$TRVI
Trevi Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053330 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.420M $1.940M $2.000M
YoY Change 21.0% 37.59% 65.29%
% of Gross Profit
Research & Development $4.828M $4.820M $5.650M
YoY Change -14.55% 6.64% 50.79%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $7.244M $6.770M $7.650M
YoY Change -5.31% 14.17% 54.33%
Operating Profit -$7.244M -$7.650M
YoY Change -5.31% 54.33%
Interest Expense $148.0K $230.0K $280.0K
YoY Change -47.14% 475.0% 937.04%
% of Operating Profit
Other Income/Expense, Net -$145.0K $0.00 $280.0K
YoY Change -151.79% -100.0% -138.78%
Pretax Income -$7.389M -$6.540M -$7.370M
YoY Change 0.26% 8.46% 29.78%
Income Tax -$11.00K $0.00 -$5.000K
% Of Pretax Income
Net Earnings -$7.378M -$6.540M -$7.365M
YoY Change 0.18% 9.36% 30.35%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$407.1K -$365.4K -$413.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.29M $57.31M $63.52M
YoY Change -16.11% 695.97% 369.48%
Cash & Equivalents $53.29M $57.31M $63.52M
Short-Term Investments
Other Short-Term Assets $1.860M $1.680M $1.830M
YoY Change 1.64% 16.67% 15.09%
Inventory
Prepaid Expenses $1.681M
Receivables
Other Receivables
Total Short-Term Assets $55.21M $59.55M $65.54M
YoY Change -15.76% 574.89% 329.77%
LONG-TERM ASSETS
Property, Plant & Equipment $360.0K $118.0K $460.0K
YoY Change -21.74% -20.81% 557.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $310.0K $20.00K $20.00K
YoY Change 1450.0% -98.71% -71.43%
Total Long-Term Assets $670.0K $449.0K $480.0K
YoY Change 39.58% -73.62% 269.23%
TOTAL ASSETS
Total Short-Term Assets $55.21M $59.55M $65.54M
Total Long-Term Assets $670.0K $449.0K $480.0K
Total Assets $55.88M $60.00M $66.02M
YoY Change -15.36% 470.03% 329.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.260M $1.599M $490.0K
YoY Change 157.14% 165.17% -25.76%
Accrued Expenses $4.710M $3.501M $4.300M
YoY Change 9.53% 68.89% 252.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.100M $5.199M $5.030M
YoY Change 21.27% 94.28% 160.62%
LONG-TERM LIABILITIES
Long-Term Debt $13.99M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $170.0K $260.0K $280.0K
YoY Change -39.29% -49.02% -37.78%
Total Long-Term Liabilities $14.16M $260.0K $280.0K
YoY Change 4957.14% -83.85% -80.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.100M $5.199M $5.030M
Total Long-Term Liabilities $14.16M $260.0K $280.0K
Total Liabilities $20.26M $5.460M $5.310M
YoY Change 281.54% 27.57% 58.98%
SHAREHOLDERS EQUITY
Retained Earnings -$137.5M -$114.2M
YoY Change 4.31%
Common Stock $18.00K $18.00K
YoY Change 350.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.62M $54.55M $60.71M
YoY Change
Total Liabilities & Shareholders Equity $55.88M $60.00M $66.02M
YoY Change -15.36% 470.03% 329.26%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$7.378M -$6.540M -$7.365M
YoY Change 0.18% 9.36% 30.35%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$6.970M -$6.200M -$7.730M
YoY Change -9.83% 31.08% 93.25%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.09M 0.000 -140.0K
YoY Change -11592.86% -100.0% -101.34%
NET CHANGE
Cash From Operating Activities -6.970M -6.200M -7.730M
Cash From Investing Activities -20.00K 0.000 0.000
Cash From Financing Activities 16.09M 0.000 -140.0K
Net Change In Cash 9.100M -6.200M -7.870M
YoY Change -215.63% -2.05% -221.64%
FREE CASH FLOW
Cash From Operating Activities -$6.970M -$6.200M -$7.730M
Capital Expenditures -$20.00K $0.00 $0.00
Free Cash Flow -$6.950M -$6.200M -$7.730M
YoY Change -10.09% 33.62% 93.25%

Facts In Submission

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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-weight:normal;"></font>Nature of the Business </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Trevi Therapeutics, Inc. (&#8220;Trevi&#8221; or the &#8220;Company&#8221;) is a clinical-stage biopharmaceutical company focused on the development and commercialization of Haduvio (nalbuphine ER) to treat serious neurologically mediated conditions. The Company is currently developing Haduvio for the treatment of chronic pruritus, chronic cough in patients with idiopathic pulmonary fibrosis (&#8220;IPF&#8221;), and levodopa-induced dyskinesia (&#8220;LID&#8221;) in patients with Parkinson&#8217;s disease. These conditions share a common pathophysiology that is mediated through opioid receptors in the central and peripheral nervous systems. Due to nalbuphine&#8217;s mechanism of action as a modulator of opioid receptors, the Company believes Haduvio has the potential to be effective in treating each of these conditions. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Haduvio is an oral extended release formulation of nalbuphine. Nalbuphine is a mixed &#954;-opioid receptor agonist and &#956;-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 &#954;- and &#956;-opioid receptors are known to be critical mediators of itch, cough and certain movement disorders. Nalbuphine&#8217;s mechanism of action also mitigates the risk of abuse associated with &#956;-opioid agonists because it antagonizes, or blocks, the &#956;-opioid receptor. 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. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 22, 2019, the Company filed an amendment to the Company&#8217;s amended and restated certificate of incorporation to effect a one-for 9.5 reverse stock split of the Company&#8217;s common stock, which resulted in a proportional adjustment to the existing conversion ratios for each series of the Company&#8217;s redeemable convertible preferred stock. Accordingly, all share and per share amounts in the Condensed Consolidated Financial Statements have been retrospectively adjusted, where applicable, to reflect the effect of the reverse stock split and adjustments of the redeemable convertible preferred stock conversion for all periods presented.</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying 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.&nbsp;&nbsp;Since inception, the Company has financed its operations primarily through private placements of its redeemable convertible preferred stock and convertible notes as well as borrowings under term loan facilities, with proceeds from the Company&#8217;s initial public offering (&#8220;IPO&#8221;) and concurrent private placement completed in May 2019, and with sales of common stock under the Company&#8217;s sales agreement with SVB Leerink LLC (the &#8220;ATM Sales Agreement&#8221;).&nbsp;&nbsp;The Company has incurred recurring losses since inception, including net losses attributable to the Company of $23.2 million for the nine months ended September&#160;30, 2020 and $26.1 million for the year ended December 31, 2019.&nbsp;&nbsp;In addition, as of September&#160;30, 2020, the Company had an accumulated deficit of $137.5 million. The Company expects to continue to generate operating losses for the foreseeable future. As of November <font style="color:#000000;">12, 2020</font>, the issuance date of these Condensed Consolidated Financial Statements, the Company expects that its cash and cash equivalents of $53.3 million as of September&#160;30, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the date of issuance of these Condensed Consolidated Financial Statements.</p>
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us-gaap Operating Lease Payments
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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the expenses during the reporting periods. Significant estimates and assumptions reflected in these Condensed Consolidated Financial Statements include, but are not limited to, the recognition of research and development (&#8220;R&amp;D&#8221;) expenses and the valuation of redeemable convertible preferred stock, common stock and stock-based awards. On an ongoing basis, management evaluates its estimates in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. </p>
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
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1056000
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CY2019 trvi Loan Success Fee Payable Fairvalue
LoanSuccessFeePayableFairvalue
0
CY2020Q3 trvi Non Cash Charge
NonCashCharge
0
CY2020Q3 us-gaap Operating Lease Payments
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23000
CY2020Q3 trvi Share Based Compensation Arrangement By Share Based Payment Award Options Unvested In Period Fair Value
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99000
CY2020Q3 us-gaap Share Based Compensation
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CY2019Q3 us-gaap Share Based Compensation
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371000
CY2019Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2019Q4 us-gaap Operating Lease Liability
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356000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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35000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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138000
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11842
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2327782
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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1309191
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6.20
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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10.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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5.91
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.85

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