Trevi Therapeutics Inc. (NASDAQ: TRVI) announced it has commenced an underwritten public offering of $150 million in common stock shares. The clinical-stage biopharmaceutical company said all shares in the offering are being sold by Trevi.

The company also expects to grant underwriters a 30-day option to purchase up to an additional $22.5 million of shares at the public offering price, less underwriting discounts and commissions.

Morgan Stanley, Leerink Partners, Cantor, and Stifel are serving as joint book-running managers for the offering, while Oppenheimer & Co. is acting as lead manager. The offering remains subject to market and other conditions, with no assurance regarding completion, timing, or final terms.

Trevi is developing Haduvio, an investigational oral nalbuphine extended-release therapy for treating chronic cough in patients with idiopathic pulmonary fibrosis, non-IPF interstitial lung disease, and refractory chronic cough.

The shares are being offered through a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on November 13, 2025, which became effective automatically upon filing. A preliminary prospectus supplement describing the offering terms is expected to be filed with the SEC.

The information is based on a company press release statement.