extending the projected cash runway into 2030. The upside case is a first-in-class chronic cough drug in indications with no approved therapies; the downside case is that a late-stage trial fails or the FDA declines approval, which would remove most of the value underpinning the stock.
What's driving Trevi Therapeutics, Inc. (TRVI)?
1. Haduvio Phase 3 in IPF-related chronic cough.
The lead program advanced into Phase 3 in early 2026 after positive Phase 2b CORAL data and overall alignment with the FDA at an End-of-Phase 2 meeting. IPF-related chronic cough has no approved therapy, so a successful Phase 3 followed by approval would give Trevi a first-in-class product. This readout is the single most important catalyst for the stock.
2. Refractory chronic cough expansion.
Trevi is also running a Phase 2b trial of Haduvio in refractory chronic cough (RCC), a far larger patient population, after its Phase 2a RIVER trial met its primary endpoint in 2025. RCC is a market that has frustrated larger competitors, and success here would materially widen Haduvio's commercial opportunity beyond the smaller IPF indication.
3. Differentiated mechanism.
Haduvio's kappa-agonist, mu-antagonist (KAMA) mechanism is distinct from the P2X3 antagonists that dominate rival chronic cough pipelines. Management highlights that Haduvio has shown statistically significant cough reductions across both IPF and RCC patients, a breadth its P2X3 peers have not consistently matched, which is the core of the differentiation thesis.
4. Funded runway into 2030.
An April 2026 offering added roughly $162 million in net proceeds on top of about $171.8 million in cash at the end of Q1 2026, giving a projected runway into 2030. That funding is meant to carry the company through its planned IPF and RCC trials and potential FDA approval without an imminent need to raise more capital, reducing near-term dilution pressure.
What are the risks to Trevi Therapeutics, Inc. (TRVI)?
Trevi is a single-asset, pre-revenue biotech, so its outcome is highly binary: a failed Phase 3 trial or an FDA rejection for Haduvio would eliminate most of the company's value. Even with a large cash balance, the company burns cash every quarter and will likely need additional financing before Haduvio could reach the market, and equity raises dilute existing shareholders (the April 2026 offering issued 11.6 million new shares). Because Haduvio is derived from an opioid (nalbuphine), it faces scheduling, safety, and tolerability scrutiny that non-opioid rivals avoid. It also competes with well-capitalized programs from Merck, GSK, Bayer, and others. Finally, the ~$2 billion market value already embeds significant expectations of clinical and regulatory success, so disappointing data could trigger a sharp decline.
How is Trevi Therapeutics, Inc. (TRVI) valued? (approximate, MAY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Trevi Therapeutics, Inc.'s investor relations page or your broker.
- Market cap: ~$2.0 billion
- Share price: ~$13.87
- Cash and marketable securities (Q1 2026): ~$171.8 million
- April 2026 offering net proceeds: ~$162 million
- Product revenue (TTM): ~$0 (clinical stage, no approved products)
- Projected cash runway: into ~2030
As a clinical-stage biotech, Trevi has no product revenue and runs at a net loss, so traditional valuation multiples like price-to-earnings do not apply. The roughly $2 billion market capitalization reflects investor expectations for Haduvio's clinical trials rather than current financial performance. The April 2026 capital raise and the resulting projected runway into 2030 are meant to fund the company through its key Phase 3 and Phase 2b readouts.
Who competes with Trevi Therapeutics, Inc. (TRVI)?
P2X3 antagonist chronic cough developers
The most direct competitors are large-cap and mid-cap companies developing P2X3 receptor antagonists for chronic cough, including Merck (gefapixant), GSK (camlipixant, acquired via Bellus Health), and Bayer (eliapixant). These programs target refractory chronic cough with a different mechanism than Haduvio, and several have deeper resources than Trevi.
IPF and interstitial lung disease drug makers
In idiopathic pulmonary fibrosis, Trevi's Haduvio addresses the cough symptom rather than the underlying disease, but it operates alongside established antifibrotic makers such as Boehringer Ingelheim (nintedanib) and Roche (pirfenidone), plus a pipeline of newer IPF developers whose progress shapes the treatment landscape for these patients.
Other clinical-stage single-asset biotechs
As an investment, TRVI competes for capital with the broad universe of pre-revenue, single-product clinical-stage biotechs. These names share the same binary, catalyst-driven risk profile, where value depends on trial data and regulatory decisions rather than earnings, and where financing needs and dilution are recurring considerations.
How to invest in Trevi Therapeutics, Inc. (TRVI)
There are three common ways to get TRVI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so TRVI sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where TRVI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Trevi Therapeutics, Inc. (TRVI)
Trevi Therapeutics is a single-asset, pre-revenue clinical-stage biotech whose ~$2 billion valuation prices in success for Haduvio in chronic cough, so returns hinge on Phase 3 trial readouts and eventual FDA action rather than any current financial results.
More on Trevi Therapeutics, Inc. (TRVI)
Whether TRVI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TRVI a buy?, and where the stock could go from here in the TRVI stock forecast.
For income investors, whether TRVI pays a dividend and how the payout looks is covered in does TRVI pay a dividend?
Build a basket around TRVI with Walnut
Use Trevi Therapeutics, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Trevi Therapeutics do?
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Trevi is a clinical-stage biopharmaceutical company developing Haduvio (oral nalbuphine extended release), an experimental therapy for chronic cough in idiopathic pulmonary fibrosis, other interstitial lung disease, and refractory chronic cough. It has no approved products yet.
Does TRVI make any money?
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No. Trevi has no approved products and generates no product revenue. Like most clinical-stage biotechs, it operates at a net loss and funds its research through cash raised in stock offerings, most recently about $162 million in net proceeds in April 2026.
What is Haduvio?
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Haduvio is Trevi's lead drug candidate, an oral extended-release formulation of nalbuphine. It works on the cough reflex as a kappa-opioid agonist and mu-opioid antagonist (a KAMA mechanism), a different approach from the P2X3 antagonists used by many competing chronic cough programs.
How has Haduvio performed in clinical trials?
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Trevi reported positive results in its Phase 2b CORAL trial in IPF-related chronic cough (N=165), which met its primary endpoint across all dose groups in June 2025, and in its Phase 2a RIVER trial in refractory chronic cough, which met its primary endpoint in March 2025. Phase 3 testing began in 2026.
Why is TRVI considered a high-risk stock?
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Trevi depends almost entirely on one drug, Haduvio, and has no revenue. If a late-stage trial fails or the FDA declines to approve the drug, most of the company's value could disappear. Pre-revenue, single-asset biotechs are among the most volatile stocks.
How much cash does Trevi have?
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Trevi ended the first quarter of 2026 with about $171.8 million in cash and marketable securities and then raised roughly $162 million in net proceeds in April 2026. Management has said this funds a projected cash runway into 2030.
Who are Trevi's main competitors?
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In chronic cough, Trevi competes with P2X3 antagonist developers including Merck (gefapixant), GSK (camlipixant), and Bayer (eliapixant). In idiopathic pulmonary fibrosis, it operates alongside antifibrotic makers such as Boehringer Ingelheim and Roche, though Haduvio targets the cough symptom rather than the disease.
How can I invest in TRVI?
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TRVI trades on the Nasdaq, so you can buy shares or fractional shares through any major brokerage, or hold it as one position in a thematic basket. Because it is a speculative clinical-stage biotech, some investors size such positions small relative to their overall portfolio. Walnut is not an investment adviser and this is not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Trevi Therapeutics, Inc.'s investor relations page or your broker before making investment decisions.