Trevi Therapeutics Inc. Common Stock (TRVI)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I come to Trevi Therapeutics as a Graham-style value investor, not a biotech speculator. The company has no reported revenue in the filed periods. In fiscal 2025, the year ended 2025-12-31, net loss was $42.8 million, or $0.32 per diluted share. Fiscal 2024, the year ended 2024-12-31, was $47.9 million, or $0.47; fiscal 2023, the year ended 2023-12-31, was $29.1 million, or $0.29. Recent quarters show continuing burn: fiscal Q1 2026, quarter ended 2026-03-31, lost $13.2 million, or $0.09 per share; fiscal Q2 2026, quarter ended 2026-06-30, lost $17.8 million, or $0.11. Trailing free cash flow was -$52.9 million, a -3.0% FCF yield against the $1.8 billion market cap. At the 2026-10-13 close of $12.29, FairStock shows a negative P/E of -35.11, a P/B of 5.44, ROE of -19.66%, and ROCE of -13.82%. Those aren't value metrics; they show a company whose worth depends almost entirely on Haduvio's clinical trials for chronic cough in IPF and non-IPF interstitial lung disease, and refractory chronic cough. The balance sheet has no debt, D/E 0.00, and an Altman Z-Score of 116.20, but Piotroski is 2/9 and the FairStock Score is 35/100. With 34 employees and no product sales, there is no durable moat—no pricing power, no recurring earnings, no margin of safety from profits or assets. The Lynch category is none because it lost money in each of the last four years. The stock is closer to its 52-week low of $9.82 than its high of $20.22, but without earnings I cannot call it cheap. This is an option on data, not a Buffett-style business.

In plain English: Trevi Therapeutics is a small clinical-stage drug company trying to develop an oral medicine for chronic cough in patients with lung disease. It has no product revenue yet and keeps losing money, including a fiscal Q2 2026 net loss of $17.8 million. At the 2026-10-13 close of $12.29, the market values it at about $1.8 billion, which looks expensive against current losses and no sales.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer