Trevi Therapeutics raised $173 million in a public offering to move its lead chronic cough candidate, Haduvio, into Phase III. The company priced the sale at $13.00 per share and said the proceeds extend its cash runway through 2029. Haduvio targets opioid receptors involved in cough reflex signaling and previously showed statistically significant reductions in cough frequency in Phase II trials for idiopathic pulmonary fibrosis-related cough and refractory chronic cough. Trevi said it reached overall alignment with the FDA on its IPF development plan after an end-of-Phase II meeting. The company plans two Phase III trials starting in the second quarter of 2026, expanding beyond IPF-related cough to refractory chronic cough in interstitial lung disease populations.