Trevi Therapeutics Financials
This page shows Trevi Therapeutics (TRVI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Trevi is operating as an equity-funded development company, with trial spending financed mainly by new shares rather than debt.
Operating cash burn tracked the net loss closely from FY2023 through FY2025, so the reported losses are largely showing up as real cash use rather than being cushioned by non-cash accounting items. A$121.0M financing inflow in FY2025 rebuilt liquidity, yet cash ended at only$18.9M , indicating most of the new capital did not remain in the cash line and that development still depends on external funding.
Capital intensity is minimal: FY2025 capital spending was only
Balance-sheet risk sits more in dilution than debt: FY2025 liabilities were just
Financial Health Signals
Trevi Therapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Trevi Therapeutics passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Trevi Therapeutics reported a net loss of $42.8M while operations used $42.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Trevi Therapeutics's EBITDA was -$49.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.3% from the prior year.
Trevi Therapeutics reported -$42.8M in net income in fiscal year 2025. This represents an increase of 10.7% from the prior year.
Trevi Therapeutics earned -$0.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Trevi Therapeutics recorded an outflow of $42.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 10.0% from the prior year.
Trevi Therapeutics held $18.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Trevi Therapeutics's ROE was -23.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 24.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Trevi Therapeutics invested $33.5M in research and development in fiscal year 2025. This represents a decrease of 15.0% from the prior year.
Trevi Therapeutics invested $12K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 65.7% from the prior year.
Not reported for fiscal year 2025.
TRVI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $33.5M-15.0% | $39.4M+66.3% | $23.7M+19.4% | $19.8M-13.7% | $23.0M+2.9% | $22.3M+15.5% | $19.3M+37.4% | $14.1M |
| SG&A Expenses | N/A | $15.8M+30.5% | $12.1M+18.6% | $10.2M+1.7% | $10.1M+6.1% | $9.5M-6.6% | $10.2M+39.1% | $7.3M+68.5% | $4.3M |
| Operating Income | N/A | -$49.3M+4.3% | -$51.5M-51.9% | -$33.9M-13.4% | -$29.9M+7.9% | -$32.5M0.0% | -$32.5M-21.9% | -$26.6M-44.7% | -$18.4M |
| Interest Expense | N/A | $0-100.0% | $4K-99.0% | $391K-66.4% | $1.2M-3.2% | $1.2M+163.6% | $456K | N/A | $174K |
| Income Tax | N/A | -$64K-113.3% | -$30K+6.3% | -$32K+11.1% | -$36K-71.4% | -$21K-16.7% | -$18K0.0% | -$18K+85.5% | -$124K |
| Net Income | N/A | -$42.8M+10.7% | -$47.9M-64.8% | -$29.1M+0.3% | -$29.2M+14.1% | -$33.9M-3.6% | -$32.8M-25.8% | -$26.1M-26.8% | -$20.5M |
| EPS (Diluted) | — | -$0.32+31.9% | -$0.47-62.1% | -$0.29 | -$0.45 | -$1.49 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRVI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $193.4M+74.4% | $110.9M+24.0% | $89.4M-27.3% | $123.0M+219.7% | $38.5M-18.4% | $47.1M-21.4% | $60.0M+470.0% | $10.5M |
| Current Assets | $191.7M+75.1% | $109.4M+25.0% | $87.5M-28.6% | $122.6M+223.0% | $38.0M-18.0% | $46.3M-22.3% | $59.6M+574.9% | $8.8M |
| Cash & Equivalents | $18.9M-44.5% | $34.1M+5.2% | $32.4M+157.3% | $12.6M-65.8% | $36.8M-18.2% | $45.0M-21.5% | $57.3M+695.8% | $7.2M |
| Total Liabilities | $10.2M-9.4% | $11.3M+64.2% | $6.9M-55.9% | $15.6M-27.3% | $21.4M+7.8% | $19.8M+263.8% | $5.5M-95.5% | $120.0M |
| Current Liabilities | $9.7M-7.2% | $10.5M+80.4% | $5.8M-56.5% | $13.4M+5.3% | $12.7M+129.1% | $5.6M+6.8% | $5.2M+94.3% | $2.7M |
| Total Equity | $183.2M+83.9% | $99.6M+20.7% | $82.5M-23.2% | $107.5M+529.3% | $17.1M-37.4% | $27.3M-50.0% | $54.5M+149.8% | -$109.5M |
| Retained Earnings | -$329.8M-14.9% | -$287.0M-20.0% | -$239.1M-13.8% | -$210.1M-16.1% | -$180.9M-23.1% | -$147.0M-28.7% | -$114.2M-4.3% | -$109.5M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
TRVI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$52.6M | -$42.1M-10.0% | -$38.3M-20.6% | -$31.7M-12.5% | -$28.2M+2.7% | -$28.9M+0.2% | -$29.0M-25.6% | -$23.1M-26.3% | -$18.3M |
| Capital Expenditures | $238K | $12K-65.7% | $35K-74.5% | $137K-13.8% | $159K | N/A | $32K+255.6% | $9K-94.3% | $158K |
| Free Cash Flow | -$52.9M | -$42.1M-10.0% | -$38.3M-20.2% | -$31.8M-12.4% | -$28.3M | N/A | -$29.0M-25.7% | -$23.1M-25.2% | -$18.4M |
| Investing Cash Flow | -$176.6M | -$94.1M-337.1% | -$21.5M-136.2% | $59.4M+155.3% | -$107.4M | N/A | -$32K-255.6% | -$9K+94.3% | -$158K |
| Financing Cash Flow | $166.5M | $121.0M+96.8% | $61.5M+877.3% | -$7.9M-107.1% | $111.3M+435.8% | $20.8M+24.3% | $16.7M-77.2% | $73.2M+1917.4% | $3.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRVI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -23.3%+24.7pp | -48.1%-12.9pp | -35.2%-8.1pp | -27.1%+171.6pp | -198.8%-78.7pp | -120.1%-72.3pp | -47.8% | N/A |
| Return on Assets | -22.1%+21.1pp | -43.2%-10.7pp | -32.5%-8.8pp | -23.7%+64.5pp | -88.2%-18.7pp | -69.5%-26.1pp | -43.4%+151.8pp | -195.2% |
| Current Ratio | 19.66+9.2x | 10.41-4.6x | 15.03+5.9x | 9.15+6.2x | 2.98-5.3x | 8.33-3.1x | 11.45+8.2x | 3.30 |
| Debt-to-Equity | 0.06-0.1x | 0.110.0x | 0.08-0.1x | 0.14-1.1x | 1.25+0.5x | 0.73+0.6x | 0.10 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Trevi Therapeutics Ranks
Frequently Asked Questions
Is Trevi Therapeutics profitable?
No, Trevi Therapeutics (TRVI) reported a net income of -$42.8M in fiscal year 2025.
What is Trevi Therapeutics's EBITDA?
Trevi Therapeutics (TRVI) had EBITDA of -$49.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Trevi Therapeutics's return on equity (ROE)?
Trevi Therapeutics (TRVI) has a return on equity of -23.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Trevi Therapeutics's free cash flow?
Trevi Therapeutics (TRVI) recorded an outflow of $42.1M in free cash flow during fiscal year 2025. This represents a -10.0% 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) recorded an outflow of $42.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Trevi Therapeutics's total assets?
Trevi Therapeutics (TRVI) had $193.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Trevi Therapeutics's capital expenditures?
Trevi Therapeutics (TRVI) invested $12K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Trevi Therapeutics spend on research and development?
Trevi Therapeutics (TRVI) invested $33.5M in research and development during fiscal year 2025.
What is Trevi Therapeutics's current ratio?
Trevi Therapeutics (TRVI) had a current ratio of 19.66 as of fiscal year 2025, which is generally considered healthy.
What is Trevi Therapeutics's debt-to-equity ratio?
Trevi Therapeutics (TRVI) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, 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 -22.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Trevi Therapeutics's cash runway?
Based on fiscal year 2025 data, Trevi Therapeutics (TRVI) had $18.9M in cash against an annual operating cash burn of $42.1M. This gives an estimated cash runway of approximately 5 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 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $42.8M while operations used $42.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.