Trevi Therapeutics Inc. (NASDAQ: TRVI) announced the pricing of an underwritten public offering of 11.6 million shares of common stock at $13.00 per share, according to a company statement.

The clinical-stage biopharmaceutical company expects to raise approximately $150 million in gross proceeds before deducting underwriting discounts, commissions and other expenses. The company has granted underwriters a 30-day option to purchase up to 1.74 million additional shares at the same price.

The offering is expected to close on or about April 20, 2026, subject to customary closing conditions. Morgan Stanley, Leerink Partners, Cantor and Stifel are serving as joint book-running managers, while Oppenheimer & Co. is acting as lead manager.

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 under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on November 13, 2025, which became effective upon filing. The company filed a preliminary prospectus supplement with the SEC describing the offering terms.