Trevi Therapeutics Announces Closing of $115 Million Underwritten Offering and Full Exercise by Underwriters of Option to Purchase Additional Shares

Rhea-AI Summary

Trevi Therapeutics (NASDAQ: TRVI) has successfully closed its previously announced underwritten public offering, raising approximately $115.1 million before expenses. The offering included 20,010,000 shares of common stock priced at $5.75 per share, with underwriters fully exercising their option to purchase an additional 2,610,000 shares. The biopharmaceutical company, which is developing Haduvio (oral nalbuphine ER) for chronic cough treatment in IPF and RCC patients, conducted the offering through joint book-running managers Morgan Stanley, Leerink Partners, Stifel, and Cantor. The offering was made pursuant to a shelf registration statement on Form S-3 filed with the SEC.

Positive

• Successful raising of $115.1 million strengthens company's cash position
• Full exercise of underwriters' option indicates strong market interest
• Proceeds can support development of Haduvio for chronic cough treatments

Negative

• Dilution of existing shareholders due to issuance of 20,010,000 new shares

Insights

Biotech Investment Analyst

Trevi secures substantial $115.1M through oversubscribed offering, significantly strengthening financial position while advancing clinical-stage therapies.

Trevi Therapeutics has successfully closed a $115.1 million underwritten public offering, selling 20,010,000 shares at $5.75 per share. The full exercise of the underwriters' option to purchase 2,610,000 additional shares signals strong institutional demand for this offering - a particularly positive indicator in today's challenging biotech financing environment.

This capital infusion represents a significant financial milestone for Trevi, a clinical-stage company developing Haduvio™ (oral nalbuphine ER) for chronic cough in patients with idiopathic pulmonary fibrosis and refractory chronic cough. The participation of prominent financial institutions - Morgan Stanley, Leerink Partners, Stifel and Cantor - as joint book-running managers adds considerable credibility to this transaction.

For clinical-stage biotechs, access to capital is critical for advancing drug candidates through expensive clinical trials toward potential regulatory approval. While the press release doesn't specify the intended use of proceeds or contextualize how this funding impacts their operational runway, this substantial raise likely provides Trevi with enhanced financial flexibility to advance their clinical programs.

The successful completion of this offering reduces Trevi's near-term financing risk, though it comes with dilution for existing shareholders. The strong demand demonstrated by the full exercise of the overallotment option suggests institutional investors see potential value in Trevi's clinical programs that may ultimately outweigh the dilutive effect of issuing additional shares.

NEW HAVEN, Conn., June 5, 2025 /PRNewswire/ -- Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and in patients with refractory chronic cough (RCC), today announced the closing of its previously announced underwritten public offering of 20,010,000 shares of its common stock at a public offering price of $5.75 per share, which includes 2,610,000 additional shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock in the public offering at the public offering price, less underwriting discounts and commissions. The total proceeds of the public offering were approximately $115.1 million, before deducting underwriting discounts and commissions and expenses payable by Trevi. All of the shares in the offering were sold by Trevi.

Morgan Stanley, Leerink Partners, Stifel and Cantor acted as joint book-running managers for the offering.

The shares were offered by Trevi pursuant to a shelf registration statement on Form S-3 (File No. 333-273030), which was filed with the Securities and Exchange Commission (SEC) on June 29, 2023, amended on August 11, 2023 and declared effective by the SEC on August 15, 2023. This offering was made only by means of a prospectus supplement and the accompanying prospectus that form a part of the registration statement. The final terms of the offering are disclosed in a final prospectus supplement which has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, New York 10022, or by email at prospectus@cantor.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Trevi Therapeutics, Inc.

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine extended-release) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and in patients with refractory chronic cough (RCC). Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and a mu antagonist (KAMA), targeting opioid receptors that play a key role in controlling chronic cough. Nalbuphine is not currently scheduled by the U.S. Drug Enforcement Agency.

Investor Contact

Jonathan Carlson
Trevi Therapeutics, Inc.
(203) 654 3286
carlsonj@trevitherapeutics.com 

Media Contact

Rosalia Scampoli
914-815-1465
rscampoli@marketcompr.com

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SOURCE Trevi Therapeutics, Inc.

FAQ

How much money did Trevi Therapeutics (TRVI) raise in its June 2025 offering?

Trevi Therapeutics raised approximately $115.1 million before deducting underwriting discounts, commissions, and expenses through its public offering.

What was the share price for TRVI's 2025 public offering?

The shares were offered at a public offering price of $5.75 per share.

How many shares did Trevi Therapeutics sell in its 2025 offering?

Trevi sold 20,010,000 shares in total, which included 2,610,000 additional shares from the full exercise of the underwriters' option.

What is Trevi Therapeutics developing Haduvio for?

Trevi is developing Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC).

Who were the joint book-running managers for TRVI's 2025 offering?

Morgan Stanley, Leerink Partners, Stifel, and Cantor acted as joint book-running managers for the offering.