Trevi Therapeutics announced an underwritten public offering of $150 million common stock, with a 30‑day option for an extra $22.5 million.
Shares dropped about 10% in after‑hours trading following the offering announcement.
The company is developing Haduvio (oral nalbuphine ER) for chronic cough in IPF and other interstitial lung diseases.
Morgan Stanley, Leerink Partners, Cantor, Stifel act as joint book‑runners; Oppenheimer & Co. serves as lead manager.