Trevi Therapeutics Announces Closing of $173 Million Underwritten Offering and Full Exercise by Underwriters of Option to Purchase Additional Shares
Rhea-AI Summary
Trevi Therapeutics (Nasdaq: TRVI) closed an underwritten public offering of 13,340,000 common shares at $13.00 per share on April 20, 2026, including the full exercise of a 1,740,000-share underwriter option. Gross proceeds were approximately $173 million before underwriting discounts, commissions, and expenses.
The shares were sold by Trevi pursuant to a shelf registration on Form S-3 and the final prospectus supplement has been filed with the SEC.
AI-generated analysis. Not financial advice.
Positive
- $173M gross proceeds from the offering
- Underwriters exercised 1,740,000-share option in full
- All 13,340,000 shares sold by Trevi
Negative
- Share issuance causes dilution to existing shareholders
- Underwriting discounts, commissions and expenses reduce net proceeds
News Market Reaction – TRVI
On the day this news was published, TRVI declined 5.06%, reflecting a notable negative market reaction. Argus tracked a trough of -7.9% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $110M from the company's valuation, bringing the market cap to $2.07B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TRVI gained 4.75% with elevated volume, while closely rated peers were mixed: ELVN up 4.7%, LENZ up 2.72%, DNTH flat, TRML flat, and GPCR down 7.34%, indicating a stock-specific move.
Previous Offering Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 03 | Underwritten offering priced | Negative | +10.6% | Pricing of $100M underwritten stock offering at $5.75 with over-allotment option. |
| Jun 02 | Proposed stock offering | Negative | -5.8% | Announcement of proposed $100M stock sale plus $15M underwriters’ option. |
Past equity offerings showed mixed reactions: one negative and one strong positive move, suggesting investor response to financings has been event-specific rather than consistently dilutive or accretive.
Recent offering-tagged events show Trevi raising equity capital multiple times while advancing Haduvio. In June 2025, it priced a $100 million underwritten stock offering at $5.75 per share, with a 30-day option for extra shares, and the stock rose 10.59%. The prior day’s proposed $100 million offering news saw a -5.78% move. Today’s completed $173 million raise continues this pattern of sizeable financings to support development.
Historical Comparison
In the past, TRVI announced two offerings with an average move of 2.4%. Today’s completed $173M deal at $13.00 with full over-allotment fits an ongoing pattern of sizeable equity raises.
Trevi progressed from a proposed and then priced $100M equity raise in June 2025 to a larger completed $173M underwritten offering in April 2026, repeatedly using common stock financings to support Haduvio’s clinical program.
Market Pulse Summary
The stock moved -5.1% in the session following this news. A negative reaction despite the completed $173M equity raise at $13.00 per share would fit concerns about dilution that often follow secondary offerings. Historically, one Trevi offering headline saw a -5.78% move, while another rose 10.59%, underscoring inconsistent responses. A sharp decline could reflect investors recalibrating per-share value against the expanded share count and digestion of recent financing and proxy-related authorizations.
Key Terms
underwritten public offering financial
shelf registration statement regulatory
form s-3 regulatory
securities and exchange commission (sec) regulatory
prospectus supplement regulatory
joint book-running managers financial
lead manager financial
public offering price financial
AI-generated analysis. Not financial advice.
NEW HAVEN, Conn., April 20, 2026 (GLOBE NEWSWIRE) -- Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC), today announced the closing of its previously announced underwritten public offering of 13,340,000 shares of its common stock at a public offering price of
Morgan Stanley, Leerink Partners, Cantor, and Stifel acted as joint book-running managers for the offering and Oppenheimer & Co. acted as lead manager.
The shares were offered by Trevi pursuant to a shelf registration statement on Form S-3 (File No. 333-291517), which was filed with the Securities and Exchange Commission (SEC) on November 13, 2025 and became effective automatically upon filing. This offering was made only by means of a prospectus supplement and the accompanying prospectus that form a part of the registration statement. The final terms of the offering are disclosed in a final prospectus supplement which has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, New York 10022, or by email at prospectus@cantor.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Trevi Therapeutics, Inc.
Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine extended-release) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC). Haduvio is the first and only investigational therapy to show a statistically significant reduction in cough frequency in clinical trials across both patients with IPF chronic cough and in patients with RCC. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and a mu antagonist (KAMA), targeting opioid receptors that play a key role in controlling chronic cough. Nalbuphine is not currently scheduled by the U.S. Drug Enforcement Agency. Trevi intends to propose Haduvio as the trade name for oral nalbuphine ER. Its safety and efficacy have not been evaluated by any regulatory authority.
Investor Contact
Jonathan Carlson
Trevi Therapeutics, Inc.
(203) 654 3286
IR@trevitx.com
Media Contact
Rosalia Scampoli
914-815-1465
rscampoli@marketcompr.com
