Trevi Therapeutics, Inc. (TRVI) Balance Sheet

The balance sheet has strengthened significantly in 2026Q2, with total assets nearly doubling quarter-over-quarter, primarily due to a substantial capital infusion. This raise provides a longer runway for clinical development, but the expanding accumulated deficit underscores the ongoing cash burn. The trajectory suggests a pattern of episodic capital raises followed by rapid deployment into R&D, typical of pre-revenue biotechs.

The current ratio of 37.28 in 2026Q2 reflects a highly liquid position, with cash alone covering over three quarters of total liabilities. However, the cash balance is still modest relative to the accelerating burn rate, which reached $17.6M in FCF during 2026Q2. Investors should monitor whether the recent raise provides sufficient runway through key clinical milestones or if additional financing will be needed within the next few quarters.

The equity base has been bolstered by a large capital raise, but the quality of equity is tempered by increasing stock-based compensation, which reached $3.3M in 2026Q2, representing 18.5% of net loss. This suggests that a portion of the reported equity growth is offset by shareholder dilution, which may concern long-term investors. Retained earnings remain deeply negative at -$360.8M, reflecting cumulative losses that are unlikely to reverse without product revenue.

The balance sheet is dominated by cash and other current assets, with negligible property, plant, and equipment, indicating a virtual asset-light model typical of early-stage biotech. The absence of goodwill and intangibles suggests that the company's value lies in its pipeline, which is not reflected on the balance sheet. This structure implies that the primary risk is clinical trial outcomes rather than asset impairment.

Trevi's debt is negligible, consisting likely of small finance leases, and the D/E ratio is effectively zero. This conservative capital structure means there is no refinancing risk or interest burden, but it also implies that the company relies entirely on equity financing. The lack of debt provides flexibility, but the need for future capital raises remains a key risk given the cash burn.