Trevi Therapeutics, Inc. (TRVI) Balance Sheet
TRVI balance sheet, 2025
December 31, 2025 · U.S. dollars$193.4M assets = $10.2M liabilities + $183.2M equity
Both columns are drawn to the same scale: what TRVI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRVI financial health
Descriptive bands, not a rating. Fiscal 2025.
TRVI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.4M2016 | $193.4M2025 | +41.7%/yr | |
| Total liabilities | $25.8M2016 | $10.2M2025 | −9.8%/yr | |
| Shareholders’ equity | −$17.4M2016 | $183.2M2025 | — | |
| Cash & short-term investments | $8.3M2016 | $188.3M2025 | +41.5%/yr | |
| Total debt | $22.1M2016 | $753,0002025 | −31.3%/yr | |
| Net cash (debt) | −$13.8M2016 | $187.5M2025 | +$201.3M | |
| Working capital | −$12.0M2016 | $181.9M2025 | +$193.9M | |
| Book value per share | $1.662022 | $1.262025 | −8.8%/yr | |
| Debt / equity | 0.362017 | 0.002025 | −0.35 | |
| Shares outstanding | 64.5M2022 | 145.1M2025 | +31.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRVI assets
TRVI liabilities and equity
TRVI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRVI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $188.3M | $107.6M | $83.0M | $120.5M | $36.8M | $45.0M | $57.3M | $17.2M | $22.0M | $8.3M |
| Cash & equivalents | $18.9M | $34.1M | $32.4M | $12.6M | $36.8M | $45.0M | $57.3M | $17.2M | $22.0M | $8.3M |
| Short-term investments | $169.3M | $73.5M | $50.6M | $107.9M | $0 | — | — | $0 | $0 | $0 |
| Receivables | $986,000 | $532,000 | $0 | $0 | $241,000 | $265,000 | $558,000 | $184,000 | $61,000 | $19,000 |
| Inventory | $0 | $0 | $0 | $0 | −$241,000 | $895,000 | $1.6M | $1.4M | $63,000 | $0 |
| Other current assets | $2.4M | $1.3M | $4.6M | $2.1M | $1.1M | $108,000 | $77,000 | $42,000 | $18,000 | $87,000 |
| Total current assets | $191.7M | $109.4M | $87.5M | $122.6M | $38.0M | $46.3M | $59.6M | $18.8M | $22.2M | $8.4M |
| Property, plant & equipment (net) | $855,000 | $1.2M | $1.6M | $194,000 | $184,000 | $330,000 | $430,000 | $149,000 | $14,000 | $5,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $928,000 | $243,000 | $297,000 | $205,000 | $334,000 | $532,000 | $19,000 | $1.6M | $52,000 | $12,000 |
| Total assets | $193.4M | $110.9M | $89.4M | $123.0M | $38.5M | $47.1M | $60.0M | $20.5M | $22.2M | $8.4M |
| Liabilities | ||||||||||
| Accounts payable | $3.9M | $3.4M | $1.8M | $2.9M | $2.8M | $2.0M | $1.6M | $603,000 | $537,000 | $445,000 |
| Short-term debt | $307,000 | $285,000 | $306,000 | $7.0M | $6.0M | $113,000 | $99,000 | $0 | $5.3M | $17.0M |
| Deferred revenue | — | — | — | — | $3.8M | — | — | — | — | — |
| Total current liabilities | $9.7M | $10.5M | $5.8M | $13.4M | $12.7M | $5.6M | $5.2M | $2.7M | $7.1M | $20.4M |
| Long-term debt | $0 | $0 | $0 | $2.2M | $8.7M | $14.2M | $0 | $1.1M | $0 | $5.1M |
| Lease obligations | $753,000 | $1.0M | $1.3M | $27,000 | $144,000 | $257,000 | $356,000 | — | — | — |
| Other long-term liabilities | $446,000 | $747,000 | $1.0M | $5,000 | $24,000 | $144,000 | $257,000 | $0 | $325,000 | $298,000 |
| Total liabilities | $10.2M | $11.3M | $6.9M | $15.6M | $21.4M | $19.8M | $5.5M | $3.2M | $7.5M | $25.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $128,000 | $94,000 | $68,000 | $60,000 | $29,000 | $19,000 | $18,000 | $101,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | −$329.8M | −$287.0M | −$239.1M | −$210.1M | −$180.9M | −$147.0M | −$114.2M | −$109.5M | −$84.4M | −$72.2M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | $148,000 | $61,000 | −$29,000 | −$122,000 | — | — | −$60.0M | −$46,000 | −$23,000 | $0 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $183.2M | $99.6M | $82.5M | $107.5M | $17.1M | $27.3M | $54.5M | $17.3M | $14.8M | −$17.4M |
| Key figures | ||||||||||
| Total debt | $753,000 | $1.0M | $1.3M | $9.2M | $14.6M | $14.3M | $356,000 | $1.1M | $5.3M | $22.1M |
| Net cash (debt) | $187.5M | $106.6M | $81.6M | $111.3M | $22.2M | $30.7M | $57.0M | $16.1M | $16.7M | −$13.8M |
| Working capital | $181.9M | $98.9M | $81.7M | $109.2M | $25.2M | $40.7M | $54.4M | $16.1M | $15.0M | −$12.0M |
| Tangible book value | $183.2M | $99.6M | $82.5M | $107.5M | $17.1M | $27.3M | $54.5M | $17.3M | $14.8M | −$17.4M |
| Book value per share | $1.26 | $0.99 | $0.83 | $1.66 | — | — | — | — | — | — |
| Shares outstanding | 145.1M | 101.0M | 99.0M | 64.5M | — | — | — | — | — | — |
| Current ratio | 19.66 | 10.41 | 15.03 | 9.15 | 2.98 | 8.33 | 11.45 | 7.02 | 3.11 | 0.41 |
| Quick ratio | 19.41 | 10.29 | 14.25 | 8.99 | 2.91 | 8.15 | 11.13 | 6.48 | 3.10 | 0.41 |
| Debt / equity | 0.00 | 0.01 | 0.02 | 0.09 | 0.86 | 0.52 | 0.01 | 0.06 | 0.36 | — |
| Equity / assets | 94.7% | 89.9% | 92.3% | 87.4% | 44.4% | 57.9% | 90.9% | 84.5% | 66.5% | −207.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $318.9M | $171.8M | $188.3M | $194.9M | $203.9M | $103.3M | $107.6M | $65.5M | $69.5M | $72.8M | $83.0M | $88.9M |
| Cash & equivalents | $54.3M | $19.4M | $18.9M | $56.9M | $117.1M | $19.4M | $34.1M | $16.1M | $13.0M | $13.8M | $32.4M | $26.0M |
| Short-term investments | $264.6M | $152.4M | $169.3M | $138.1M | $86.8M | $83.9M | $73.5M | $49.4M | $56.5M | $59.0M | $50.6M | $62.9M |
| Receivables | $1.6M | $0 | $986,000 | $0 | $0 | $0 | $532,000 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $5.2M | $4.3M | $2.4M | $3.4M | $3.3M | $2.4M | $1.3M | $1.8M | $2.6M | $3.9M | $4.6M | $5.1M |
| Total current assets | $325.7M | $176.1M | $191.7M | $198.3M | $207.2M | $105.6M | $109.4M | $67.3M | $72.1M | $76.8M | $87.5M | $94.0M |
| Property, plant & equipment (net) | $878,000 | $875,000 | $855,000 | $954,000 | $1.0M | $1.1M | $1.2M | $1.3M | $1.4M | $1.5M | $1.6M | $1.6M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.9M | $2.6M | $928,000 | $103,000 | $68,000 | $241,000 | $243,000 | $256,000 | $273,000 | $311,000 | $297,000 | $297,000 |
| Total assets | $330.5M | $179.6M | $193.4M | $199.4M | $208.3M | $107.0M | $110.9M | $68.9M | $73.8M | $78.6M | $89.4M | $95.9M |
| Liabilities | ||||||||||||
| Accounts payable | $3.1M | $2.2M | $3.9M | $2.7M | $3.0M | $1.4M | $3.4M | $1.6M | $1.5M | $2.1M | $1.8M | $1.3M |
| Short-term debt | $329,000 | $318,000 | $307,000 | $296,000 | $286,000 | $276,000 | $285,000 | $297,000 | $309,000 | $322,000 | $306,000 | $292,000 |
| Total current liabilities | $8.7M | $7.1M | $9.7M | $9.0M | $9.2M | $6.9M | $10.5M | $9.1M | $6.8M | $5.3M | $5.8M | $5.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $605,000 | $682,000 | $753,000 | $823,000 | $891,000 | $957,000 | $1.0M | $1.1M | $1.2M | $1.3M | $1.3M | $1.4M |
| Other long-term liabilities | $276,000 | $364,000 | $446,000 | $527,000 | $605,000 | $681,000 | $747,000 | $816,000 | $884,000 | $949,000 | $1.0M | $1.1M |
| Total liabilities | $9.0M | $7.5M | $10.2M | $9.6M | $9.8M | $7.5M | $11.3M | $9.9M | $7.6M | $6.2M | $6.9M | $6.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $142,000 | $128,000 | $128,000 | $128,000 | $122,000 | $100,000 | $94,000 | $75,000 | $73,000 | $69,000 | $68,000 | $64,000 |
| Retained earnings (deficit) | −$360.8M | −$343.0M | −$329.8M | −$321.5M | −$309.7M | −$297.4M | −$287.0M | −$275.6M | −$262.4M | −$250.0M | −$239.1M | −$231.3M |
| Accumulated other comprehensive income | −$425,000 | −$190,000 | $148,000 | $30,000 | $24,000 | $73,000 | $61,000 | $139,000 | −$84,000 | −$67,000 | −$29,000 | −$217,000 |
| Total shareholders' equity | $321.5M | $172.1M | $183.2M | $189.8M | $198.5M | $99.5M | $99.6M | $59.0M | $66.2M | $72.3M | $82.5M | $89.6M |
| Key figures | ||||||||||||
| Total debt | $605,000 | $682,000 | $753,000 | $823,000 | $891,000 | $957,000 | $1.0M | $1.1M | $1.2M | $1.3M | $1.3M | $1.4M |
| Net cash (debt) | $318.3M | $171.1M | $187.5M | $194.1M | $203.0M | $102.3M | $106.6M | $64.4M | $68.3M | $71.5M | $81.6M | $87.5M |
| Working capital | $317.0M | $169.0M | $181.9M | $189.3M | $198.0M | $98.8M | $98.9M | $58.2M | $65.4M | $71.5M | $81.7M | $88.8M |
| Tangible book value | $321.5M | $172.1M | $183.2M | $189.8M | $198.5M | $99.5M | $99.6M | $59.0M | $66.2M | $72.3M | $82.5M | $89.6M |
| Book value per share | $2.05 | $1.18 | $1.26 | $1.31 | $1.52 | $0.85 | $0.94 | $0.58 | $0.65 | $0.73 | $0.83 | $0.90 |
| Shares outstanding | 156.6M | 145.6M | 145.5M | 145.1M | 130.4M | 117.6M | 106.0M | 101.0M | 101.0M | 99.5M | 99.5M | 99.3M |
| Current ratio | 37.28 | 24.75 | 19.66 | 21.93 | 22.42 | 15.38 | 10.41 | 7.38 | 10.68 | 14.55 | 15.03 | 18.16 |
| Quick ratio | 36.68 | 24.14 | 19.41 | 21.56 | 22.06 | 15.04 | 10.29 | 7.18 | 10.29 | 13.80 | 14.25 | 17.18 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Equity / assets | 97.3% | 95.8% | 94.7% | 95.2% | 95.3% | 92.9% | 89.9% | 85.6% | 89.7% | 92.1% | 92.3% | 93.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
TRVI financial position
At the end of fiscal 2025 (December 31, 2025), Trevi Therapeutics had total assets of $193.4 million (up 74.4% from a year earlier), total liabilities of $10.2 million and shareholders' equity of $183.2 million. It held $188.3 million in cash and short-term investments against $0.8 million of debt, a net cash position of $187.5 million. Its current ratio was 19.66. In the latest quarter (ended June 30, 2026) total assets were $330.5 million and equity $321.5 million.
Related: TRVI income statement, TRVI cash flow statement, TRVI key metrics. See the TRVI stock overview for the latest quote and news.
TRVI balance sheet FAQ
What are Trevi Therapeutics's total assets?
Trevi Therapeutics reported total assets of $193.4 million at the end of fiscal 2025 (December 31, 2025), compared with $110.9 million a year earlier.
How much debt does Trevi Therapeutics have?
Trevi Therapeutics had $0.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Trevi Therapeutics have?
Trevi Therapeutics held $188.3 million in cash and short-term investments at the end of fiscal 2025; with $0.8 million of debt that is net cash of $187.5 million.
What is Trevi Therapeutics's book value?
Trevi Therapeutics's shareholders' equity (book value) was $183.2 million at the end of fiscal 2025, or $1.26 per share.
What is Trevi Therapeutics's current ratio?
Trevi Therapeutics had current assets of $191.7 million and current liabilities of $9.7 million, a current ratio of 19.66 (it can cover its short-term obligations).