Trevena Regains Compliance with Nasdaq Listing, Reaffirms Expected Near-Term Milestones


CHESTERBROOK, PA — Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company, this week announced that it has received notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (Nasdaq) informing Trevena that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Company maintained a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days and, as a result of regaining compliance, its common stock will continue to be listed on the Nasdaq Capital Market.

The Company also reaffirmed the expected timing of its many near-term milestones:

  • TRV045 Target Engagement Study. Topline data from the clinical proof-of-concept study, expected 3Q 2023
  • TRV045 Transcranial Magnetic Stimulation (TMS) Study. Topline data from the clinical proof-of-concept study, expected 3Q 2023
  • OLINVYK New Respiratory Data and Additional Health Utilization and Cost Analyses. Data and analyses from ~200 patient real-world clinical outcomes study, expected mid-2023
  • $3M Nhwa Milestone. Receipt of $3 million milestone payment for OLINVYK regulatory approval in China from Jiangsu Nhwa Pharmaceuticals (Nhwa), expected 2Q 2023
  • $15M R-Bridge Tranche. $15 million non-dilutive financing tranche from R-Bridge upon first commercial sale of OLINVYK in China, which Nhwa expects 3Q 2023

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