CHESTERBROOK, PA — Trevena, Inc. (Nasdaq: TRVN) released its financial results for the third quarter ending September 30, 2024, revealing significant corporate changes as the company navigates ongoing financial challenges. The company reported a net loss of $4.9 million, or $5.79 per share, compared to a $7.9 million loss, or $14.20 per share, in the same quarter last year. Cash reserves stood at $13.5 million.
A prominent development this quarter was the receipt of a $2 million non-dilutive financing tranche from R-Bridge Healthcare Fund. This financing is part of an amended royalty agreement that also includes potential additional funding of up to $8 million. As part of the amendment, Trevena transferred certain intellectual property rights of OLINVYK in China to R-Bridge, adjusted warrant terms, and increased the US royalty cap from $10 million to $12 million.
In August, Trevena executed a 1-for-25 reverse stock split to consolidate its shares, which did not impact the par value of its stock. However, the company faced delisting from Nasdaq on October 8 due to non-compliance with the minimum stockholder equity requirement. Consequently, Trevena’s shares are now traded on the OTC Pink Sheets under the symbol “TRVN.”
Trevena also implemented cost-cutting measures, including the termination of three senior executives—Carrie Bourdow, Mark Demitrack, and Barry Shin. These executives continue in their roles on a consulting basis, and Bourdow remains as Chairman of the Board and Acting CEO. The company now operates with a streamlined team of four employees.
Further cost-saving strategies led to the resignation of four board members on November 5. These changes are part of Trevena’s broader strategic review, which includes exploring options for its product lines and potential transactions such as sales, licenses, or mergers.
As Trevena continues its strategic review, the company seeks to stabilize its financial standing and explore opportunities to leverage its current assets, including OLINVYK and TRV045. However, there is no certainty about the outcomes of these strategic evaluations.
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