Trevi Therapeutics (TRVI) reported a third-quarter 2026 net loss of $21.5 million, compared with a $11.8 million net loss in the prior-year period. The clinical-stage biopharmaceutical company ended September with $299.4 million in cash, cash equivalents and marketable securities.
Trevi initiated its Phase 3 OCEAN-2 trial for IPF-related chronic cough during the quarter. Both OCEAN Phase 3 trials are recruiting, while the company expects to start a Phase 2 dose-ranging trial in non-IPF ILD-related chronic cough in the first quarter of 2027.
- Third-quarter R&D expense was $19.1 million, up from $10.1 million a year earlier.
- G&A expense was $5.4 million, compared with $3.8 million in the prior-year quarter.
- Other income, net, was $3.0 million, versus $2.1 million a year earlier.
- Basic and diluted net loss per common share was $0.13.
- Trevi expects its cash resources to provide runway into 2030.
- OCEAN-2 topline results are expected in the second half of 2027, and OCEAN-1 topline results are expected in the first half of 2028.
$TRVI Insider Trading Activity
$TRVI insiders have traded $TRVI stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $TRVI stock by insiders over the last 6 months:
- MICHAEL THOMAS HEFFERNAN has made 0 purchases and 4 sales selling 39,473 shares for an estimated $595,805.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.
$TRVI Hedge Fund Activity
We have seen 119 institutional investors add shares of $TRVI stock to their portfolio, and 82 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FMR LLC added 4,524,778 shares (+56.3%) to their portfolio in Q2 2026, for an estimated $84,387,109
- WOODLINE PARTNERS LP added 3,080,551 shares (+307.8%) to their portfolio in Q2 2026, for an estimated $57,452,276
- FIRST LIGHT ASSET MANAGEMENT, LLC added 2,097,215 shares (+inf%) to their portfolio in Q2 2026, for an estimated $39,113,059
- ASSENAGON ASSET MANAGEMENT S.A. added 2,001,721 shares (+131.2%) to their portfolio in Q3 2026, for an estimated $28,664,644
- VIKING GLOBAL INVESTORS LP removed 1,654,000 shares (-51.7%) from their portfolio in Q2 2026, for an estimated $30,847,099
- MARSHALL WACE, LLP removed 1,291,882 shares (-32.6%) from their portfolio in Q2 2026, for an estimated $24,093,599
- RUBRIC CAPITAL MANAGEMENT LP removed 1,207,860 shares (-32.5%) from their portfolio in Q2 2026, for an estimated $22,526,589
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
