Trevi Therapeutics closed a $173 million public offering to move its chronic cough program, Haduvio, into Phase III. The company sold 13.34 million shares at $13.00 each, with underwriters exercising an over-allotment option to push gross proceeds above the originally announced $150 million target. Haduvio targets opioid receptors involved in modulating the cough reflex. Trevi reported Phase II results showing a statistically significant reduction in cough frequency in idiopathic pulmonary fibrosis-related cough and refractory chronic cough (RCC), and it is now preparing two Phase III trials—one in IPF-related cough and one in RCC—expected to start in the second quarter of 2026. Trevi said it reached overall alignment with the FDA on its IPF development plan following an end-of-Phase II meeting in March. Proceeds are expected to extend its cash runway through 2029.