Start here if you're new
what it is
Trevi is developing an oral drug for nerve-linked itch and cough conditions.
how it gets paid
Last year Trevi Therapeutics made n/a in revenue.
what just happened
Trevi posted a -$0.26 EPS loss and still had no revenue.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
-$0.47 fy2024 eps est
1.25 beta
~$1B market cap
xvary composite: 58/100 — below average
What they do
Trevi is developing an oral drug for nerve-linked itch and cough conditions.
You are not buying a sales machine. You are buying 26 employees and a drug with injectable history in the U.S. and Europe for more than 20 years. That matters because leaving is painful when the science has already lived through 20+ years of real-world use.
How they make money
n/a
annual revenue
The products that matter
Phase 3 chronic cough candidate
Haduvio (oral nalbuphine ER)
only disclosed asset driving the thesis
it is the whole story. the snapshot shows $0 revenue today and a $21.50 average analyst price target attached to eventual success, which tells you this stock is trading on future approval rather than current business performance.
one-asset company
Key numbers
-$0.47
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TRVI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Trevi posted a -$0.26 EPS loss and still had no revenue.
The quarter still looks like a development-stage burn rate, not a commercial business. Wall Street got EPS of -$0.26, and consensus TTM revenue was $0M.
$0M
revenue
-$0.26
eps
n/a
n/a
EPS loss
The $0.26 loss per share is the whole story until the company turns data into sales.
source: company earnings report
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What could go wrong
the #1 risk is Phase 3 failure for Haduvio in chronic cough.
med
Phase 3 data disappoints
Haduvio is the only disclosed asset driving the equity story. If the pivotal data miss, the current ~$1B valuation loses the thing supporting it.
Impact: this would hit the core thesis directly because 100% of current revenue is already $0 and 100% of the visible product story sits in one program.
med
FDA alignment is not FDA approval
The March 9, 2026 update matters, but investors sometimes treat regulatory alignment like a finish line. It is closer to permission to keep running.
Impact: the company can still face delays, extra study demands, or a harder review path even after a constructive meeting.
med
Cash burn stays the business model
With $0 revenue and a 2026 EPS estimate of -$0.36, Trevi remains dependent on funding development before it can fund itself.
Impact: if timelines stretch, dilution risk goes up because there is no commercial cash flow to bridge the gap.
A failed or delayed Haduvio path would pressure essentially all of the current equity story because there is no existing revenue base behind the ~$1B market cap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 17 earnings call
This is where you get the real update. Revenue will still be $0. What matters is trial timing, cash commentary, and whether management sounds more or less certain after the March 9 FDA alignment note.
regulatory risk
the gap between alignment and approval
A constructive FDA meeting is good. A successful application is better. You want the next update to narrow that gap instead of simply restating it.
metric
losses versus runway
The latest quarterly data showed an $8.8M net loss and $0 revenue. Until commercialization exists, every quarter is a question about how long current resources last.
sentiment
whether the $21.50 target holds up
Analyst targets can drift with narrative. If those numbers start falling before the clinical story improves, that tells you confidence is leaking before the headline data arrive.
Analyst rankings
earnings predictability
45 / 100
Lower than average predictability. In human-speak, analysts do not have a steady operating model to anchor to because the business is still pre-revenue.
risk rank
2
This provider's rank says safer than 80% of stocks on balance-sheet terms. The quiet part: clinical risk can still swamp balance-sheet comfort.
beta
1.25
Beta measures how much the stock moves relative to the market. At 1.25, it has historically moved more than the index. Not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for TRVI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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