Chronic Cough Drug Developer Secures Clinical Funding by 2030

Trevi Therapeutics, Inc. (NASDAQ: TRVI) announced its first-quarter 2026 financial results and business update. In April, the company completed a common stock offering, raising approximately $162 million in net proceeds. As of March 31, Trevi held about $171.8 million in cash and marketable securities, providing sufficient funding to support the FDA review of Haduvio’s idiopathic pulmonary fibrosis-related chronic cough indication and further development of its chronic cough pipeline through 2030.

Trevi plans to initiate two parallel Phase 3 trials in 2026 for IPF-related chronic cough patients, as well as a Phase 2b study in refractory chronic cough in the second quarter and another Phase 2b trial in the second half targeting chronic cough associated with non-IPF interstitial lung disease. The company expects to report key data from these studies between 2027 and 2028.

In Europe, Trevi secured patent rights through 2039 for its nabuphin extended-release formulation—the active ingredient in Haduvio—for the treatment of chronic cough in IPF patients. Although the company recorded a net loss of approximately $13.2 million in Q1 due to increased R&D and administrative expenses, higher interest income from its larger cash balance supports its mid- to long-term development strategy.

In March, Trevi completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration, aligning on the Phase 3 trial design for its IPF-related chronic cough program. In 2025, the company reported positive topline results from the Phase 2b CORAL trial in IPF patients and the Phase 2a RIVER study in refractory chronic cough, demonstrating that Haduvio significantly reduced 24-hour cough frequency and establishing the foundation for late-stage clinical development.

Trevi is a clinical-stage biotech company developing Haduvio, an oral therapy for chronic cough, with programs targeting idiopathic pulmonary fibrosis-related chronic cough, non-IPF interstitial lung disease-related chronic cough, and refractory chronic cough. With no approved therapies for IPF-related chronic cough, Haduvio’s dual systemic and peripheral mechanism positions it in a competitive landscape alongside multiple global pharma and biotech firms pursuing new chronic cough treatment options.