CHESTERBROOK, PA — Biopharmaceutical company Trevena, Inc. (NASDAQ: TRVN) has reported its Q3 2023 financial results, shedding light on a net loss attributable to common stockholders of $7.9 million, or $0.57 per share. This figure shows a significant improvement compared to the previous year’s third quarter, which saw a loss of $15.3 million, or $2.24 per share.
Notably, the company’s cash and cash equivalents stood at $35.0 million as of September 30, 2023. The company is confident that these funds will adequately cover operating expenses and capital expenditure requirements into Q3 2024.
In addition to its financial achievements, Trevena provided an overview of its recent operational highlights, particularly focusing on the development of TRV045 and the progress of OLINVYK.
TRV045, a novel S1P modulator selective for the S1P receptor subtype 1, has shown encouraging overall results in two Phase 1 proof-of-concept studies. These studies demonstrated CNS penetration and target engagement, as well as plasma exposures in the anticipated active dose range, suggesting the therapeutic potential of TRV045. In a validated capsaicin-induced neuropathic pain model, TRV045 displayed a statistically significant, dose-dependent treatment effect.
Moreover, TRV045 exhibited a favorable safety and tolerability profile, with no drug-related adverse events, serious adverse events, or study drug-related discontinuations reported. The company expects to announce the next steps in clinical development in the near future.
On another front, the company announced the completion of the initial analysis of respiratory data from the 200 patient VOLITION study, conducted at Cleveland Clinic and Wake Forest Baptist Health. The results were recently presented at the ASA meeting.
Additionally, Trevena has received a $15 million tranche under its non-dilutive ex-US royalty-based financing (the R-Bridge Financing). This funding was triggered by the first commercial sale of OLINVYK in China by Jiangsu Nhwa, Trevena’s licensee in China. OLINVYK has been approved in China for use in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate.
Overall, Trevena’s Q3 2023 report reflects substantial progress in its financial standing and product development, driving optimism among investors about the company’s future trajectory.
Additional details can be found on the official Trevena website.
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