Trevi Therapeutics Announces Pricing of $150 Million Underwritten Offering of Common Stock
Rhea-AI Summary
Trevi Therapeutics (Nasdaq: TRVI) priced an underwritten offering of 11,600,000 common shares at $13.00 per share for approximately $150 million in gross proceeds, with a 30-day underwriter option for up to 1,740,000 additional shares. The offering is expected to close on or about April 20, 2026, subject to customary closing conditions.
The shares are being sold by Trevi under a Form S-3 registration (filed November 13, 2025). Joint book-runners include Morgan Stanley, Leerink Partners, Cantor, and Stifel; Oppenheimer is lead manager.
Positive
- Gross proceeds of approximately $150 million
- All offered shares are being sold by Trevi (company-issued financing)
- Form S-3 registration effective (filed November 13, 2025) enables the offering
Negative
- Issuance of 11,600,000 new shares creates shareholder dilution
- Underwriting discounts and expenses will reduce net proceeds
- Underwriters hold a 30-day option for up to 1,740,000 additional shares, increasing potential dilution
News Market Reaction – TRVI
On the day this news was published, TRVI gained 4.75%, reflecting a moderate positive market reaction. Argus tracked a peak move of +10.1% during that session. Argus tracked a trough of -9.2% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $92M to the company's valuation, bringing the market cap to $2.02B at that time. Trading volume was very high at 3.1x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum scanner flagged the move as stock-specific. Among close biotech peers, same-day moves were mixed, with names like ELVN up 3.42% and DNTH and GPCR down around 2%, indicating no clear sector trend.
Previous Offering Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 03 | Equity offering priced | Neutral | +10.6% | Pricing of $100M underwritten stock offering at $5.75 per share. |
| Jun 02 | Equity offering proposed | Neutral | -5.8% | Announcement of proposed $100M common stock offering with 30-day option. |
Prior equity offerings produced mixed reactions, ranging from a mid-single-digit decline to a double-digit gain, with an average move of about 2.4%.
Over the last year, Trevi has repeatedly tapped equity markets to fund Haduvio’s chronic cough program. A $100M underwritten offering in Jun 2025 at $5.75 per share followed a proposed raise the prior day, and both used a shelf registration structure. Price reactions to those offerings were volatile, with one day up 10.59% and another down 5.78%, underscoring that capital-raise headlines have not produced a consistent directional pattern.
Historical Comparison
Past TRVI equity offerings (2 events) saw an average move of 2.4%, with one sharp gain and one notable decline, showing that capital-raise news has driven volatile but not uniformly negative reactions.
TRVI has repeatedly used underwritten offerings under an S-3 framework to fund Haduvio’s late-stage chronic cough development program.
Market Pulse Summary
This announcement details a $150 million underwritten stock offering at $13.00 per share, adding to Trevi’s estimated $171.8 million cash position to fund pivotal Phase 3 and Phase 2b trials for Haduvio in chronic cough indications. Historical offerings have triggered both gains and losses, with an average move of 2.4%. Investors may focus on execution of late-stage studies, pace of cash use, and future equity or share-authorization actions as key factors shaping the risk–reward profile.
Key Terms
underwritten public offering financial
idiopathic pulmonary fibrosis medical
interstitial lung disease medical
refractory chronic cough medical
shelf registration statement regulatory
prospectus supplement regulatory
AI-generated analysis. Not financial advice.
NEW HAVEN, Conn., April 16, 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 pricing of its previously announced underwritten public offering of 11,600,000 shares of its common stock at a public offering price of
Morgan Stanley, Leerink Partners, Cantor, and Stifel are acting as joint book-running managers for the offering and Oppenheimer & Co. is acting as lead manager.
The shares are being 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 is being made only by means of a prospectus supplement and the accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the preliminary prospectus supplement, 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.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements about the anticipated closing of the public offering and the expected gross proceeds of the offering, among other things, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “may,” and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties related to market conditions and whether the conditions for the closing of the public offering will be satisfied, as well as other risks and uncertainties, set forth in the “Risk Factors” section of the preliminary prospectus supplement filed with the SEC on April 16, 2026, in Trevi’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC, and in any subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Trevi undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.
Investor Contact
Jonathan Carlson
Trevi Therapeutics, Inc.
(203) 654 3286
IR@trevitx.com
Media Contact
Rosalia Scampoli
914-815-1465
rscampoli@marketcompr.com
