2021 Q2 Form 10-Q Financial Statement
#000156459021043968 Filed on August 12, 2021
Income Statement
| Concept | 2021 Q2 | 2020 Q2 | 2020 Q1 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $2.669M | $2.490M | $2.620M |
| YoY Change | 7.19% | 31.75% | 78.23% |
| % of Gross Profit | |||
| Research & Development | $6.498M | $4.920M | $6.019M |
| YoY Change | 32.07% | -11.0% | 80.32% |
| % of Gross Profit | |||
| Depreciation & Amortization | $15.00K | $10.00K | $10.00K |
| YoY Change | 50.0% | 0.0% | 11.11% |
| % of Gross Profit | |||
| Operating Expenses | $9.167M | $7.413M | $8.639M |
| YoY Change | 23.66% | -0.05% | 79.53% |
| Operating Profit | -$9.167M | -$7.413M | -$8.639M |
| YoY Change | 23.66% | -0.05% | 79.53% |
| Interest Expense | $296.0K | $14.00K | $157.0K |
| YoY Change | 2014.29% | -93.89% | 170.69% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$629.0K | $14.00K | $157.0K |
| YoY Change | -4592.86% | -78.79% | 2516.67% |
| Pretax Income | -$9.796M | -$7.399M | -$8.482M |
| YoY Change | 32.4% | 0.65% | 76.49% |
| Income Tax | -$2.000K | -$15.00K | -$9.000K |
| % Of Pretax Income | |||
| Net Earnings | -$9.794M | -$7.384M | -$8.473M |
| YoY Change | 32.64% | 0.52% | 76.45% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.49 | ||
| Diluted Earnings Per Share | -$0.49 | -$413.7K | -$475.0K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 20.12M | 17.83M | |
| Diluted Shares Outstanding | 20.12M |
Balance Sheet
| Concept | 2021 Q2 | 2020 Q2 | 2020 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $36.43M | $44.18M | $52.64M |
| YoY Change | -17.55% | -38.11% | 306.49% |
| Cash & Equivalents | $36.40M | $44.18M | $52.64M |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.055M | $2.060M | $1.050M |
| YoY Change | -0.24% | -30.64% | -37.13% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $38.48M | $46.34M | $53.82M |
| YoY Change | -16.96% | -37.89% | 264.54% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $259.0K | $380.0K | $107.0K |
| YoY Change | -31.84% | 173.38% | -28.19% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $410.0K | $290.0K | $20.00K |
| YoY Change | 41.38% | 1350.0% | -98.95% |
| Total Long-Term Assets | $669.0K | $670.0K | $418.0K |
| YoY Change | -0.15% | 31.89% | -82.73% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $38.48M | $46.34M | $53.82M |
| Total Long-Term Assets | $669.0K | $670.0K | $418.0K |
| Total Assets | $39.15M | $47.01M | $54.24M |
| YoY Change | -16.72% | -37.42% | 215.61% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.488M | $3.160M | $2.193M |
| YoY Change | 10.38% | 18.66% | 340.36% |
| Accrued Expenses | $3.316M | $3.430M | $4.911M |
| YoY Change | -3.32% | -21.17% | 59.5% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $2.495M | ||
| YoY Change | |||
| Total Short-Term Liabilities | $9.410M | $6.770M | $7.206M |
| YoY Change | 39.0% | -4.71% | 96.62% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $11.91M | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $91.00K | $200.0K | $230.0K |
| YoY Change | -54.5% | -35.48% | -72.94% |
| Total Long-Term Liabilities | $12.00M | $200.0K | $230.0K |
| YoY Change | 5901.5% | -35.48% | -72.94% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.410M | $6.770M | $7.206M |
| Total Long-Term Liabilities | $12.00M | $200.0K | $230.0K |
| Total Liabilities | $21.41M | $6.970M | $7.440M |
| YoY Change | 207.22% | -5.94% | 64.97% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$165.1M | -$122.7M | |
| YoY Change | 6.25% | ||
| Common Stock | $21.00K | $18.00K | |
| YoY Change | 350.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $17.74M | $40.04M | $46.80M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $39.15M | $47.01M | $54.24M |
| YoY Change | -16.72% | -37.42% | 215.61% |
Cashflow Statement
| Concept | 2021 Q2 | 2020 Q2 | 2020 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$9.794M | -$7.384M | -$8.473M |
| YoY Change | 32.64% | 0.52% | 76.45% |
| Depreciation, Depletion And Amortization | $15.00K | $10.00K | $10.00K |
| YoY Change | 50.0% | 0.0% | 11.11% |
| Cash From Operating Activities | -$7.896M | -$8.440M | -$4.673M |
| YoY Change | -6.45% | 66.8% | 14.09% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | -$10.00K | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | $0.00 | -$10.00K | $0.00 |
| YoY Change | -100.0% | -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 | 2.750M | -10.00K | 0.000 |
| YoY Change | -27600.0% | -100.02% | -100.0% |
| NET CHANGE | |||
| Cash From Operating Activities | -7.896M | -8.440M | -4.673M |
| Cash From Investing Activities | 0.000 | -10.00K | 0.000 |
| Cash From Financing Activities | 2.750M | -10.00K | 0.000 |
| Net Change In Cash | -5.146M | -8.460M | -4.673M |
| YoY Change | -39.17% | -114.48% | -181.35% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$7.896M | -$8.440M | -$4.673M |
| Capital Expenditures | $0.00 | -$10.00K | $0.00 |
| Free Cash Flow | -$7.896M | -$8.430M | -$4.673M |
| YoY Change | -6.33% | 66.6% | 13.84% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2020Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-146977000 | |
| CY2021Q2 | trvi |
Derivative Fair Value Of Derivative Liability Current
DerivativeFairValueOfDerivativeLiabilityCurrent
|
162000 | |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2676000 | |
| us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
375000 | ||
| CY2021Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-629000 | |
| CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-9796000 | |
| CY2020Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
47131000 | |
| CY2020Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
174240000 | |
| CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17736000 | |
| CY2021Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
21000 | |
| CY2020Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
19000 | |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
27282000 | |
| CY2021Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
182857000 | |
| CY2021Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
39149000 | |
| CY2021Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-9167000 | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-17256000 | ||
| us-gaap |
Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
|
34000 | ||
| CY2020Q4 | us-gaap |
Long Term Loans Payable
LongTermLoansPayable
|
13954000 | |
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
12087000 | ||
| CY2021Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2669000 | |
| CY2020Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2492000 | |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5169000 | ||
| CY2021Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
9167000 | |
| CY2020Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
7413000 | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
17256000 | ||
| CY2020Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-7413000 | |
| CY2021Q2 | us-gaap |
Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
|
40000 | |
| CY2021Q2 | us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
375000 | |
| CY2021Q2 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
2000 | |
| CY2020Q2 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
14000 | |
| us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
5000 | ||
| CY2021Q2 | us-gaap |
Interest Expense
InterestExpense
|
296000 | |
| us-gaap |
Interest Expense
InterestExpense
|
590000 | ||
| CY2020Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
14000 | |
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-926000 | ||
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
171000 | ||
| CY2020Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-7399000 | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-18182000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-15881000 | ||
| CY2020Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-15000 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-17000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-24000 | ||
| CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7384000 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-18165000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-15857000 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.89 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
17835261 | ||
| CY2021Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-165142000 | |
| CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
40037000 | |
| CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17736000 | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1463000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
592000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1471000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-310000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15476000 | ||
| CY2021Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-2000 | |
| CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9794000 | |
| CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23685000 | |
| CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
745000 | |
| CY2021Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
2708000 | |
| CY2021Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
17000 | |
| CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9794000 | |
| CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17736000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
|
P1Y8M12D | |
| CY2021Q2 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
1436000 | |
| CY2020Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
562000 | |
| CY2021Q2 | trvi |
Prepaid Other And Other Current Assets
PrepaidOtherAndOtherCurrentAssets
|
432000 | |
| CY2020Q4 | trvi |
Prepaid Other And Other Current Assets
PrepaidOtherAndOtherCurrentAssets
|
373000 | |
| CY2021Q2 | trvi |
Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
|
187000 | |
| CY2020Q4 | trvi |
Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
|
333000 | |
| CY2021Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
2055000 | |
| CY2020Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1268000 | |
| CY2021Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.130 | |
| trvi |
Number Of New Leases
NumberOfNewLeases
|
0 | ||
| CY2020Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
227000 | |
| CY2021Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
111000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
113000 | |
| CY2021Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
91000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
144000 | |
| CY2021Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
202000 | |
| CY2020Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
954000 | |
| CY2021Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
149000 | |
| CY2021Q2 | trvi |
Accrued Research And Development Liabilities
AccruedResearchAndDevelopmentLiabilities
|
1370000 | |
| CY2020Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
3000 | |
| CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7384000 | |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
27282000 | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1463000 | ||
| us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
6764000 | ||
| us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
17000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-18165000 | ||
| CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
54545000 | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1319000 | ||
| us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
27000 | ||
| us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
3000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-15857000 | ||
| CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
40037000 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-18165000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-15857000 | ||
| us-gaap |
Depreciation
Depreciation
|
25000 | ||
| us-gaap |
Depreciation
Depreciation
|
21000 | ||
| trvi |
Changes In Fair Value Of Term Loan Derivative Liability
ChangesInFairValueOfTermLoanDerivativeLiability
|
-34000 | ||
| us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
291000 | ||
| trvi |
Expense Related To Other Transactions
ExpenseRelatedToOtherTransactions
|
375000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1319000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-76000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1561000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-229000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-13109000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
12000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-12000 | ||
| trvi |
Proceeds From At Market Sales Net Of Commissions
ProceedsFromAtMarketSalesNetOfCommissions
|
6972000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
27000 | ||
| us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
17000 | ||
| us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
3000 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
89000 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
42000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
6900000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-12000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-8576000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-13133000 | ||
| CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
45001000 | |
| CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
57313000 | |
| CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
36425000 | |
| CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
44180000 | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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;"><span style="font-weight:normal;"/>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. (“Trevi” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (nalbuphine ER) to treat serious neurologically mediated conditions. The Company is currently developing Haduvio for the treatment of chronic pruritus associated with prurigo nodularis and chronic cough in patients with idiopathic pulmonary fibrosis (“IPF”). The Company is also developing Haduvio in levodopa-induced dyskinesia (“LID”) in patients with Parkinson’s disease. These conditions share a common pathophysiology that is mediated through opioid receptors in the central and peripheral nervous systems. Due to nalbuphine’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:6pt;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 κ-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 (“U.S.”) and Europe. The κ- 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, the μ-opioid receptor. Parenteral nalbuphine is not classified as a controlled substance in the U.S. and most of Europe. <span style="color:#000000;"> </span></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-top:6pt;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;">In accordance with Accounting Standards Update (“ASU”) No. 2014-15, <span style="font-style:italic;">Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) </span>(“ASU No. 2014-15”), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued.</p> <p style="margin-top:6pt;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 Company’s Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has financed its operations primarily through private placements of convertible preferred stock and convertible notes prior to its initial public offering (“IPO”), borrowings under its prior term loan facility, proceeds from its IPO and concurrent private placement completed in May 2019, sales of its common stock pursuant to the at-the-market Sales Agreement (the “ATM Sales Agreement”) (Note 7) with SVB Leerink LLC that the Company entered into in June 2020 and the term loan facility with Silicon Valley Bank (“SVB”) that the Company entered into in August 2020. The Company has incurred recurring losses since inception, including net losses of $18.2 million for the six months ended June 30, 2021 and $32.8 million for the year ended December 31, 2020. As of June 30, 2021, the Company had cash and cash equivalents of $36.4 million compared to $45.0 million of cash and cash equivalents as of December 31, 2020. The Company has incurred losses and negative cash flows from operations and had an accumulated deficit of $165.1 million as of June 30, 2021. The Company expects to continue to generate losses for the foreseeable future.</p> <p style="margin-top:6pt;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;">As of August 12, 2021, the date of issuance of these Condensed Consolidated Financial Statements, the Company expects that its cash and cash equivalents as of June 30, 2021 will not be sufficient to fund its current business plan including related operating expenses and capital expenditure requirements through at least 12 months from the date of issuance of these Condensed Consolidated Financial Statements. The Company plans to seek to address this condition by raising additional capital to finance its operations. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing. Therefore, it is not considered probable, as defined in ASU No. 2014-15, that the Company’s plans to raise additional capital will alleviate the substantial doubt regarding its ability to continue as a going concern.</p> <p style="margin-top:6pt;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;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To execute its business plans, the Company will need substantial funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of common stock in public offerings and/or private placements, debt financings</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing when needed</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> on acceptable terms</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">abandon its product development </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or commercialization efforts, which could adversely affect its business prospects.</span></p> | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-18200000 | ||
| CY2020 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-32800000 | |
| CY2021Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
36400000 | |
| CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
45000000.0 | |
| CY2021Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-165100000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
225000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
23000 | |
| CY2021Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
202000 | |
| CY2021Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
35000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
131000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
24000 | |
| CY2020Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
35000 | |
| us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
69000 | ||
| us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
80000 | ||
| CY2020Q4 | trvi |
Accrued Research And Development Liabilities
AccruedResearchAndDevelopmentLiabilities
|
1754000 | |
| CY2021Q2 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
1037000 | |
| CY2021Q2 | trvi |
Accrued Consulting And Professional Fees
AccruedConsultingAndProfessionalFees
|
760000 | |
| CY2020Q4 | trvi |
Accrued Consulting And Professional Fees
AccruedConsultingAndProfessionalFees
|
560000 | |
| CY2020Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
158000 | |
| CY2021Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3316000 | |
| CY2020Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3426000 | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="margin-bottom:0pt;margin-top:12pt;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 (“R&D”) expenses, the valuation of stock-based awards and the valuation allowance of deferred tax assets resulting from net operating losses. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. 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. The inputs into the Company’s estimates also considered the economic implications of COVID-19 on the Company’s estimates.</p> | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-15857000 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
17835261 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.89 | ||
| us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
0 | ||
| CY2021Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
181000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
257000 | |
| CY2021Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
70000 | |
| CY2021Q2 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
4564406 | |
| CY2020Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
3646200 | |
| CY2020Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2171477 | |
| CY2020Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.62 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1363875 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
3.02 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
331824 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.57 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
1151 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
10.00 | ||
| CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3202377 | |
| CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.62 | |
| CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1393630 | |
| CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
5.12 | |
| CY2021Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
1808747 | |
| CY2021Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
4.24 | |
| CY2020Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
17835952 | |
| CY2021Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
745000 | |
| CY2020Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
589000 | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1463000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1319000 | ||
| CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9794000 | |
| CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7384000 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-18165000 | ||
| CY2021Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
20123461 | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
19772201 | ||
| CY2021Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.49 | |
| CY2020Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.41 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.92 |
