CHESTERBROOK, PA — Trevena, Inc. (Nasdaq: TRVN) has announced its financial results for the second quarter ended June 30, 2024, along with key operational updates.
CEO Carrie Bourdow emphasized progress in the company’s lead program. “We have continued to advance TRV045 in the second quarter,” she said. “We believe the most recent data further supports TRV045’s therapeutic potential and differentiated MOA and its potential to address the need for novel, non-opioid therapies for treating neuropathic pain and epilepsy.”
Key Highlights
- TRV045 Preclinical Data: TRV045 showed potential for sustained, long-term pain relief in a preclinical model of neuropathic pain without evidence of receptor desensitization. It also demonstrated a significant, dose-dependent increase in seizure threshold and provided seizure protection in validated preclinical models.
- $12 Million Financing: The company completed a $12 million financing package, which includes a non-dilutive $2 million tranche and a $10 million reduction in outstanding liabilities. The company is eligible for an additional $8 million in milestones related to OLINVYK’s U.S. partnering and commercial efforts.
- OLINVYK Strategic Review: Trevena is reviewing strategic alternatives for OLINVYK, including potential sale, license, divestiture, or discontinuation of U.S. commercial sales. There is no assurance of the timing or outcome of this review.
Financial Results
For Q2 2024, Trevena reported a net loss of $4.9 million, or $0.23 per share, compared to a net loss of $8.0 million, or $0.69 per share, in Q2 2023. Cash and cash equivalents were $16.4 million as of June 30, 2024, excluding the $2 million received from R-Bridge in July 2024.
Buy, Sell, or Hold?
Trevena’s advancements with TRV045 are promising, particularly in addressing neuropathic pain and epilepsy without opioids. However, the company’s financial status and ongoing strategic review of OLINVYK suggest a Hold rating. Investors should keep an eye on upcoming milestones and strategic decisions.
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