Trevi Therapeutics Inc
TRVIHealthcare|Biotechnology|USA
$17.84
-0.56 (-3.02%)
Tangible Book
$1.34
Earnings Power
$1.16
Financials
Financial Snapshot
Market Cap
$2.53B
Enterprise Value
$171.1M
Revenue (TTM)
$0.00
Net Income (TTM)
$-45.6M
Cash & Equivalents
—
Net Cash/Share
$1.28
Free Cash Flow (TTM)
$-45.4M
Operating CF (TTM)
$-45.3M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$11.3M
Monthly Burn
$3.8M
Est. Runway
—
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $22.0M | $7.2M | $57.3M | $45.0M | $36.8M | $120.5M | $83.0M | $107.6M | $188.3M | $171.8M | |
| Operating Cash Flow | $-8.0M | $-18.3M | $-23.1M | $-29.0M | $-28.9M | $-28.2M | $-31.7M | $-38.3M | $-42.1M | $-45.3M | |
| Free Cash Flow | $-8.0M | $-18.4M | $-23.1M | $-29.0M | $-28.9M | $-28.3M | $-31.8M | $-38.3M | $-42.1M | $-45.4M | |
| Capital Expenditure | $-13.0K | $-158.0K | $-9.0K | $-32.0K | $0.00 | $-159.0K | $-137.0K | $-35.0K | $-12.0K | $-102.0K | |
| Financing Cash Flow | $21.7M | $3.6M | $73.2M | $16.7M | $20.8M | $111.3M | $-7.9M | $61.5M | $121.0M | $112.5M |
R&D Spending
R&D (TTM)
$35.6M
R&D Intensity
—
R&D Growth YoY
+6.4%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $6.1M | $14.1M | $19.3M | $22.3M | $23.0M | $19.8M | $23.7M | $39.4M | $33.5M | $35.6M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | — | — | |
| SG&A | $2.1M | $4.3M | $7.3M | $10.2M | $9.5M | $10.1M | $10.2M | $12.1M | $15.8M | $17.2M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $6.1M | $14.1M | $19.3M | $22.3M | $23.0M | $19.8M | $23.7M | $39.4M | $33.5M | $35.6M | |
| SG&A | $2.1M | $4.3M | $7.3M | $10.2M | $9.5M | $10.1M | $10.2M | $12.1M | $15.8M | $17.2M | |
| Operating Income | $-8.2M | $-18.4M | $-26.6M | $-32.5M | $-32.5M | $-29.9M | $-33.9M | $-51.5M | $-49.3M | $-52.8M | |
| Interest Expense | $-3.3M | $-174.0K | $0.00 | $-456.0K | $-1.2M | $-1.2M | $-391.0K | $-4.0K | $0.00 | $0.00 | |
| Pretax Income | $-12.9M | $-20.7M | $-26.1M | $-32.8M | $-34.0M | $-29.2M | $-29.1M | $-47.9M | $-42.8M | $-45.7M | |
| Net Income | $-12.9M | $-20.5M | $-26.1M | $-32.8M | $-33.9M | $-29.2M | $-29.1M | $-47.9M | $-42.8M | $-45.6M | |
| EPS (Diluted) | -1.40 | -2.85 | -2.28 | -1.81 | -1.49 | -0.45 | -0.29 | -0.47 | -0.32 | -0.32 | |
| EBITDA | $-9.5M | $-20.5M | $-26.0M | $-32.3M | $-32.7M | $-28.0M | $-28.6M | $-47.8M | $-42.7M | $-47.2M | |
| Shares Out. (M) | 8.96 | 8.96 | 11.74 | 18.06 | 22.84 | 64.54 | 99.03 | 101.97 | 134.75 | 145.59 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.0M | $7.2M | $57.3M | $45.0M | $36.8M | $12.6M | $32.4M | $34.1M | $18.9M | $19.4M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $107.9M | $50.6M | $73.5M | $169.3M | $152.4M | |
| Total Current Assets | $22.2M | $8.8M | $59.6M | $46.3M | $38.0M | $122.6M | $87.5M | $109.4M | $191.7M | $176.1M | |
| Total Assets | $22.2M | $10.5M | $60.0M | $47.1M | $38.5M | $123.0M | $89.4M | $110.9M | $193.4M | $179.6M | |
| Total Current Liabilities | $7.1M | $2.7M | $5.2M | $5.6M | $12.7M | $13.4M | $5.8M | $10.5M | $9.7M | $7.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $14.0M | $8.7M | $2.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $7.5M | $4.3M | $5.5M | $19.8M | $21.4M | $15.6M | $6.9M | $11.3M | $10.2M | $7.5M | |
| Stockholders' Equity | $14.8M | $6.2M | $54.5M | $27.3M | $17.1M | $107.5M | $82.5M | $99.6M | $183.2M | $172.1M | |
| Retained Earnings | $-84.4M | $-109.5M | $-114.2M | $-147.0M | $-180.9M | $-210.1M | $-239.1M | $-287.0M | $-329.8M | $-343.0M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-8.0M | $-18.3M | $-23.1M | $-29.0M | $-28.9M | $-28.2M | $-31.7M | $-38.3M | $-42.1M | $-45.3M | |
| Capital Expenditure | $-13.0K | $-158.0K | $-9.0K | $-32.0K | $0.00 | $-159.0K | $-137.0K | $-35.0K | $-12.0K | $-102.0K | |
| Free Cash Flow | $-8.0M | $-18.4M | $-23.1M | $-29.0M | $-28.9M | $-28.3M | $-31.8M | $-38.3M | $-42.1M | $-45.4M | |
| Investing Cash Flow | $-13.0K | $-158.0K | $-9.0K | $-32.0K | $0.00 | $-107.4M | $59.4M | $-21.5M | $-94.1M | $-67.2M | |
| Financing Cash Flow | $21.7M | $3.6M | $73.2M | $16.7M | $20.8M | $111.3M | $-7.9M | $61.5M | $121.0M | $112.5M | |
| Issuance of Stock | $0.00 | $0.00 | $65.1M | $3.1M | $21.2M | $105.4M | $1.7M | $61.1M | $108.2M | $0.00 | |
| Repurchase of Stock | $0.00 | $-1.5M | $-1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $14.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-8.3M | $-5.3M | $0.00 | $0.00 | $0.00 | $-5.8M | $-9.5M | $-126.0K | $-11.0K | $0.00 | |
| Stock Based Comp. | $205.0K | $496.0K | $1.1M | $2.4M | $2.5M | $2.3M | $2.2M | $3.6M | $5.2M | $6.2M | |
| Net Change in Cash | $13.7M | $-14.8M | $50.1M | $-12.3M | $-8.2M | $-24.2M | $19.8M | $1.7M | $-15.2M | $38.0K |
Dilution Tracker
Shares outstanding grew 537.4% over 5 years — significant dilution
Shares Outstanding
146M
5-Year Share Growth
+537.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.96 | 8.96 | 11.74 | 18.06 | 22.84 | 64.54 | 99.03 | 101.97 | 134.75 | 145.59 | |
| YoY Change % | — | 0.0% | 30.9% | 53.9% | 26.5% | 182.6% | 53.4% | 3.0% | 32.1% | 8.0% | |
| Stock Issuance | $0.00 | $0.00 | $65.1M | $3.1M | $21.2M | $105.4M | $1.7M | $61.1M | $108.2M | $0.00 | |
| Stock Repurchase | $0.00 | $-1.5M | $-1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $205.0K | $496.0K | $1.1M | $2.4M | $2.5M | $2.3M | $2.2M | $3.6M | $5.2M | $6.2M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -87.0% | -195.4% | -85.7% | -80.1% | -153.0% | -46.8% | -30.6% | -52.6% | -30.2% | -27.1% | |
| ROA % | -57.9% | -125.5% | -73.9% | -61.2% | -79.3% | -36.1% | -27.4% | -47.8% | -28.1% | -25.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B13.32
Historical— / — / 13.32
Industry Med.2.93
EV/EBITDA-50.01
Historical-50.01 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$1.34
Net Current Assets
$1.310
Net-Net Working Capital
$1.28
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 1.23 | 1.65 | 1.31 | 1.08 | 1.11 | 3.87 | 8.77 | 13.32 | |
| EV/EBITDA | 0.00 | 0.00 | -0.38 | -0.44 | 0.00 | -0.16 | -0.35 | -5.84 | -33.25 | -50.01 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
4
Moderate
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $0.00M | $0.00M |
| Net Income | $-73.34M | $-98.94M | $-123.36M |
| EPS | -0.48 | -0.59 | -0.70 |
| Book Value per Share | 1.81 | 1.28 | 2.27 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |