$TRVI
Trevi Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021056183 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.229M $2.420M
YoY Change -7.89% 21.0%
% of Gross Profit
Research & Development $4.718M $4.828M
YoY Change -2.28% -14.55%
% of Gross Profit
Depreciation & Amortization $13.00K $10.00K
YoY Change 30.0% 0.0%
% of Gross Profit
Operating Expenses $6.947M $7.244M
YoY Change -4.1% -5.31%
Operating Profit -$6.947M -$7.244M
YoY Change -4.1% -5.31%
Interest Expense $303.0K $148.0K
YoY Change 104.73% -47.14%
% of Operating Profit
Other Income/Expense, Net $0.00 -$145.0K
YoY Change -100.0% -151.79%
Pretax Income -$7.253M -$7.389M
YoY Change -1.84% 0.26%
Income Tax $2.000K -$11.00K
% Of Pretax Income
Net Earnings -$7.255M -$7.378M
YoY Change -1.67% 0.18%
Net Earnings / Revenue
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$335.8K -$407.1K
COMMON SHARES
Basic Shares Outstanding 21.61M
Diluted Shares Outstanding 21.61M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.32M $53.29M
YoY Change -44.98% -16.11%
Cash & Equivalents $29.30M $53.29M
Short-Term Investments
Other Short-Term Assets $1.389M $1.860M
YoY Change -25.32% 1.64%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.71M $55.21M
YoY Change -44.38% -15.76%
LONG-TERM ASSETS
Property, Plant & Equipment $222.0K $360.0K
YoY Change -38.33% -21.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $667.0K $310.0K
YoY Change 115.16% 1450.0%
Total Long-Term Assets $889.0K $670.0K
YoY Change 32.69% 39.58%
TOTAL ASSETS
Total Short-Term Assets $30.71M $55.21M
Total Long-Term Assets $889.0K $670.0K
Total Assets $31.60M $55.88M
YoY Change -43.46% -15.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.233M $1.260M
YoY Change 77.22% 157.14%
Accrued Expenses $3.360M $4.710M
YoY Change -28.66% 9.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.250M
YoY Change
Total Short-Term Liabilities $9.913M $6.100M
YoY Change 62.51% 21.27%
LONG-TERM LIABILITIES
Long-Term Debt $10.25M $13.99M
YoY Change -26.77%
Other Long-Term Liabilities $58.00K $170.0K
YoY Change -65.88% -39.29%
Total Long-Term Liabilities $10.30M $14.16M
YoY Change -27.24% 4957.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.913M $6.100M
Total Long-Term Liabilities $10.30M $14.16M
Total Liabilities $20.22M $20.26M
YoY Change -0.22% 281.54%
SHAREHOLDERS EQUITY
Retained Earnings -$172.4M -$137.5M
YoY Change 25.42%
Common Stock $18.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.38M $35.62M
YoY Change
Total Liabilities & Shareholders Equity $31.60M $55.88M
YoY Change -43.46% -15.36%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$7.255M -$7.378M
YoY Change -1.67% 0.18%
Depreciation, Depletion And Amortization $13.00K $10.00K
YoY Change 30.0% 0.0%
Cash From Operating Activities -$7.241M -$6.970M
YoY Change 3.89% -9.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$20.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$20.00K
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 134.0K 16.09M
YoY Change -99.17% -11592.86%
NET CHANGE
Cash From Operating Activities -7.241M -6.970M
Cash From Investing Activities 0.000 -20.00K
Cash From Financing Activities 134.0K 16.09M
Net Change In Cash -7.107M 9.100M
YoY Change -178.1% -215.63%
FREE CASH FLOW
Cash From Operating Activities -$7.241M -$6.970M
Capital Expenditures $0.00 -$20.00K
Free Cash Flow -$7.241M -$6.950M
YoY Change 4.19% -10.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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InterestExpense
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us-gaap Interest Expense
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us-gaap Nonoperating Income Expense
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2021Q2 us-gaap Stockholders Equity
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
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CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2020Q3 us-gaap Stock Issued During Period Value New Issues
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CY2020Q3 us-gaap Net Income Loss
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CY2020Q3 us-gaap Stockholders Equity
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Net Income Loss
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CY2020Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depreciation
Depreciation
38000
us-gaap Depreciation
Depreciation
34000
trvi Changes In Fair Value Of Term Loan Derivative Liability
ChangesInFairValueOfTermLoanDerivativeLiability
-29000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
442000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
68000
trvi Expense Related To Other Transactions
ExpenseRelatedToOtherTransactions
375000
us-gaap Share Based Compensation
ShareBasedCompensation
2003000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
122000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
216000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-220000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22717000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
14000000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
68000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
53000
trvi Proceeds From At Market Sales Net Of Commissions
ProceedsFromAtMarketSalesNetOfCommissions
7505000
trvi Proceeds From At Market Sales Net Of Commissions
ProceedsFromAtMarketSalesNetOfCommissions
2442000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
17000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
3000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
420000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
343000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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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 $25.4 million for the nine months ended September 30, 2021 and $32.8 million for the year ended December 31, 2020. As of September 30, 2021, the Company had cash and cash equivalents of $29.3 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 $172.4 million as of September 30, 2021. The Company expects to continue to incur 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 November 10, 2021, the date of issuance of these Condensed Consolidated Financial Statements, the Company believes that its cash and cash equivalents as of September 30, 2021, together with the proceeds from the Company’s October 2021 private placements (Note 12), will not be sufficient to fund its operating expenses and capital expenditure requirements for 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;">To execute its business plans, the Company will need substantial funding to support its continuing operations and pursue its growth strategy. Until such time that the Company can generate significant revenue from product sales, if ever, the Company expects </p> <p style="margin-top:6pt;margin-bottom:0pt;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 finance its operations through the sale of common stock in public offerings and/or private placements, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing when needed on acceptable terms 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, </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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
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CY2020 us-gaap Net Income Loss
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CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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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&amp;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 the COVID-19 pandemic on the Company’s estimates.</p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2020Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.30

Files In Submission

Name View Source Status
0001564590-21-056183-index-headers.html Edgar Link pending
0001564590-21-056183-index.html Edgar Link pending
0001564590-21-056183.txt Edgar Link pending
0001564590-21-056183-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
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