Trevi Therapeutics reported a net loss of $11.8 million for the third quarter of 2025, a 10.5% improvement over the $13.2 million loss recorded in the same period a year earlier. The company’s earnings per share of –$0.08 beat the consensus estimate of –$0.10, a $0.02 or 20% beat that reflects tighter operating costs and higher interest income.
Research and development expenses fell to $10.1 million from $11.2 million in Q3 2024, driven by a 10% reduction in clinical trial spending and a 5% decline in contract research organization fees. General and administrative costs rose to $3.8 million from $2.9 million, largely due to increased professional fees for regulatory compliance and corporate governance initiatives, including SOX 404(b) preparations.
Other income climbed to $2.1 million from $0.8 million, a 162% increase that is almost entirely attributable to higher interest earned on the company’s $194.9 million cash, cash‑equivalents and marketable‑securities balance. The stronger interest income helped offset the net loss and contributed to the EPS beat.
Trevi’s cash position remains robust, with $194.9 million in liquid assets that project a runway extending into 2028. The strong balance sheet gives the company the financial flexibility to fund the next milestone—an anticipated Phase 3 program for its chronic‑cough therapy slated to begin in the first half of 2026—without the need for immediate additional financing.
President and CEO Jennifer Good highlighted the company’s progress, noting that “following positive clinical data for both IPF chronic cough and refractory chronic cough earlier this year, we are on track to submit an End‑of‑Phase 2 meeting request to the FDA in the fourth quarter.” She added that the company is building a comprehensive package for regulatory discussions and remains focused on specialty indications with no approved therapies in the U.S. market.
Analysts had a consensus EPS estimate of –$0.10 for the quarter; Trevi’s actual loss of –$0.08 represents a modest beat that underscores disciplined cost management and the benefit of higher interest income. The consensus estimate was based on expectations of continued R&D spending and modest G&A growth, both of which the company met or exceeded in favorable ways.
Headwinds include a 43% increase in weighted‑average common shares outstanding, reflecting dilution from recent financing rounds, and a modest rise in G&A expenses that may pressure margins if not offset by future cost efficiencies. Nonetheless, the company’s focus on a high‑need therapeutic area and its strong cash position position it well for the upcoming Phase 3 launch.
In summary, Trevi Therapeutics delivered a narrowed loss, beat EPS expectations, and reinforced its financial foundation, positioning the company to advance its chronic‑cough pipeline toward a pivotal Phase 3 study while maintaining a multi‑year runway.
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