• Trevi Therapeutics recently reported that its oral extended-release nalbuphine candidate, Haduvio, produced a significant reduction in cough frequency in refractory chronic cough and idiopathic pulmonary fibrosis trials, and the company now plans to start a Phase 2b trial for non-IPF interstitial lung disease-related chronic cough in the second half of 2026.
• This progress highlights how a single late-stage asset is being positioned across several chronic cough populations where existing treatment options remain limited.
• We’ll now explore how these encouraging Haduvio cough data, and the planned non-IPF ILD Phase 2b trial, influence Trevi’s investment narrative.

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Trevi Therapeutics Investment Narrative Recap

To own Trevi Therapeutics, you have to believe that Haduvio can successfully move through late stage trials and become a meaningful treatment option across several chronic cough indications. The recent data in refractory chronic cough and IPF supports that thesis and strengthens the key near term catalyst, which is advancing the IPF related chronic cough Phase 3 program. At the same time, the biggest risk remains that any setback in these pivotal studies could quickly undermine Trevi’s single asset story.

Among Trevi’s recent updates, the March 2026 End of Phase 2 meeting with the FDA is especially relevant. It laid out a path for two global Phase 3 trials in IPF related chronic cough using 54 mg twice daily Haduvio and confirmed the primary cough frequency endpoint. When you place the new cough data and the planned non IPF ILD Phase 2b trial alongside this Phase 3 blueprint, you get a clearer sense of how near term clinical readouts could reshape expectations.

Yet this encouraging progress still sits alongside the possibility of future capital raises that investors should be aware of if...

Trevi Therapeutics' narrative projects $12.8 million revenue and $2.7 million earnings by 2029. This implies an earnings increase of about $48 million from -$45.6 million today.

Uncover how Trevi Therapeutics' forecasts yield a $24.90 fair value, a 31% upside to its current price.

Exploring Other Perspectives

Before this latest cough data, the most optimistic analysts were already modeling about US$335.0 million of revenue and US$201.3 million of earnings by 2029, so when you compare that bullish setup with the risk of higher trial costs and potential dilution, it shows how differently you and other shareholders might interpret the same Haduvio results and why fresh news like this could shift those narratives in very different directions.

Explore 3 other fair value estimates on Trevi Therapeutics - why the stock might be worth as much as 84% more than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Trevi Therapeutics research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
• Our free Trevi Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Trevi Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.