Trevi Therapeutics Reports First Quarter 2024 Financial Results and Provides Business Updates
Reaffirms guidance for the Phase 2a RIVER trial in refractory chronic cough and Human Abuse Potential (HAP) Study with topline data for each expected in the second half of 2024
Topline results continue to be expected in the first half of 2025 for the Phase 2b CORAL trial in chronic cough in IPF
IND cleared with the FDA for planned Phase 1b trial to evaluate respiratory physiology in IPF patients with varying disease severity
Management to host a conference call and webcast today at
"I am pleased with the progress across all our clinical trials, which continue to remain on track with our guidance," said
Key Business Updates
- Phase 2a RIVER trial for the treatment of RCC, in which we expect to enroll approximately 60 patients, now has all sites activated and enrollment is progressing. In line with our current guidance, we expect topline data in the second half of 2024.
- Phase 2b CORAL trial for the treatment of chronic cough in IPF, in which we expect to enroll approximately 160 patients, continues enrollment, and we expect the sample size re-estimation to occur in the second half of 2024 when 50% of the patients are evaluable for the primary endpoint. Assuming no adjustments are made to the sample size, topline results are expected in the first half of 2025.
- Other supportive studies:
- The second part of the human abuse potential (HAP) study, in which we expect to enroll approximately 56 patients, is 75% enrolled and we continue to expect topline data in the second half of 2024.
- With the clearance of our IND, we expect to initiate our planned Phase 1b respiratory physiology study in
the United States in the third quarter of 2024. This trial is designed to assist us in defining the IPF population for a pivotal program.
- The Company ended the first quarter of 2024 with
$72.8 million in cash, cash equivalents and marketable securities with expected cash runway into 2026.
First Quarter 2024 Financial Highlights
Research and development (R&D) expenses: R&D expenses for the first quarter of 2024 increased to
General and administrative (G&A) expenses: G&A expenses were
Other income, net: Other income, net was
Net loss: For the first quarter of 2024, the Company reported a net loss of
Conference Call/Webcast
To participate in today's live conference call by phone, please dial (888) 317 6003 (domestic) or (412) 317 6061 (international). A live audio webcast will be accessible from the 'Investors & News' section on the Company's website at www.TreviTherapeutics.com. An archived replay of the webcast will also be available for 30 days on the Company's website following the event.
Upcoming Meetings
The Company plans to participate in the following events:
-
May 13-14 : The Citizens JMP Life Sciences Conference -
May 17-22 : ATS 2024International Conference -
May 20 : Life Science Education Series: Chronic Cough – KOL Panel Discussion -
June 3-6 : 2024BIO International Convention -
June 26-28 : Oppenheimer's 2024 Montauk Life Sciences Summit
About
The impact of chronic cough is significant and often leads to a decline in patients' social, physical, and psychological quality of life. In IPF, chronic cough may lead to worsening disease and may be associated with a higher risk of progression, death, or need for lung transplant. There are no approved therapies for the treatment of chronic cough in IPF and current treatment options provide minimal relief to patients. RCC affects up to 10% of the adult population, and Haduvio's expansion into RCC has the potential to reach patients suffering from moderate to severe chronic cough. There are also no approved therapies for RCC in the US.
Parenteral nalbuphine is not scheduled by the
For more information, visit www.TreviTherapeutics.com and follow Trevi on X (formerly Twitter) and LinkedIn.
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 regarding Trevi's business plans and objectives, including future plans or expectations for Haduvio and plans and timing with respect to clinical trials, expectations regarding Trevi's uses and sufficiency of capital, and other statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties regarding the success, cost and timing of Trevi's product candidate development activities and ongoing and planned clinical trials; the risk that positive data from a clinical trial may not necessarily be predictive of the results of later clinical trials in the same or a different indication; uncertainties regarding Trevi's ability to execute on its strategy; uncertainties with respect to regulatory authorities' views as to the data from Trevi's clinical trials and next steps in the development path for Haduvio in
Selected Balance Sheet Data (unaudited) (amounts in thousands) |
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Cash and cash equivalents |
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$ |
13,811 |
|
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$ |
32,397 |
|
Marketable securities |
|
|
59,009 |
|
|
|
50,574 |
|
Working capital |
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71,490 |
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81,723 |
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Total assets |
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78,559 |
|
|
|
89,403 |
|
Stockholders' equity |
|
|
72,334 |
|
|
|
82,547 |
|
Selected Statement of Operations Data (unaudited) (amounts in thousands, except per share amounts) |
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Three Months Ended |
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2024 |
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2023 |
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Operating expenses: |
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||
Research and development |
|
$ |
8,804 |
|
|
$ |
5,000 |
|
General and administrative |
|
|
3,102 |
|
|
|
2,563 |
|
Total operating expenses |
|
|
11,906 |
|
|
|
7,563 |
|
Loss from operations |
|
|
(11,906) |
|
|
|
(7,563) |
|
Other income, net |
|
|
996 |
|
|
|
1,155 |
|
Loss before income taxes |
|
|
(10,910) |
|
|
|
(6,408) |
|
Income tax benefit |
|
|
8 |
|
|
|
7 |
|
Net loss |
|
$ |
(10,902) |
|
|
$ |
(6,401) |
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Basic and diluted net loss per common share outstanding |
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$ |
(0.11) |
|
|
$ |
(0.06) |
|
Weighted average common shares used in net loss per share attributable |
|
|
99,517,212 |
|
|
|
98,610,671 |
|
Investor Contact
203-304-2499
k.mcmanus@trevitherapeutics.com
Media Contact
914-815-1465
rscampoli@marketcompr.com
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