Detailed financial statements for Trevi Therapeutics, Inc. (TRVI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the advancement and commercialization of Haduvio, a potential treatment for debilitating neurologically mediated conditions. This orally administered, extended-release formulation of nalbuphine is currently undergoing Phase IIb/III clinical trials for chronic pruritus (severe itching) and persistent cough experienced by patients with idiopathic pulmonary fibrosis.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $15.01, TRVI has negative trailing earnings (P/E not meaningful) and an ROE of -23.59%. Market capitalisation stands at $2.1B.
Balance sheet quality for TRVI: current ratio of 19.7, net cash position of $187.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $4000 | 0 | $23000 | $39000 | $47000 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$4000 | 0 | -$23000 | -$39000 | -$47000 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $6.9M | $6.1M | $14.1M | $19.3M | $22.3M | $23.0M | $19.8M | $23.7M | $39.4M | $33.5M |
| Selling, General & Admin | $1.7M | $2.1M | $4.3M | $7.3M | $10.2M | $9.5M | $10.1M | $10.2M | $12.1M | $15.8M |
| Operating Expenses | $8.6M | $8.2M | $18.4M | $26.6M | $32.5M | $32.5M | $29.9M | $33.9M | $51.5M | $49.3M |
| Operating Income | -$8.6M | -$8.2M | -$18.4M | -$26.6M | -$32.5M | -$32.5M | -$29.9M | -$33.9M | -$51.5M | -$49.3M |
| EBITDA | -$8.6M | -$8.2M | -$18.4M | -$26.6M | -$32.3M | -$32.7M | -$28.0M | -$28.6M | -$47.8M | -$42.7M |
| Interest Expense | 0 | $3.3M | $174000 | 0 | $456000 | $1.2M | $780000 | $391000 | $4000 | 0 |
| Pre-tax Income | -$11.1M | -$12.9M | -$20.7M | -$26.1M | -$32.8M | -$34.0M | -$29.2M | -$29.1M | -$47.9M | -$42.8M |
| Income Tax | -$8000 | -$26000 | -$124000 | -$18000 | -$18000 | -$21000 | -$36000 | -$32000 | -$30000 | -$64000 |
| Net Income | -$11.1M | -$12.9M | -$20.5M | -$26.1M | -$32.8M | -$33.9M | -$29.2M | -$29.1M | -$47.9M | -$42.8M |
| EPS | $-0.69 | $-1.43 | $-2.29 | $-1.46 | $-1.81 | $-1.49 | $-0.45 | $-0.29 | $-0.47 | $-0.29 |
| EPS (Diluted) | $-0.69 | $-1.43 | $-2.29 | $-1.46 | $-1.81 | $-1.49 | $-0.45 | $-0.29 | $-0.47 | $-0.29 |
| Shares Outstanding (Diluted) | $16.1M | $9.0M | $9.0M | $17.8M | $18.1M | $22.8M | $64.5M | $99.0M | $101.0M | $145.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$34000 | 0 |
| Operating Income | -$13.9M | -$10.2M | -$14.9M | -$20.5M |
| EBITDA | -$11.8M | -$8.3M | -$13.2M | -$17.8M |
| Net Income | -$11.8M | -$8.3M | -$13.2M | -$17.8M |
| EPS | $-0.08 | $-0.06 | $-0.09 | $-0.11 |
| EPS (Diluted) | $-0.08 | $-0.06 | $-0.09 | $-0.11 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $8.3M | $22.0M | $17.2M | $57.3M | $45.0M | $36.8M | $12.6M | $32.4M | $34.1M | $18.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $107.9M | $50.6M | $73.5M | $169.3M |
| Receivables | $19000 | 0 | $184000 | $558000 | 0 | $241000 | 0 | 0 | $532000 | $986000 |
| Inventory | 0 | $63000 | $1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.4M | $22.2M | $18.8M | $59.6M | $46.3M | $38.0M | $122.6M | $87.5M | $109.4M | $191.7M |
| Property, Plant & Equipment | $5000 | $14000 | $149000 | $430000 | $330000 | $184000 | $194000 | $1.6M | $1.2M | $855000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $8.4M | $22.2M | $20.5M | $60.0M | $47.1M | $38.5M | $123.0M | $89.4M | $110.9M | $193.4M |
| Accounts Payable | $445000 | $537000 | $603000 | $1.6M | $2.0M | $2.8M | $2.9M | $1.8M | $3.4M | $3.9M |
| Short-term Debt | $17.0M | $5.3M | 0 | 0 | 0 | $5.8M | $7.0M | 0 | 0 | 0 |
| Total Current Liabilities | $20.4M | $7.1M | $2.7M | $5.2M | $5.6M | $12.7M | $13.4M | $5.8M | $10.5M | $9.7M |
| Long-term Debt | $5.1M | 0 | $1.1M | 0 | $14.0M | $8.7M | $2.2M | 0 | 0 | 0 |
| Total Liabilities | $25.8M | $7.5M | $3.2M | $5.5M | $19.8M | $21.4M | $15.6M | $6.9M | $11.3M | $10.2M |
| Retained Earnings | -$72.2M | -$84.4M | -$109.5M | -$114.2M | -$147.0M | -$180.9M | -$210.1M | -$239.1M | -$287.0M | -$329.8M |
| Total Equity | -$17.4M | $14.8M | $17.3M | $54.5M | $27.3M | $17.1M | $107.5M | $82.5M | $99.6M | $183.2M |
| Total Debt | $22.1M | $5.3M | $1.1M | $356000 | $14.2M | $14.6M | $9.2M | $1.3M | $1.0M | $753000 |
| Net Debt | $13.8M | -$16.7M | -$16.1M | -$57.0M | -$30.8M | -$22.2M | -$111.3M | -$81.6M | -$106.6M | -$187.5M |
| Working Capital | -$12.0M | $15.0M | $16.1M | $54.4M | $40.7M | $25.2M | $109.2M | $81.7M | $98.9M | $181.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $56.9M | $18.9M | $19.4M | $54.3M |
| Total Assets | $199.4M | $193.4M | $179.6M | $330.5M |
| Total Liabilities | $9.6M | $10.2M | $7.5M | $9.0M |
| Total Equity | $189.8M | $183.2M | $172.1M | $321.5M |
| Total Debt | $823000 | $753000 | $682000 | $605000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$11.1M | -$12.9M | -$20.5M | -$26.1M | -$32.8M | -$33.9M | -$29.2M | -$29.1M | -$47.9M | -$42.8M |
| Depreciation & Amortization | $4000 | $4000 | $23000 | $39000 | $47000 | $50000 | $43000 | $123000 | $147000 | $144000 |
| Stock-based Compensation | $142 | $205000 | $496000 | $1.1M | $2.4M | $2.5M | $2.3M | $2.2M | $3.6M | $5.2M |
| Change in Working Capital | -$1.5M | $722000 | -$568000 | $1.6M | $1.1M | $1.5M | -$1.2M | -$3.8M | $6.8M | -$3.5M |
| Operating Cash Flow | -$11.2M | -$8.0M | -$18.3M | -$23.1M | -$29.0M | -$28.9M | -$28.2M | -$31.7M | -$38.3M | -$42.1M |
| Capital Expenditure | 0 | -$13000 | -$158000 | -$9000 | -$32000 | 0 | -$159000 | -$137000 | -$35000 | -$12000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$829000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.2M | -$8.0M | -$18.4M | -$23.1M | -$29.0M | -$28.9M | -$28.3M | -$31.8M | -$38.3M | -$42.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$10.9M | -$7.6M | -$16.7M | -$17.4M |
| Capital Expenditure | -$12000 | $13.5M | -$102000 | -$124000 |
| Free Cash Flow | -$10.9M | $5.8M | -$16.8M | -$17.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.2M | $1.4M | $2.2M | $3.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -16.0% | -59.8% | -26.8% | -25.8% | -3.6% | +14.1% | +0.3% | -64.8% | +10.8% |
| EPS Growth (YoY) | | -107.2% | -60.1% | +36.2% | -24.0% | +17.7% | +69.8% | +35.6% | -62.1% | +38.3% |
| Shares Change (YoY) | | -44.4% | +0.0% | +98.9% | +1.3% | +26.5% | +182.6% | +53.4% | +2.0% | +43.6% |
| FCF Growth (YoY) | | +28.6% | -131.0% | -25.2% | -25.7% | +0.3% | +2.1% | -12.4% | -20.2% | -10.0% |
| Effective Tax Rate | 0.1% | 0.2% | 0.6% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.69 | $-0.89 | $-2.06 | $-1.30 | $-1.61 | $-1.27 | $-0.44 | $-0.32 | $-0.38 | $-0.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $16.1M | $9.0M | $9.0M | $17.8M | $18.1M | $22.8M | $64.5M | $99.0M | $101.0M | $145.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -23.59% |
| Return on Invested Capital | -18.46% |
| Return on Assets | -15.46% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 37.28 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 104.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -11.43 | -5.52 | -3.45 | -2.57 | -1.34 | -0.52 | -4.29 | -4.62 | -8.77 | -43.17 |
| P/B | -7.31 | 4.79 | 4.09 | 1.23 | 1.60 | 1.05 | 1.16 | 1.61 | 4.18 | 9.91 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |