Trevi Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 17, 2026
TRVI$14.91-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
(Amounts in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net loss | $(42,759) | $(47,911) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 5,185 | 3,588 |
| Operating lease right-of-use assets | 437 | 460 |
| Depreciation and amortization | 144 | 147 |
| Accretion of available-for-sale marketable securities, net | (1,638) | (1,367) |
| Write off of deferred offering costs | 26 | — |
| Loss on disposal of property, equipment and leasehold improvements | 7 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (1,478) | 2,659 |
| Accrued expenses and other liabilities | (1,415) | 2,563 |
| Accounts payable | (598) | 1,605 |
| Net cash used in operating activities | (42,089) | (38,256) |
| Investing activities: | ||
| Proceeds from maturities of available-for-sale marketable securities | 76,567 | 76,970 |
| Purchases of available-for-sale marketable securities | (170,662) | (98,463) |
| Purchases of property, equipment and leasehold improvements | (12) | (35) |
| Net cash used in investing activities | (94,107) | (21,528) |
| Financing activities: | ||
| Proceeds from offering, net of commissions | 108,154 | 47,000 |
| Proceeds from exercises of warrants | 10,757 | — |
| Proceeds from exercises of stock options | 2,079 | 394 |
| Proceeds from disgorgement of beneficial owner's short-swing profits | 725 | — |
| Proceeds from employee stock purchase plan | 118 | 70 |
| Payments of offering costs | (809) | — |
| Payments of finance lease | (11) | (126) |
| Proceeds from at-the-market sales, net of commissions | — | 14,146 |
| Net cash provided by financing activities | 121,013 | 61,484 |
| Net (decrease) increase in cash and cash equivalents | (15,183) | 1,700 |
| Cash and cash equivalents at beginning of period | 34,097 | 32,397 |
| Cash and cash equivalents at end of period | $18,914 | $34,097 |
| Supplemental disclosure of cash flow information: | ||
| Interest paid | $— | $(4) |
| State research tax credits exchanged for cash | $33 | $32 |
| Supplemental disclosure of non-cash financing activities: | ||
| Offering costs included in accrued expenses | $— | $233 |
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