# TRVI earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/TRVI) · [Earnings tab](https://www.lopjlb.com/stock/TRVI?tab=earnings)

Updated: 2026-11-09T03:10:28

Quarters analyzed: 8

## Cross-quarter narrative

Across eight quarterly CallCards, Trevi Therapeutics shows a clear trajectory of accelerating clinical progress and strengthening financial footing. Early 2024 calls highlighted advancement of the RIVER renal‑cell carcinoma and CORAL idiopathic pulmonary fibrosis (IPF) cough programs with Q4 data readouts anticipated. By Q4 2024 the company reported three positive readouts (HAP, SSRE, RIVER) and completed CORAL enrollment, confirming early momentum. Subsequent quarters introduced dose‑optimization (54 mg BID emerging as a sweet spot) and detailed plans for Phase III IPF cough and non‑IPF‑ILD trials slated for 2026, alongside an end‑of‑Phase‑II FDA meeting slated for Q4 2025. Capital raises in 2025 and 2026 expanded cash reserves from $69.5 M to over $300 M, extending the runway to 2030 and supporting flat operating expenses until the 2026 trial launches. Regulatory milestones progressed from positive Phase II readouts to confirmed FDA meeting outcomes and scheduled Phase III initiations in 2026. The company’s partnering stance shifted to a later‑stage, ex‑US focus, while no new operational fears surfaced. Overall, the narrative reflects a shift from data generation to trial execution, underpinned by robust liquidity and a maturing pipeline.

## Latest CallCard · Q1

Trevi Therapeutics Q1 2026: $172M cash + $162M raise extends runway to 2030; initiating two IPF Phase III trials in H1/H2 2026, non-IPF-ILD adaptive Phase II/III in H2, RCC Phase IIb with SSRE Q4 2026; IP portfolio expanding.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Prepared remarks emphasize execu

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q1:** Trevi Therapeutics Q1 2026: $172M cash + $162M raise extends runway to 2030; initiating two IPF Phase III trials in H1/H2 2026, non-IPF-ILD adaptive Phase II/III in H2, RCC Phase IIb with SSRE Q4 2026; IP portfolio expanding.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Prepared remarks emphasize execu
- **2025 Q4:** Trevi Therapeutics reports positive End-of-Phase 2 FDA meeting for IPF chronic cough, plans two Phase III trials starting Q2 2026, with $188M cash runway into 2028 covering key milestones but not 24-week IPF readout due to FDA 52-week safety requirement. Non-IPF ILD and RCC trials also advancing. In
- **2025 Q3:** Trevi reports positive Phase 2 data for nalbuphine ER in IPF and refractory chronic cough, raised $100M, cash into 2028, preparing end-of-Phase II meeting Q4 and multiple Phase 3/2b starts in H1 2026.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlights strong Phase 2 data, $100M raise ex
- **2025 Q2:** Trevi reports positive CORAL/RIVER data, raises $115M ($204M cash), plans Phase III IPF cough and non-IPF-ILD trials in H1 2026, end-of-Phase-II FDA meeting Q4 2025. OpEx flat until 2026 trials. Cash runway into 2029. 54mg BID dose emerging as sweet spot. Partnering only for ex-US later. SOX 404(b) 
- **2025 Q1:** —
- **2024 Q4:** Trevi reports three positive 2024 readouts (HAP, SSRE, RIVER), CORAL enrollment complete with Q2 data expected, $107.6M cash runway into H2 2026, advancing Haduvio in IPF and RCC.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlights three positive data readouts, confirmed SSRE, strong RIV
- **2024 Q3:** —
- **2024 Q2:** Trevi Therapeutics reports Q2 2024 results, advancing RIVER (RCC) and CORAL (IPF cough) trials with Q4 data readouts expected; cash $69.5M, runway into 2026.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights clinical progress across four trials, expects multiple data readouts in Q4 202

## Theme arcs

- **Clinical data momentum** (improving): Quarterly positive readouts from RIVER, CORAL, HAP, SSRE and Phase II data for nalbuphine ER
- **Cash runway and financing** (improving): Series of capital raises grew cash from $69.5M to >$300M, extending runway to 2030
- **Advancement to Phase III trials** (new): Plans and later initiation of Phase III IPF cough and non‑IPF‑ILD trials in 2026
- **Dose optimization** (new): 54 mg BID identified as emerging sweet spot for CORAL program
- **Partnering strategy** (stable): Stated intent to partner only ex‑US later, no change in subsequent calls

## Guidance path

2024 Q2:vague → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague

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