Trevi Therapeutics is on the cusp of launching two pivotal Phase 3 clinical trials in 2026 for Haduvio, targeting chronic cough associated with idiopathic pulmonary fibrosis (IPF). The company recently secured capital through a public offering, bolstering its financial footing to support these late-stage development programs potentially through regulatory approval. Trevi’s business model centers on developing treatments for high-unmet-need chronic cough indications using its proprietary nalbuphine extended-release formulation. While progression into Phase 3 trials marks a critical growth catalyst, significant binary clinical and regulatory risks remain. Monitoring trial initiations, interim data releases, and milestone achievements will be essential to assess execution trajectory.