Trevi Therapeutics Inc (NAS:TRVI)

Q2 2026 Trevi Therapeutics Inc Earnings Call Transcript

Aug 6, 2026 / 08:30 PM GMT

Release Date Price: $18.49 (-0.86%)

Transcript 10-Q8-K

Key Points

Positve

Trevi Therapeutics Inc (TRVI) is on track with its clinical development plans, having initiated the OCEAN-1 Phase 3 trial for IPF-related chronic cough and the LAKE Phase 2B trial for refractory chronic cough (RCC) in Q2 2026, with OCEAN-2 expected to start in Q3.
The company has a strong cash position of approximately $319 million, providing a runway into 2030 and funding for its IPF program through potential FDA approval, as well as Phase 3 development for non-IPF/ILD chronic cough.
Following a competitor's termination of its RCC program, Trevi Therapeutics Inc (TRVI) is essentially alone in all three of its cough indications, positioning it as a potential first-in-class therapy with significant unmet need.
The company's data was well-received at the American Thoracic Society (ATS) meeting, with all six submissions accepted, including new data on breathlessness reduction and robust efficacy across all baseline cough counts, and its CORAL trial was highlighted in a 'Clinical Year in Review' session.
Trevi Therapeutics Inc (TRVI) has launched an unbranded awareness campaign that has already reached over 17,000 unique pulmonologists, showing strong engagement and eagerness for new therapies, and is leveraging synergies between its IPF and non-IPF/ILD programs to expedite development.
The company's Phase 3 OCEAN trials are well-powered based on the strong effect size from the CORAL study, and management does not expect any waning of effect over longer treatment durations, supported by prior long-term studies.

Negative

Trevi Therapeutics Inc (TRVI) is early in enrollment for its initiated trials and has not yet provided specific enrollment numbers, making it difficult to assess progress against its timelines.
The upcoming FDA meeting for the non-IPF/ILD chronic cough program is not yet granted, and the company is awaiting confirmation, creating uncertainty about the timeline for this program.
The sample size re-estimation (SSRE) for the LAKE trial in RCC could result in a sample size increase of up to 50%, which could delay the readout timeline and introduce uncertainty about the trial's assumptions.
The company's cash runway guidance does not include expenses for the commercial launch of HODUVIO or a Phase 3 trial in RCC, meaning additional capital may be required for these activities.
The recent termination of a competitor's RCC program means Trevi Therapeutics Inc (TRVI) will have to build market awareness for RCC on its own, potentially requiring more investment than if a larger pharma had helped educate the market.
Management acknowledged that the translation of efficacy from the 6-week CORAL study to the 12-week and 24-week OCEAN trials remains a key question, and while they are confident, there is no guarantee of sustained effect over longer durations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TRVI.OQ - Trevi Therapeutics, Inc.
Q2 2026 Trevi Therapeutics Inc Earnings Call
Aug 06, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to the Trevi Therapeutics Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After today's presentation, there will be an opportunity to ask questions.

To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded.

Various remarks that management makes during this conference call about the company's future expectations, plans, and prospects can constitute forward-looking statements for purposes of the safe harbor provisions

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