TRVI Trevi Therapeutics, Inc.

Overview and Growth

In fiscal 2025, Trevi Therapeutics, Inc. reported net loss of $42.76M. The company reported diluted EPS of -$0.32, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 134.75M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 32.1% from 101.97M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $193.44M, framing the scale of the company’s operating and financing commitments.

Profitability

The company recorded an operating loss of $49.33M after the reported operating expense base. The company ended the period with a net loss of $42.76M, extending the operating result through all remaining items. The company reported negative EBITDA of $49.18M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $42.82M, bridging the operating result to the final net loss. The reported tax benefit was $64.00K, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 23.3%, placing the bottom-line deficit against shareholder capital. The net loss equaled 22.1% of period-end assets, showing the deficit relative to the asset base. Compared with a $47.91M net loss in fiscal 2024, the current loss improved to $42.76M.

Liquidity and Capital Structure

The company held $193.44M of assets against $10.20M of liabilities and $183.24M of equity, revealing how the asset base was financed. Current assets were $191.66M against $9.75M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 19.66x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $18.91M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 194.0%, excluding receivables and other current assets. Equity equaled 94.7% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 5.3% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 9.8%, comparing reported cash and equivalents with the full positive asset balance. Compared with $110.90M in fiscal 2024, the current asset base moved 74.4% and finished higher. Reported equity changed 83.9% from $99.64M in fiscal 2024, placing the current capital base higher year over year. The reported cash balance changed 44.5% from $34.10M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $42.09M of cash, resulting in an operating cash outflow for the year. Capital spending of $12.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $42.10M cash deficit after capital spending. Relative to total assets, the post-investment cash deficit measured 21.8%. Cash absorbed by operations increased from $38.26M in fiscal 2024 to $42.09M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.