TREVENA INC - TRVN STOCK NEWS

Trevena (Nasdaq: TRVN), a biopharmaceutical company focused on CNS disorders, announced on October 4, 2024, that it received a delisting notification from the Nasdaq Hearings Panel. The delisting is due to Trevena's failure to comply with the minimum stockholder's equity requirement under Nasdaq Listing Rule 5550(b)(1). Trading of Trevena's common stock on Nasdaq will be suspended effective October 8, 2024.

The company expects its common stock to begin trading on the Pink Open Market (pink sheets) operated by OTC Markets Group. However, Trevena cautions that there is no assurance that a broker will continue to make a market in the company's stock or that trading will continue on an over-the-counter market or elsewhere.

Trevena (Nasdaq: TRVN) has announced a 1-for-25 reverse stock split, effective August 13, 2024. This move aims to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The company's common stock will continue trading under the symbol 'TRVN' on the Nasdaq Capital Market, with a new CUSIP number 89532E 307. The split will affect all outstanding shares, equity incentive plans, and adjust stock options and warrants. No fractional shares will be issued; instead, affected stockholders will receive cash payments. This decision follows stockholder approval at the June 13, 2024 Annual General Meeting.

Trevena Inc. (Nasdaq: TRVN) reported its Q2 2024 financial results and provided a business update. Key highlights include:

1. TRV045, their novel S1P receptor modulator for neuropathic pain and epilepsy, showed promising preclinical results with sustained long-term analgesic effects and seizure protection.

2. The company completed a $12 million financing, including a $2 million non-dilutive tranche and a $10 million reduction in liabilities.

3. Trevena continues its strategic review of OLINVYK, considering options such as sale, license, or discontinuation of US commercial sales.

4. Q2 2024 financial results showed a net loss of $4.9 million ($0.23 per share), compared to $8.0 million in Q2 2023.

5. Cash and cash equivalents stood at $16.4 million as of June 30, 2024.

Trevena (Nasdaq: TRVN) announced a $2 million non-dilutive financing tranche from R-Bridge Healthcare Fund, with potential for an additional $8 million based on OLINVYK's US commercialization milestones. The amendment also reduces Trevena's outstanding liabilities by $10 million. As part of the deal, Trevena transferred certain Chinese IP to R-Bridge, amended existing warrants to a 15% premium of current stock price, and extended their exercise period to five years. The cap on US royalties payable was increased to $12 million. Trevena had previously received $30 million in non-dilutive funding from R-Bridge.

Trevena announced promising preclinical data for its novel S1P1 receptor modulator, TRV045, in treating chronic neuropathic pain and epilepsy. In a study on chemotherapy-induced peripheral neuropathy, TRV045 exhibited long-term analgesic effects without receptor desensitization, showing superiority over fingolimod. In epilepsy models, TRV045 increased seizure thresholds in animals, but did not show significant results in preventing epilepsy onset. Further NIH studies are planned to explore its potential in seizure prevention. These findings suggest TRV045's potential to offer new therapeutic avenues in pain and epilepsy management.

Trevena reported its Q1 2024 results, with a net loss of $7.7 million and cash reserves of $23.6 million. The clinical development of TRV045, a candidate for chronic pain and epilepsy, is progressing with data expected in the second half of 2024. TRV045 has shown a favorable tolerability profile in multiple studies. Additionally, the NIH continues to explore TRV045's efficacy in epilepsy.

Strategically, Trevena is reviewing options for OLINVYK, including potential sale or discontinuation. Cost-cutting measures have resulted in annual savings of $3.5-$4 million. Trevena received an extension until August 28, 2024, to comply with Nasdaq listing requirements but faces delisting risks if compliance is not achieved.

Trevena, Inc. (TRVN) focuses on developing TRV045, a novel S1P receptor modulator for chronic pain and epilepsy. The company reduces OLINVYK commercial support due to challenging hospital environment, evaluating strategic alternatives for OLINVYK. TRV045 shows positive proof-of-concept studies in neuropathic pain and epilepsy, progresses towards Phase 2 readiness. Financially, the company reports a net loss in the fourth quarter of 2023, with cash and cash equivalents at $33.0 million as of December 31, 2023.

Trevena, Inc. (TRVN) closes private placement offering, raising approximately $4 million in gross proceeds for general corporate and working capital purposes.

Trevena Inc. (TRVN) announced a private placement and induced warrant exercise, expecting to raise approximately $4 million in gross proceeds. H.C. Wainwright & Co. is the exclusive placement agent for the offerings.