Trevi Therapeutics
TRVI on Nasdaq. Trevi Therapeutics develops medicines for patients with chronic cough and itching. Market value $2.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.70 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$13.72 a share, 48% above its 1-year low
Over the past year the price has ranged from $9.28 to $20.22.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.08bn | 0.13bn | 0.14bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 138% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $18 million, compared with a loss of $12 million a year ago.
- Over the past 12 months it spent $53 million more cash than it brought in, compared with $43 million a year earlier.
- 20% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$11m |
| March 2025 | -$10m |
| June 2025 | -$12m |
| September 2025 | -$12m |
| December 2025 | -$8m |
| March 2026 | -$13m |
| June 2026 | -$18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 218 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $29m | <0.1% | Cut |
Largest holders overall
- NEA Management Company$247m
- FMR$234mAdded
- BlackRock$208mAdded
- Frazier Life Sciences Management, L.P.$185m
- Wellington Management Group LLP$106mAdded
- Vanguard Capital Management$103mAdded
- Vivo Capital$95m
- Woodline Partners LP$76mAdded
- Vestal Point Capital, LP$58mAdded
- MPM Bioimpact$57mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- New Enterprise Associates 16, L.P.Passive investorat least 10.5%−1.1 pts(filed with 12 related holders)Since 5 May 2026
What they said
The Funds acquired the Firm Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, the Funds and other Reporting Persons may dispose of or acquire additional shares of the Issuer,…
Read the filing - FMR LLCPassive investorat least 8.8%+2.5 pts(filed with 1 related holder)Since 30 June 2026
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 7.0%−3.6 pts(filed with 10 related holders)Since 30 September 2025
- BlackRock, Inc.Passive investor5.6%Since 30 September 2025
- Viking Global InvestorsPassive investorat least 4.2%−1.7 pts(filed with 10 related holders)Since 30 September 2025
- Rubric Capital Management LPPassive investorat least 2.9%−4.2 pts(filed with 1 related holder)Since 31 December 2025
- Venrock Healthcare Capital Partners II, L.P.Passive investorat least 1.4%(filed with 9 related holders)Since 31 December 2024
- Rosalind Advisors, Inc.Passive investorSold down below 5%Since 13 February 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
New Enterprise Associates 16, L.P. Passive investor | at least 10.5%−1.1 pts (filed with 12 related holders) | 5 May 2026 | What they saidThe Funds acquired the Firm Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, the Funds and other Reporting Persons may dispose of or acquire additional shares of the Issuer,… Read the filing |
FMR LLC Passive investor | at least 8.8%+2.5 pts (filed with 1 related holder) | 30 June 2026 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 7.0%−3.6 pts (filed with 10 related holders) | 30 September 2025 | |
BlackRock, Inc. Passive investor | 5.6% | 30 September 2025 | |
Viking Global Investors Passive investor | at least 4.2%−1.7 pts (filed with 10 related holders) | 30 September 2025 | |
Rubric Capital Management LP Passive investor | at least 2.9%−4.2 pts (filed with 1 related holder) | 31 December 2025 | |
Venrock Healthcare Capital Partners II, L.P. Passive investor | at least 1.4% (filed with 9 related holders) | 31 December 2024 | |
Rosalind Advisors, Inc. Passive investor | Sold down below 5% | 13 February 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $595,806, $595,806 of it under preset trading plans.
- Heffernan Michael ThomasDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 39,473
- Price
- $15.09
- Value
- $595,806
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Heffernan Michael Thomas Director | Sold under a preset trading plan | 39,473 | $15.09 | $595,806 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.