Business Description

1. Nature of the Business Trevi Therapeutics, Inc. (“Trevi” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (“IPF”), non-IPF interstitial lung disease (“non-IPF ILD”), and refractory chronic cough (“RCC”). Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a k appa receptor a gonist and a m u receptor a ntagonist (“KAMA”), targeting opioid receptors that play a key role in controlling chronic cough. Nalbuphine has been approved and marketed as an injectable for pain indications for decades in the United States (“U.S.”) and Europe. Nalbuphine’s mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as a controlled substance by the U.S. Drug Enforcement Agency and in most of Europe. The Company’s Consolidated Financial Statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company financed its operations prior to its initial public offering (“IPO”) primarily through private placements of its redeemable convertible preferred stock and convertible notes, and has financed its operations since becoming a public company primarily through borrowings under its prior term loan facilities, proceeds from its IPO and concurrent private placement completed in May 2019, sales of its common stock pursuant to the at-the-market Sales Agreements (Note 8) with SVB Securities LLC (formerly SVB Leerink LLC) (“SVB Securities”) and Leerink Partners LLC, proceeds from private placements completed in October 2021 and April 2022 (Note 8), proceeds from the exercise of warrants, and proceeds from registered offerings completed in October 2022, December 2024 and June 2025 (Note 8). The Company has incurred recurring losses since inception, including net losses of $ 42.8 million and $ 47.9 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of $ 188.3 million compared to $ 107.6 million of cash, cash equivalents and marketable securities as of December 31, 2024. The Company had incurred losses and negative cash flows from operations and had an accumulated deficit of $ 329.8 million as of December 31, 2025. The Company expects to continue to incur losses for the foreseeable future. As of March 17, 2026, the date of issuance of these Consolidated Financial Statements, the Company believes that its cash, cash equivalents and marketable securities as of December 31, 2025 , will be sufficient to fund its operating expenses and capital expenditure requirements for 12 months from the date of issuance of these Consolidated Financial Statements.