New Haven-based Trevi Therapeutics Inc. disclosed it is seeking to raise $150 million through a public stock offering to support development of its drug candidate for chronic cough, according to a regulatory filing.
The biopharmaceutical company said it will sell 11.6 million shares of its common stock, which trades on the Nasdaq, at $13 per share. Underwriters have a 30-day option to purchase up to an additional $22.5 million in shares, potentially increasing total proceeds.
The offering is expected to close on or about April 20.
Trevi said it plans to use the net proceeds primarily to fund clinical trials of Haduvio, its investigational oral therapy targeting chronic cough associated with conditions including idiopathic pulmonary fibrosis and other lung diseases, along with general corporate purposes.
The company is preparing to launch two Phase 3 trials for the treatment, with the first expected to begin in the second quarter of 2026. Additional mid-stage trials are planned for other chronic cough indications.
Trevi released its fourth-quarter and year-end financial report in March. For the fourth quarter of 2025, Trevi reported a net loss of $8.3 million compared to the net loss of $11.4 million in the same period a year earlier.
For the year ended Dec. 31, it reported a net loss of $42.8 million, down from a net loss of $47.9 million in 2024.
Trevi added that it ended 2025 with $188.3 million in cash, cash equivalents and marketable securities.
In a statement emailed to Hartford Business Journal, Trevi President & CEO Jennifer Good said the $150 million in equity financing gives Trevi “more than $300 million to execute its clinical development plans,” while also extending its cash runway through 2029.
