Trevi Therapeutics Announces Fourth Quarter and Year End 2020 Financial Results and Business Updates
Expects to Complete Enrollment and Report Top-Line Data of the Phase 2b/3 PRISM Trial in Second Half of 2021
Cash Position Expected to Fund Operations into the Second Quarter of 2022
“We made significant progress in the PRISM trial this year, despite the impact of COVID-19 which slowed recruitment activities worldwide through the latter part of 2020 and early 2021. Recruiting for this trial has accelerated this month and we expect to complete enrollment in the third quarter of this year and report top-line results in the fourth quarter of 2021,” said
Key Business Updates
- Phase 2b/3 PRISM trial of Haduvio for severe pruritus in patients with prurigo nodularis (PN): To date, the Company has enrolled approximately 240 of the 360 planned total subjects in the trial and reaffirms expectations that enrollment will be completed in the third quarter of 2021 and top-line data will be reported in the fourth quarter of 2021.
- Phase 2 CANAL trial of Haduvio for chronic cough in patients with idiopathic pulmonary fibrosis (IPF): This trial is currently being conducted in the
United Kingdom, which resumed its shelter in place directive due to COVID-19 in early December 2020through the end of March 2021. The restrictions paused enrollment for this at-risk patient group during the related time period. We expect to resume recruiting subjects for the trial in the second quarter of 2021. Treviis also seeking regulatory and ethics board approvals to add study sites in Germany.
Fourth Quarter 2020 Financial Highlights
Research and development (R&D) expenses: R&D expenses for the fourth quarter of 2020 were
General and administrative (G&A) expenses: G&A expenses for the fourth quarter of 2020 were
Net loss: For the fourth quarter of 2020, the Company reported a net loss of
Year End 2020 Financial Highlights
Cash position: As of December 31, 2020, total cash and cash equivalents were $45.0 million compared to $57.3 million as of December 31, 2019.
R&D expenses: R&D expenses for the year ended December 31, 2020 were $22.3 million compared to $19.3 million for the year ended December 31, 2019. The increase was primarily due to an increase in clinical development expenses, primarily related to increased activity and enrollment in the Phase 2b/3 PRISM trial as well as an increase in expenses related to the purchase of clinical trial supplies.
G&A expenses: G&A expenses for the year ended December 31, 2020 were $10.2 million compared to $7.3 million for the year ended December 31, 2019. The increase was primarily due to an increase in stock-based compensation expenses attributable to the issuance of new stock option grants in connection with the IPO and in the first quarter of 2020, increased consulting fees as well as increased expenses related to being a public company.
Net loss: For the year ended December 31, 2020,
As previously announced, the Company will host a conference call and webcast today,
About Trevi Therapeutics, Inc.
Founded in 2011, Trevi Therapeutics is headquartered in New Haven, CT.
Haduvio is an oral extended release formulation of nalbuphine. Nalbuphine is a mixed ĸ-opioid receptor agonist and µ-opioid receptor antagonist that has been approved and marketed as an injectable for pain indications for more than 20 years in the United States and Europe. The ĸ- and µ-opioid receptors are known to be critical mediators of itch, cough and certain movement disorders. Nalbuphine’s mechanism of action also mitigates the risk of abuse associated with µ-opioid agonists because it antagonizes, or blocks, µ-opioid receptors. Nalbuphine is currently the only opioid approved for marketing that is not classified as a controlled substance in the United States and most of Europe. Trevi intends to propose Haduvio as the trade name for the nalbuphine ER investigational product. Haduvio is an investigational drug product and its safety and efficacy have not been fully evaluated by any regulatory authority.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the impact of the COVID-19 pandemic on Trevi’s clinical trials, business and operations; the expected timing of enrollment and for reporting top-line data from Trevi’s Phase 2b/3 PRISM trial of Haduvio in patients with prurigo nodularis; Trevi’s business plans and objectives, including future plans or expectations for Trevi’s product candidates; expectations regarding Trevi’s uses and sufficiency of capital; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties regarding the success, cost and timing of Trevi’s product candidate development activities and ongoing and planned clinical trials; uncertainties regarding the scope, timing and severity of the COVID-19 pandemic, the impact of the COVID-19 pandemic on Trevi’s clinical operations and actions taken in response to the pandemic; uncertainties regarding Trevi’s ability to execute on its strategy; the risk that positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; potential regulatory developments in the United States and foreign countries; uncertainties inherent in estimating Trevi’s cash runway, future expenses and other financial results; as well as other risks and uncertainties set forth in the quarterly report on Form 10-Q for the quarter ended September 30, 2020 filed with the Securities and Exchange Commission and in subsequent filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Trevi undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Selected Balance Sheet Data
(amounts in thousands)
|Cash and cash equivalents||$||45,001||$||57,313|
Selected Statement of Operations Data
(amounts in thousands)
|Three Months Ended
|Research and development||$||6,560||$||4,823||$||22,328||$||19,339|
|General and administrative||2,633||1,943||10,161||7,306|
|Total operating expenses||9,193||6,766||32,489||26,645|
|Loss from operations||(9,193||)||(6,766||)||(32,489||)||(26,645||)|
|Other income (expense), net||(313||)||225||(287||)||577|
|Loss before income tax benefit||(9,506||)||(6,541||)||(32,776||)||(26,068||)|
|Income tax benefit (expense)||(17||)||4||18||18|
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Source: Trevi Therapeutics