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Trevi Therapeutics, Inc. (Nasdaq: TRVI) has priced its previously announced underwritten public offering of common stock at $13.00 per share, raising approximately $150 million in gross proceeds, before underwriting discounts, commissions, and offering expenses. The company said all shares in the offering are being sold by Trevi.
The offering consists of 11,600,000 shares of Trevi common stock. Trevi also granted the underwriters a 30-day option to purchase up to an additional 1,740,000 shares at the same public offering price, less underwriting discounts and commissions.
The transaction is expected to close on or about April 20, 2026, subject to customary closing conditions.
Morgan Stanley, Leerink Partners, Cantor, and Stifel are acting as joint book-running managers for the offering, with Oppenheimer & Co. serving as lead manager.
Trevi is offering the shares pursuant to a shelf registration statement on Form S-3 (File No. 333-291517), filed with the SEC on November 13, 2025 and effective automatically upon filing. The offering will be made only by means of a prospectus supplement and the accompanying prospectus that are part of the registration statement.
A preliminary prospectus supplement describing the terms of the offering has been filed with the SEC. Trevi said the final terms will be disclosed in a final prospectus supplement to be filed with the SEC.
Trevi Therapeutics is a clinical-stage biopharmaceutical company developing Haduvio™ (oral nalbuphine ER) for chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC). The company states Haduvio is the first and only investigational therapy to show a statistically significant reduction in cough frequency in clinical trials across both IPF chronic cough and RCC.
Trevi says Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and mu antagonist (KAMA), targeting opioid receptors involved in chronic cough. The company also states nalbuphine is not currently scheduled by the U.S. Drug Enforcement Agency.
Trevi noted that statements in the press release that are not historical facts are forward-looking and are subject to risks and uncertainties, including whether conditions for closing the offering will be satisfied. The company said forward-looking statements speak only as of the date made and that it does not undertake to update them except as required by law.
Investor Contact: Jonathan Carlson, Trevi Therapeutics, Inc., (203) 654 3286, IR@trevitx.com
Media Contact: Rosalia Scampoli, 914-815-1465, rscampoli@marketcompr.com
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