Trevi Therapeutics Inc (NASDAQ:TRVI) Reports Q3 2025 Results, Narrows Loss and Outlines Phase 3 Plans

Trevi Therapeutics Inc (NASDAQ:TRVI) has announced its financial results for the third quarter of 2025. The clinical-stage biopharmaceutical company reported no revenue, which was in line with analyst expectations, and a narrower-than-anticipated loss. The market's reaction appears muted, with minimal after-hours movement following the release.

Earnings Versus Estimates

The company's financial performance for the quarter was characterized by the following details:

• Revenue: Reported revenue of $0.0 million, matching analyst estimates of $0.0 million.
• Earnings Per Share (EPS): Reported a non-GAAP loss per share of $0.08, which was less severe than the estimated loss of $0.1003.

The absence of revenue is typical for a company at this stage of clinical development, as it is not yet commercializing any products. The primary financial focus remains on managing its cash reserves to fund ongoing research and development. The smaller-than-expected loss is a positive operational note, indicating controlled spending.

Market Reaction and Price Action

The immediate market response to the earnings report has been neutral. The stock showed no change in after-market trading. Looking at recent performance, the stock has experienced modest gains over various timeframes, suggesting a stable or cautiously optimistic sentiment leading up to the earnings announcement. The lack of a dramatic swing post-release implies the results were largely in line with or slightly better than market expectations, offering no major surprise to catalyze significant buying or selling pressure.

Business Updates and Financial Position

Beyond the quarterly figures, the press release highlighted significant corporate developments. The company confirmed it is preparing to initiate a comprehensive Phase 3 clinical program for its lead investigational therapy, Haduvio, in the first half of 2026. This program will target chronic cough in patients with idiopathic pulmonary fibrosis (IPF), a serious condition with limited treatment options.

From a financial sustainability perspective, Trevi Therapeutics reported a strong cash position. The company ended the third quarter with $194.9 million in cash, cash equivalents, and marketable securities. Management provided guidance that this capital is expected to fund the company's operational runway into 2028, which would comfortably cover the anticipated costs of the upcoming Phase 3 program.

Looking Ahead

With no company-provided financial outlook for the next quarter in the press release, investor attention will remain fixed on the operational milestone of initiating the Phase 3 trial. Analyst estimates project a continued lack of revenue for the fourth quarter of 2025 and the full year, with an expected non-GAAP EPS loss of $0.11 for Q4 and $0.40 for the full year 2025. The company's ability to execute its clinical timeline while maintaining its cash reserve will be the key driver of investor sentiment in the near term.

For a detailed overview of past earnings and future analyst estimates, you can review the data here.

Disclaimer: This article is for informational purposes only and is not intended as investment advice. The content presented should not be interpreted as a recommendation to buy or sell any security. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.