Trevi Therapeutics Financials

TRVI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Trevi Therapeutics (TRVI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Trevi Therapeutics passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Trevi Therapeutics generates $0.80 in operating cash flow (-$38.3M OCF vs -$47.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-12881.0x

Trevi Therapeutics earns $-12881.0 in operating income for every $1 of interest expense (-$51.5M vs $4K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$51.4M

YoY-52.0%

Trevi Therapeutics's EBITDA was -$51.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 52.0% from the prior year.

Free Cash Flow

-$38.3M

YoY-20.2%

Trevi Therapeutics generated -$38.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 20.2% from the prior year.

Net Income

-$47.9M

YoY-64.8%

Trevi Therapeutics reported -$47.9M in net income in fiscal year 2024. This represents a decrease of 64.8% from the prior year.

EPS (Diluted)

$-0.47

YoY-62.1%

Trevi Therapeutics earned $-0.47 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 62.1% from the prior year.

Cash & Debt

$34.1M

YoY+5.2%

5Y CAGR-9.9%

Trevi Therapeutics held $34.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

94M

YoY+37.1%

5Y CAGR+39.3%

Trevi Therapeutics had 94M shares outstanding in fiscal year 2024. This represents an increase of 37.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$39.4M

YoY+66.3%

5Y CAGR+15.3%

Trevi Therapeutics invested $39.4M in research and development in fiscal year 2024. This represents an increase of 66.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$35K

YoY-74.5%

5Y CAGR+31.2%

Trevi Therapeutics invested $35K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 74.5% from the prior year.

TRVI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$39.4M+66.3%	$23.7M+19.4%	$19.8M-13.7%	$23.0M+2.9%	$22.3M+15.5%	$19.3M
SG&A Expenses	$12.1M+18.6%	$10.2M+1.7%	$10.1M+6.1%	$9.5M-6.6%	$10.2M+39.1%	$7.3M
Operating Income	-$51.5M-51.9%	-$33.9M-13.4%	-$29.9M+7.9%	-$32.5M0.0%	-$32.5M-21.9%	-$26.6M
Interest Expense	$4K-99.0%	$391K-66.4%	$1.2M-3.2%	$1.2M+163.6%	$456K	N/A
Income Tax	-$30K+6.3%	-$32K+11.1%	-$36K-71.4%	-$21K-16.7%	-$18K0.0%	-$18K
Net Income	-$47.9M-64.8%	-$29.1M+0.3%	-$29.2M+14.1%	-$33.9M-3.6%	-$32.8M-25.8%	-$26.1M
EPS (Diluted)	$-0.47-62.1%	$-0.29+35.6%	$-0.45+69.8%	$-1.49	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$10.1M+7.4%	$9.4M+20.2%	$7.8M-30.4%	$11.2M+12.0%	$10.0M+13.8%	$8.8M	N/A	$6.3M
SG&A Expenses	$3.8M-11.6%	$4.3M+18.4%	$3.7M+27.8%	$2.9M-12.4%	$3.3M+5.4%	$3.1M	N/A	$2.7M
Operating Income	-$13.9M-1.4%	-$13.7M-19.6%	-$11.5M+18.6%	-$14.1M-6.0%	-$13.3M-11.6%	-$11.9M	N/A	-$9.0M
Interest Expense	$0	$0	N/A	$1K0.0%	$1K0.0%	$1K	N/A	$3K
Income Tax	-$15K+28.6%	-$21K-90.9%	-$11K+64.5%	-$31K-287.5%	-$8K0.0%	-$8K	N/A	-$13K
Net Income	-$11.8M+4.1%	-$12.3M-19.0%	-$10.3M+21.9%	-$13.2M-7.2%	-$12.4M-13.3%	-$10.9M	N/A	-$7.7M
EPS (Diluted)	$-0.08+11.1%	$-0.090.0%	$-0.09+30.8%	$-0.13-8.3%	$-0.12-9.1%	$-0.11	N/A	$-0.08

TRVI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$110.9M+24.0%	$89.4M-27.3%	$123.0M+219.7%	$38.5M-18.4%	$47.1M-21.4%	$60.0M
Current Assets	$109.4M+25.0%	$87.5M-28.6%	$122.6M+223.0%	$38.0M-18.0%	$46.3M-22.3%	$59.6M
Cash & Equivalents	$34.1M+5.2%	$32.4M+157.3%	$12.6M-65.8%	$36.8M-18.2%	$45.0M-21.5%	$57.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.3M+64.2%	$6.9M-55.9%	$15.6M-27.3%	$21.4M+7.8%	$19.8M+263.8%	$5.5M
Current Liabilities	$10.5M+80.4%	$5.8M-56.5%	$13.4M+5.3%	$12.7M+129.1%	$5.6M+6.8%	$5.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$99.6M+20.7%	$82.5M-23.2%	$107.5M+529.3%	$17.1M-37.4%	$27.3M-50.0%	$54.5M
Retained Earnings	-$287.0M-20.0%	-$239.1M-13.8%	-$210.1M-16.1%	-$180.9M-23.1%	-$147.0M-28.7%	-$114.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$199.4M-4.3%	$208.3M+94.7%	$107.0M-3.5%	$110.9M+50.3%	$73.8M-6.0%	$78.6M-12.1%	$89.4M-6.8%	$95.9M
Current Assets	$198.3M-4.3%	$207.2M+96.2%	$105.6M-3.5%	$109.4M+51.7%	$72.1M-6.0%	$76.8M-12.3%	$87.5M-6.8%	$94.0M
Cash & Equivalents	$56.9M-51.4%	$117.1M+504.2%	$19.4M-43.2%	$34.1M+163.0%	$13.0M-6.1%	$13.8M-57.4%	$32.4M+24.8%	$26.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.6M-2.8%	$9.8M+30.5%	$7.5M-33.0%	$11.3M+47.4%	$7.6M+22.7%	$6.2M-9.2%	$6.9M+9.1%	$6.3M
Current Liabilities	$9.0M-2.2%	$9.2M+34.6%	$6.9M-34.7%	$10.5M+55.6%	$6.8M+28.0%	$5.3M-9.4%	$5.8M+12.6%	$5.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$189.8M-4.4%	$198.5M+99.6%	$99.5M-0.2%	$99.6M+50.6%	$66.2M-8.5%	$72.3M-12.4%	$82.5M-7.9%	$89.6M
Retained Earnings	-$321.5M-3.8%	-$309.7M-4.1%	-$297.4M-3.6%	-$287.0M-9.4%	-$262.4M-4.9%	-$250.0M-4.6%	-$239.1M-3.4%	-$231.3M

TRVI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$38.3M-20.6%	-$31.7M-12.5%	-$28.2M+2.7%	-$28.9M+0.2%	-$29.0M-25.6%	-$23.1M
Capital Expenditures	$35K-74.5%	$137K-13.8%	$159K	N/A	$32K+255.6%	$9K
Free Cash Flow	-$38.3M-20.2%	-$31.8M-12.4%	-$28.3M	N/A	-$29.0M-25.7%	-$23.1M
Investing Cash Flow	-$21.5M-136.2%	$59.4M+155.3%	-$107.4M	N/A	-$32K-255.6%	-$9K
Financing Cash Flow	$61.5M+877.3%	-$7.9M-107.1%	$111.3M+435.8%	$20.8M+24.3%	$16.7M-77.2%	$73.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$10.9M-7.7%	-$10.1M+25.1%	-$13.5M-41.1%	-$9.6M-10.0%	-$8.7M+17.0%	-$10.5M-64.6%	-$6.4M+12.6%	-$7.3M
Capital Expenditures	$12K	N/A	N/A	$7K	N/A	N/A	$22K+22.2%	$18K
Free Cash Flow	-$10.9M	N/A	N/A	-$9.6M	N/A	N/A	-$6.4M+12.6%	-$7.3M
Investing Cash Flow	-$50.9M-1851.6%	-$2.6M+73.8%	-$10.0M+58.3%	-$23.9M-962.4%	$2.8M+134.2%	-$8.1M-163.0%	$12.8M-28.6%	$18.0M
Financing Cash Flow	$1.6M-98.5%	$110.4M+1168.2%	$8.7M-83.1%	$51.5M+915.7%	$5.1M+18196.4%	-$28K+48.1%	-$54K-103.6%	$1.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRVI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-43.2%-10.7pp	-32.5%-8.8pp	-23.7%+64.5pp	-88.2%-18.7pp	-69.5%-26.1pp	-43.4%
Current Ratio	10.41-4.6	15.03+5.9	9.15+6.2	2.98-5.3	8.33-3.1	11.45
Debt-to-Equity	0.11+0.0	0.08-0.1	0.14-1.1	1.25+0.5	0.73+0.6	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.9%-0.0pp	-5.9%+3.8pp	-9.7%+9.6pp	-19.2%-2.5pp	-16.7%-2.8pp	-13.9%	N/A	-8.0%
Current Ratio	21.93-0.5	22.42+7.0	15.38+5.0	10.41-0.3	10.68-3.9	14.55-0.5	15.03-3.1	18.16
Debt-to-Equity	0.050.0	0.05-0.0	0.08-0.0	0.110.0	0.12+0.0	0.090.0	0.08+0.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Trevi Therapeutics profitable?

No, Trevi Therapeutics (TRVI) reported a net income of -$47.9M in fiscal year 2024.

What is Trevi Therapeutics's earnings per share (EPS)?

Trevi Therapeutics (TRVI) reported diluted earnings per share of $-0.47 for fiscal year 2024. This represents a -62.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Trevi Therapeutics's EBITDA?

Trevi Therapeutics (TRVI) had EBITDA of -$51.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Trevi Therapeutics's free cash flow?

Trevi Therapeutics (TRVI) generated -$38.3M in free cash flow during fiscal year 2024. This represents a -20.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Trevi Therapeutics's operating cash flow?

Trevi Therapeutics (TRVI) generated -$38.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Trevi Therapeutics's total assets?

Trevi Therapeutics (TRVI) had $110.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Trevi Therapeutics's capital expenditures?

Trevi Therapeutics (TRVI) invested $35K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Trevi Therapeutics spend on research and development?

Trevi Therapeutics (TRVI) invested $39.4M in research and development during fiscal year 2024.

How many shares does Trevi Therapeutics have outstanding?

Trevi Therapeutics (TRVI) had 94M shares outstanding as of fiscal year 2024.

What is Trevi Therapeutics's current ratio?

Trevi Therapeutics (TRVI) had a current ratio of 10.41 as of fiscal year 2024, which is generally considered healthy.

What is Trevi Therapeutics's debt-to-equity ratio?

Trevi Therapeutics (TRVI) had a debt-to-equity ratio of 0.11 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Trevi Therapeutics's return on assets (ROA)?

Trevi Therapeutics (TRVI) had a return on assets of -43.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Trevi Therapeutics's cash runway?

Based on fiscal year 2024 data, Trevi Therapeutics (TRVI) had $34.1M in cash against an annual operating cash burn of $38.3M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Trevi Therapeutics's Piotroski F-Score?

Trevi Therapeutics (TRVI) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Trevi Therapeutics's earnings high quality?

Trevi Therapeutics (TRVI) has an earnings quality ratio of 0.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Trevi Therapeutics cover its interest payments?

Trevi Therapeutics (TRVI) has an interest coverage ratio of -12881.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.