The company exhibits no commercial revenue generation, with operating losses escalating to $14.9 million in 2026Q1 as R&D expenditures continue to dominate the cost structure.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 34K | 0 | 0 | 0 | 0 | 0 | 47K | 39K | 23K | 0 | 4K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -34K | 0 | 0 | 0 | 0 | 0 | -47K | -39K | -23K | 0 | -4K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -20.51% | -69.57% | - | 100% | - |
| Operating Expenses | 52.77M | 49.33M | 51.52M | 33.92M | 29.91M | 32.48M | 32.49M | 26.64M | 18.41M | 8.24M | 8.62M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.16M | 15.85M | 12.15M | 10.24M | 10.07M | 9.49M | 10.16M | 7.31M | 4.34M | 2.14M | 1.71M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 35.61M | 33.48M | 39.38M | 23.68M | 19.83M | 22.98M | 22.33M | 19.34M | 14.07M | 6.09M | 6.91M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24K | 0 |
| Operating Income | -52.77M | -49.33M | -51.52M | -33.92M | -29.91M | -32.48M | -32.49M | -26.64M | -18.41M | -8.24M | -8.63M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 4.26% | -51.89% | -13.43% | 7.91% | 0.04% | -21.93% | -44.75% | -123.48% | 4.5% | - |
| EBITDA | -52.63M | -49.18M | -51.38M | -33.8M | -29.86M | -32.43M | -32.44M | -26.61M | -18.39M | -8.23M | -8.62M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -3.32% | 4.27% | -52% | -13.18% | 7.9% | 0.05% | -21.93% | -44.72% | -123.31% | 4.5% | - |
| D&A (Non-Cash Add-back) | 141K | 144K | 147K | 123K | 43K | 50K | 47K | 39K | 23K | 4K | 4K |
| EBIT | -47.38M | -42.82M | -47.94M | -28.71M | -28.02M | -32.76M | -32.32M | -26.64M | -20.5M | -8.24M | -8.63M |
| Net Interest Income | 7.11M | 6.54M | 3.6M | 4.36M | 960K | -1.19M | -278K | 792K | -18K | -3.27M | 0 |
| Interest Income | 7.11M | 6.54M | 3.6M | 4.75M | 1.74M | 10K | 178K | 792K | 156K | 69K | 2.61M |
| Interest Expense | 0 | 0 | 4K | 391K | 780K | 1.2M | 456K | 0 | 174K | 3.34M | 0 |
| Other Income/Expense | 7.09M | 6.5M | 3.58M | 4.83M | 719K | -1.49M | -287K | 577K | -2.26M | -4.65M | -2.47M |
| Pretax Income | -45.68M | -42.82M | -47.94M | -29.1M | -29.19M | -33.96M | -32.78M | -26.07M | -20.67M | -12.89M | -11.1M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -72K | -64K | -30K | -32K | -36K | -21K | -18K | -18K | -124K | -26K | -8K |
| Effective Tax Rate % | 0.16% | 0.15% | 0.06% | 0.11% | 0.12% | 0.06% | 0.05% | 0.07% | 0.6% | 0.2% | 0.07% |
| Net Income | -45.61M | -42.76M | -47.91M | -29.07M | -29.15M | -33.94M | -32.76M | -26.05M | -20.55M | -12.86M | -11.09M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 3.67% | 10.75% | -64.84% | 0.3% | 14.11% | -3.61% | -25.75% | -26.79% | -59.76% | -15.99% | - |
| Net Income (Continuing) | -45.61M | -42.76M | -47.91M | -29.07M | -29.15M | -33.94M | -32.76M | -26.05M | -20.55M | -12.86M | -11.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.31 | -0.29 | -0.47 | -0.29 | -0.45 | -1.49 | -1.81 | -1.46 | -2.29 | -1.43 | -0.69 |
| EPS Growth % | 28.06% | 38.3% | -62.07% | 35.56% | 69.8% | 17.68% | -23.97% | 36.24% | -60.14% | -107.25% | - |
| EPS (Basic) | - | -0.29 | -0.47 | -0.29 | -0.45 | -1.49 | -1.81 | -1.46 | -2.29 | -1.43 | -0.69 |
| Diluted Shares Outstanding | 145.59M | 145.1M | 101.04M | 99.03M | 64.54M | 22.84M | 18.06M | 17.83M | 8.97M | 8.97M | 16.14M |
| Basic Shares Outstanding | 145.59M | 145.1M | 101.04M | 99.03M | 64.54M | 22.84M | 18.06M | 17.83M | 8.97M | 8.97M | 16.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's financial statements, R&D expenditures remain the primary driver of the firm's cost structure, with quarterly outlays consistently ranging between $6.2 million and $11.2 million over the last ten quarters as the company prioritizes its late-stage clinical development programs.
The concentration of spending in R&D reflects the high-stakes nature of the Phase 2b/3 CANAL trial, which necessitates significant capital allocation toward site activation and patient recruitment. Investors should note that these costs are largely non-discretionary, leaving the firm with limited flexibility to manage its burn rate without compromising the integrity of its primary clinical asset.
Based on reported figures, Trevi's operating leverage is currently non-existent, as the company has generated no revenue while sustaining quarterly operating losses that reached $14.9 million in 2026Q1, highlighting the absence of any scalable commercial infrastructure to offset its substantial fixed research and administrative expenses.
The lack of revenue generation means that every dollar spent on SG&A and R&D directly expands the operating deficit, preventing the realization of any operational efficiency. This trajectory suggests that the company will remain highly sensitive to capital market conditions until it can successfully transition to a commercial-stage entity.
According to recent financial disclosures, Trevi has consistently utilized stock-based compensation, with quarterly charges reaching $2.2 million in 2026Q1, which serves to preserve cash but simultaneously increases the dilutive pressure on existing shareholders during a period of significant operational uncertainty and negative net income.
The reliance on equity-based incentives appears to be a strategic necessity to retain scientific talent in a capital-constrained environment. However, this practice warrants close monitoring, as the cumulative impact of these non-cash charges may exacerbate the dilution experienced by investors during future capital raises required to fund the company's ongoing clinical trials.
As highlighted by the company's $18.9 million cash position, the firm faces a precarious liquidity profile that may force management to seek dilutive financing from a position of weakness, potentially undermining long-term shareholder value if clinical milestones are not met in the immediate future.
Short-term observers may focus on the potential for a liquidity crunch, as the current cash runway appears insufficient to support the full duration of late-stage clinical development. The absence of a strategic partnership or non-dilutive funding sources suggests that the company's survival is heavily tethered to the success of its next data readout.
Quick answers to the most common questions about buying TRVI stock.
For fiscal year 2025, Trevi Therapeutics, Inc. (TRVI) reported total revenue of $0.0M.
Trevi Therapeutics, Inc. (TRVI) reported a net loss of $42.8M for the fiscal year ending 2025.