Trevi Therapeutics Raises $150 Million to Fuel Chronic Cough Drug Pipeline

Major Capital Raise Marks Ambitious Next Steps for Haduvio

Trevi Therapeutics (NASDAQ: TRVI) has announced the pricing of its $150 million underwritten public offering, issuing 11.6 million new shares at $13.00 each. The transaction underscores the company’s strategy to fund further development of its investigational therapy, Haduvio™ (oral nalbuphine ER), targeting chronic cough associated with idiopathic pulmonary fibrosis (IPF), other forms of interstitial lung disease, and refractory chronic cough (RCC).

Funding Accelerates Late-Stage Trials for Unmet Needs

This latest fundraise is set to accelerate pivotal clinical studies for Haduvio—currently the only therapy to have demonstrated statistically significant reductions in cough for both IPF and RCC patients in clinical trials. The offering is expected to close around April 20, 2026, with Morgan Stanley, Leerink Partners, Cantor, and Stifel serving as joint book-running managers, and Oppenheimer & Co. as lead manager.

Haduvio’s Clinical Promise Sets the Stage

Haduvio stands out as the first oral nalbuphine extended-release formulation targeting the cough reflex arc both centrally and peripherally. By acting as a kappa agonist and mu antagonist, the drug aims to address cough at multiple points—potentially distinguishing it among investigational drugs for chronic cough, a field with few effective therapies to date.

Trevi’s approach targets significant unmet medical needs, especially for patients whose conditions have not responded to standard of care. The latest capital infusion could position the company to move closer to regulatory submissions, pending successful final-stage clinical results and safety evaluations.

Risks and Rewards: What’s Next for Investors?

While the offering provides Trevi with substantial resources, the company acknowledges the inherent risks in advancing a novel therapy—ranging from regulatory uncertainties to clinical trial outcomes and shifting market conditions. Investors should review the "Risk Factors" disclosed in Trevi’s preliminary prospectus supplement and most recent annual report before considering implications long term.

Takeaway: Watch for Clinical Catalyst Events Ahead

The $150 million raise highlights optimism and commitment to bringing the first-in-class Haduvio therapy to patients with serious unmet needs. As the offering closes and pivotal trials advance, all eyes will be on upcoming data readouts and regulatory milestones that could define the company’s trajectory in the coming years. For those following innovation in biotech, Trevi’s next moves are worth close attention.

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