10-Q 1 trvi-20240930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38886

 

TREVI THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-0834299

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

195 Church Street, 16th Floor

New Haven, Connecticut

06510

(Address of principal executive offices)

(Zip Code)

 

(203) 304-2499

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

TRVI

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 31, 2024, the registrant had 76,865,711 shares of common stock, $0.001 par value per share, outstanding.

 

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenues and profitability, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

The forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about:

our clinical trials, including our Phase 2b CORAL clinical trial of Haduvio for the treatment of chronic cough in idiopathic pulmonary fibrosis, or IPF, our Phase 2a RIVER clinical trial of Haduvio for the treatment of refractory chronic cough, or RCC, and our Phase 1b TIDAL study to evaluate the effect of Haduvio on respiratory physiology in patients with IPF of varying disease severity as well as our human abuse potential, or HAP, study to compare the abuse potential of oral nalbuphine to intravenous, or IV, butorphanol;
our plans to develop and, if approved, subsequently commercialize Haduvio for the treatment of chronic cough in IPF and RCC and for the treatment of prurigo nodularis;
our expectations regarding the timing for the initiation of clinical trials and the reporting of data from such trials;
the timing of and our ability to submit applications for and to obtain and maintain regulatory approvals for Haduvio;
our expectations regarding our ability to fund our operating expenses, including our ongoing and planned clinical trials, with our cash, cash equivalents and marketable securities;
our estimates regarding expenses, future revenue, timing of any future revenue, capital requirements and needs for additional financing;
the impact of government laws and regulations;
our competitive position; and
our ability to establish and maintain collaborations.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, particularly in the section titled “Risk Factors,” that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may differ materially from what we expect. The forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this Quarterly Report on Form 10-Q, and we do not assume any obligation to update any forward-looking statements except as required by applicable law.

This report includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties as well as our own estimates. All of the market data used in this report involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for Haduvio include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions.

We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. We own the trademarks Trevi® and Haduvio™. Other trademarks, service marks and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q are listed without the ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names. We intend to propose Haduvio as the trade name for our oral nalbuphine ER investigational product.

 


 

RISK FACTOR SUMMARY

 

The following is a summary of the principal factors that make an investment in our company speculative or risky. This summary does not address all of the risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we presently deem less significant may also impair our business operations. Additional discussion of the risks summarized in this summary and other risks that we face, can be found in the “Risk Factors” section of this Quarterly Report on Form 10-Q and should be carefully considered, together with other information in this Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission, before making an investment decision regarding our common stock. The forward-looking statements discussed above are qualified by these risk factors. If any of the following risks occur, our business, financial condition, results of operations and future growth prospects could be materially and adversely affected.

We have incurred significant losses since inception and expect to continue to incur significant and increasing losses for the foreseeable future. We may never achieve or maintain profitability.
We will need substantial additional funding. If we are unable to raise sufficient capital when needed on acceptable terms or at all, we could be forced to delay, reduce or abandon our product development programs or commercialization efforts.
We are dependent on the successful development and commercialization of Haduvio, our sole product candidate. If we are unable to complete the clinical development of, obtain marketing approval for or successfully commercialize Haduvio or if we experience significant delays in doing so, our business would be substantially harmed.
Regulatory delays may affect the timing and costs of our planned or ongoing clinical trials and may affect our ability to complete planned or ongoing trials with our existing cash resources.
The outcome of clinical trials may not be predictive of the success of later clinical trials. For instance, Haduvio may fail to show the desired safety and efficacy in clinical development despite demonstrating positive results in earlier clinical trials. The results of our Phase 2 clinical trial of Haduvio for the treatment of chronic cough in IPF, which we refer to as the Phase 2 CANAL trial, may not be predictive of the results of future trials of Haduvio for the treatment of chronic cough in IPF or other chronic cough indications such as RCC.
We have experienced delays and difficulties in the enrollment of patients in our clinical trials in the past, including in our Phase 2 CANAL trial. If we experience delays or difficulties in the enrollment of patients in current or future clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented. Other companies are conducting clinical trials or have announced plans for future clinical trials that are seeking or are likely to seek to enroll patients with chronic cough with IPF, IPF, and RCC, and patients are generally only able to enroll in a single trial at a time. In addition, many patients use various treatments off-label to treat chronic cough associated with IPF and RCC, and these patients and their physicians may be reluctant to forgo, discontinue or otherwise alter their use of such off-label therapeutic approaches to participate in our clinical trials.
Clinical drug development involves a lengthy and expensive process with an uncertain outcome. Even if we complete the necessary preclinical studies and clinical trials, the regulatory approval process is uncertain, which may prevent us from obtaining approvals for the commercialization of Haduvio or any future product candidate.
Adverse events or undesirable side effects caused by, or other unexpected properties of, Haduvio or any future project candidate may be identified during development and could delay or prevent the marketing approval or limit the use of Haduvio or any future product candidate. Haduvio, as a mixed kappa-opioid receptor agonist and mu-opioid receptor antagonist, may be susceptible to side effects associated with drugs having either of those mechanisms of action, including psychiatric side effects, withdrawal effects, respiratory depression and potential cardiac risk, as well as endocrine side effects associated with opioids generally.
The drug label for nalbuphine, the active ingredient in Haduvio, carries an opioid class label warning for serious, life-threatening or fatal respiratory depression and Haduvio, if approved for marketing in any indication, will likely carry a similar opioid class label. We are conducting our Phase 1b TIDAL study to evaluate the effect of Haduvio on respiratory physiology in patients with IPF of varying disease severity. We cannot be certain that respiratory depression will not be observed or that the U.S. Food and Drug Administration, or FDA, will not require additional trials or impose more severe labeling restrictions related to respiratory depression. If there is a safety signal in the Phase 1b study, it could affect our ability to conduct a trial in this patient population.
Many currently approved mu-opioid products are subject to restrictive marketing and distribution regulations which, if applied to Haduvio, could potentially restrict its use and harm our ability to generate profits. We are conducting a HAP study to compare the abuse potential of oral nalbuphine to IV butorphanol. We expect to report topline data from this study in December 2024. If the results of the HAP study suggest that Haduvio may carry risks of misuse, abuse or addiction or even if the study indicates that Haduvio does not carry such risks, the FDA may require us to implement a Risk Evaluation and

 


 

Mitigation Strategy in connection with any commercialization of Haduvio and the U.S. Drug Enforcement Agency could determine that Haduvio should be classified as a controlled substance.
If we are unable to establish sales, marketing and distribution capabilities or enter into sales, marketing and distribution arrangements with third parties, we may not be successful in commercializing Haduvio or any future product candidates if and when they are approved.
We face substantial competition, which may result in others developing or commercializing products before or more successfully than we do.
We contract with third parties to conduct our clinical trials and for the manufacture, storage, packaging and distribution of Haduvio for clinical trials, including a single supplier for the active ingredient in Haduvio. We expect to continue to rely on third parties for these services in connection with our future development and commercialization efforts for Haduvio. If they do not perform satisfactorily, our business could be harmed.
If we fail to comply with our obligations under our existing and any future intellectual property licenses with third parties, including our license with Endo Pharmaceuticals Inc., we could lose license rights that are critical to our business or owe damages to the licensor of such intellectual property.
If we are unable to obtain and maintain sufficient patent protection for Haduvio or any future product candidate and the disease indications for which we are developing or may in the future develop Haduvio or any other product candidate, or if the scope of the patent protection is not sufficiently broad, competitors could develop and commercialize products similar or identical to such product candidate and our ability to successfully commercialize such product candidate may be adversely affected.
The number of shares of common stock underlying our outstanding warrants is significant in relation to our currently outstanding common stock, which could have a negative effect on the market price of our common stock and make it more difficult for us to raise funds through future equity financings.

 

 

 


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Comprehensive Loss

2

Condensed Consolidated Statements of Stockholders’ Equity

3

Condensed Consolidated Statements of Cash Flows

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

28

Item 1A.

Risk Factors

28

Item 5.

Other Information

70

Item 6.

Exhibits

70

Signatures

72

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements.

 

Trevi Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

 


 

 

September 30,
2024

 

 

December 31,
2023

 

Assets

 

Unaudited

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,052

 

 

$

32,397

 

Marketable securities

 

 

49,441

 

 

 

50,574

 

Prepaid expenses

 

 

1,176

 

 

 

3,621

 

Other current assets

 

 

667

 

 

 

955

 

Total current assets

 

 

67,336

 

 

 

87,547

 

Operating lease right-of-use assets

 

 

973

 

 

 

1,137

 

Finance lease right-of-use assets

 

 

169

 

 

 

206

 

Property, equipment and leasehold improvements, net

 

 

174

 

 

 

216

 

Other non-current assets

 

 

256

 

 

 

297

 

Total assets

 

$

68,908

 

 

$

89,403

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,614

 

 

$

1,809

 

Accrued expenses

 

 

7,212

 

 

 

3,709

 

Operating lease liabilities

 

 

235

 

 

 

184

 

Finance lease liabilities

 

 

62

 

 

 

122

 

Total current liabilities

 

 

9,123

 

 

 

5,824

 

Operating lease liabilities

 

 

816

 

 

 

1,001

 

Finance lease liabilities

 

 

 

 

 

31

 

Total liabilities

 

 

9,939

 

 

 

6,856

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock: $0.001 par value; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued or outstanding at September 30, 2024 and December 31, 2023.

 

 

 

 

 

 

Common stock: $0.001 par value; 200,000,000 shares authorized at September 30, 2024 and December 31, 2023; and 75,454,375 and 68,283,699 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.

 

 

75

 

 

 

68

 

Additional paid-in capital

 

 

334,385

 

 

 

321,642

 

Accumulated other comprehensive income (loss)

 

 

139

 

 

 

(29

)

Accumulated deficit

 

 

(275,630

)

 

 

(239,134

)

Total stockholders’ equity

 

 

58,969

 

 

 

82,547

 

Total liabilities and stockholders’ equity

 

$

68,908

 

 

$

89,403

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1


 

Trevi Therapeutics, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

11,224

 

 

$

6,323

 

 

$

30,049

 

 

$

17,165

 

General and administrative

 

 

2,863

 

 

 

2,722

 

 

 

9,232

 

 

 

7,825

 

Total operating expenses

 

 

14,087

 

 

 

9,045

 

 

 

39,281

 

 

 

24,990

 

Loss from operations

 

 

(14,087

)

 

 

(9,045

)

 

 

(39,281

)

 

 

(24,990

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

826

 

 

 

1,183

 

 

 

2,759

 

 

 

3,611

 

Other (expense) income, net

 

 

(11

)

 

 

154

 

 

 

(17

)

 

 

472

 

Interest expense

 

 

(1

)

 

 

(3

)

 

 

(3

)

 

 

(387

)

Total other income, net

 

 

814

 

 

 

1,334

 

 

 

2,739

 

 

 

3,696

 

Loss before income taxes

 

 

(13,273

)

 

 

(7,711

)

 

 

(36,542

)

 

 

(21,294

)

Income tax benefit

 

 

31

 

 

 

13

 

 

 

46

 

 

 

50

 

Net loss

 

$

(13,242

)

 

$

(7,698

)

 

$

(36,496

)

 

$

(21,244

)

Basic and diluted net loss per common share outstanding

 

$

(0.13

)

 

$

(0.08

)

 

$

(0.36

)

 

$

(0.21

)

Weighted average common shares used in net loss per share
   attributable to common stockholders, basic and diluted

 

 

101,282,228

 

 

 

99,325,540

 

 

 

100,616,111

 

 

 

98,880,882

 

Net loss

 

$

(13,242

)

 

$

(7,698

)

 

$

(36,496

)

 

$

(21,244

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on available-for-sale marketable securities

 

 

223

 

 

 

31

 

 

 

168

 

 

 

(95

)

Comprehensive loss

 

$

(13,019

)

 

$

(7,667

)

 

$

(36,328

)

 

$

(21,339

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

Trevi Therapeutics, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(Amounts in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

in Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at June 30, 2024

 

 

72,591,917

 

 

$

73

 

 

$

328,573

 

 

$

(84

)

 

$

(262,388

)

 

$

66,174

 

Stock-based compensation

 

 

 

 

 

 

 

 

822

 

 

 

 

 

 

 

 

 

822

 

Issuance of common stock from exercise of stock options

 

 

113,736

 

 

 

 

 

 

162

 

 

 

 

 

 

 

 

 

162

 

Issuance of common stock under the at-the-market sales agreement, net of commissions and allocated fees

 

 

1,611,803

 

 

 

1

 

 

 

4,829

 

 

 

 

 

 

 

 

 

4,830

 

Issuance of common stock from pre-funded warrant exercise

 

 

1,136,919

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Unrealized gains on available-for-sale marketable securities

 

 

 

 

 

 

 

 

 

 

 

223

 

 

 

 

 

 

223

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,242

)

 

 

(13,242

)

Balance at September 30, 2024

 

 

75,454,375

 

 

$

75

 

 

$

334,385

 

 

$

139

 

 

$

(275,630

)

 

$

58,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

 

63,098,455

 

 

$

63

 

 

$

318,873

 

 

$

(248

)

 

$

(223,615

)

 

$

95,073

 

Stock-based compensation

 

 

 

 

 

 

 

 

530

 

 

 

 

 

 

 

 

 

530

 

Issuance of common stock from exercise of stock options

 

 

6,875

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Issuance of common stock under the at-the-market sales agreement, net of commissions and allocated fees

 

 

750,000

 

 

 

1

 

 

 

1,670

 

 

 

 

 

 

 

 

 

1,671

 

Unrealized gains on available-for-sale marketable securities

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,698

)

 

 

(7,698

)

Balance at September 30, 2023

 

 

63,855,330

 

 

$

64

 

 

$

321,076

 

 

$

(217

)

 

$

(231,313

)

 

$

89,610

 

 

 

 

 

3


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

in Capital

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2023

 

 

68,283,699

 

 

$

68

 

 

$

321,642

 

 

$

(29

)

 

$

(239,134

)

 

$

82,547

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,671

 

 

 

 

 

 

 

 

 

2,671

 

Issuance of common stock from exercise of stock options

 

 

243,254

 

 

 

 

 

 

381

 

 

 

 

 

 

 

 

 

381

 

Issuance of common stock under the at-the-market sales agreement, net of commissions and allocated fees

 

 

3,086,729

 

 

 

3

 

 

 

9,661

 

 

 

 

 

 

 

 

 

9,664

 

Issuance of common stock from Employee Stock Purchase Plan

 

 

30,675

 

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

34

 

Issuance of common stock from pre-funded warrant exercise

 

 

3,810,018

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Unrealized gains on available-for-sale marketable securities

 

 

 

 

 

 

 

 

 

 

 

168

 

 

 

 

 

 

168

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,496

)

 

 

(36,496

)

Balance at September 30, 2024

 

 

75,454,375

 

 

$

75

 

 

$

334,385

 

 

$

139

 

 

$

(275,630

)

 

$

58,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

59,943,430

 

 

$

60

 

 

$

317,590

 

 

$

(122

)

 

$

(210,069

)

 

$

107,459

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,713

 

 

 

 

 

 

 

 

 

1,713

 

Issuance of common stock from exercise of stock options

 

 

143,789

 

 

 

 

 

 

73

 

 

 

 

 

 

 

 

 

73

 

Issuance of common stock under the at-the-market sales agreement, net of commissions and allocated fees

 

 

750,000

 

 

 

1

 

 

 

1,670

 

 

 

 

 

 

 

 

 

1,671

 

Issuance of common stock from Employee Stock Purchase Plan

 

 

19,273

 

 

 

 

 

 

33

 

 

 

 

 

 

 

 

 

33

 

Issuance of common stock from pre-funded warrant exercise

 

 

2,998,838

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Unrealized losses on available-for-sale marketable securities

 

 

 

 

 

 

 

 

 

 

 

(95

)

 

 

 

 

 

(95

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,244

)

 

 

(21,244

)

Balance at September 30, 2023

 

 

63,855,330

 

 

$

64

 

 

$

321,076

 

 

$

(217

)

 

$

(231,313

)

 

 

89,610

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Trevi Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(Amounts in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(36,496

)

 

$

(21,244

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Stock-based compensation

 

 

2,671

 

 

 

1,713

 

Operating lease right-of-use assets

 

 

262

 

 

 

259

 

Depreciation and amortization

 

 

109

 

 

 

88

 

Accretion of available-for-sale marketable securities, net

 

 

(1,070

)

 

 

(1,774

)

Accretion/accrual of term loan discounts and debt issuance costs

 

 

 

 

 

180

 

Loss on disposal of property, equipment and leasehold improvements

 

 

 

 

 

10

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accrued expenses and other liabilities

 

 

3,276

 

 

 

28

 

Prepaid expenses and other current assets

 

 

2,736

 

 

 

(2,935

)

Accounts payable

 

 

(194

)

 

 

(1,676

)

Net cash used in operating activities

 

 

(28,706

)

 

 

(25,351

)

Investing activities:

 

 

 

 

 

 

Proceeds from maturities of available-for-sale marketable securities

 

 

55,643

 

 

 

55,679

 

Purchases of available-for-sale marketable securities

 

 

(53,271

)

 

 

(8,981

)

Purchases of property, equipment and leasehold improvements

 

 

(28

)

 

 

(115

)

Net cash provided by investing activities

 

 

2,344

 

 

 

46,583

 

Financing activities:

 

 

 

 

 

 

Proceeds from at-the-market sales, net of commissions

 

 

9,697

 

 

 

1,710

 

Proceeds from exercises of stock options

 

 

381

 

 

 

73

 

Proceeds from employee stock purchase plan

 

 

34

 

 

 

33

 

Payments of finance lease

 

 

(95

)

 

 

(63

)

Repayments of term loan

 

 

 

 

 

(9,409

)

Payments of offering costs

 

 

 

 

 

(200

)

Net cash provided by (used in) financing activities

 

 

10,017

 

 

 

(7,856

)

Net (decrease) increase in cash and cash equivalents

 

 

(16,345

)

 

 

13,376

 

Cash and cash equivalents at beginning of period

 

 

32,397

 

 

 

12,589

 

Cash and cash equivalents at end of period

 

$

16,052

 

 

$

25,965

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 


 

Trevi Therapeutics, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

(in thousands, except share and per share data)

1.
Nature of the Business

Trevi Therapeutics, Inc. (“Trevi” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in idiopathic pulmonary fibrosis (“IPF”) and refractory chronic cough. Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and a mu antagonist (KAMA). Kappa and mu are opioid receptors that play a key role in controlling cough hypersensitivity. Nalbuphine has been approved and marketed as an injectable for pain indications for more than 30 years in the United States (“U.S.”) and Europe. Nalbuphine’s mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes, or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as a controlled substance in the U.S. and most of Europe.

2.
Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 included herein have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim information. Certain information and footnote disclosures typically prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The accompanying unaudited Condensed Consolidated Financial Statements and notes should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The accompanying Condensed Consolidated Financial Statements include the accounts of Trevi Therapeutics, Inc. and its wholly-owned subsidiary Trevi Therapeutics Limited. Intercompany balances and transactions have been eliminated.

All amounts presented are in thousands of dollars, except share and per share amounts, unless noted otherwise. The Company has evaluated events occurring subsequent to September 30, 2024 for potential recognition or disclosure in the Condensed Consolidated Financial Statements and concluded there were no subsequent events that required recognition or disclosure other than those provided in Note 8.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the expenses during the reporting periods. Significant estimates and assumptions reflected in these Condensed Consolidated Financial Statements include but are not limited to the recognition of research and development (“R&D”) expenses, the valuation of stock-based awards and the valuation allowance of deferred tax assets. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Unaudited Interim Financial Information

The accompanying interim Condensed Consolidated Balance Sheet as of September 30, 2024 and the Condensed Consolidated Statements of Comprehensive Loss, the Condensed Consolidated Statements of Stockholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2024 and 2023 are unaudited. The unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the Company’s opinion, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statements of its financial position as of September 30, 2024 and the results of its operations and its cash flows for the three and nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2024 or any other interim period or any future year or period.

Cash Equivalents

The Company classifies short-term, highly liquid investments with an original term of three months or less at the date of purchase as cash equivalents.

Marketable Securities

The Company generally invests its excess cash in money market funds and investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or marketable securities on the Condensed Consolidated Balance Sheets. Marketable securities with an original maturity date greater than 90 days at each balance sheet date are classified as short-term. Marketable securities are classified as current assets as these investments are intended to be available to the Company for

 


 

use in funding current operations. All of the Company’s marketable securities are considered available-for-sale and are reported at fair value. For securities with unrealized gains and losses, when the Company expects to receive cash flows sufficient to recover the amortized cost basis of a security, such gains and losses are included in accumulated other comprehensive income as a component of stockholders’ equity. Credit losses are identified when the Company does not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. Realized gains and losses, if any, on marketable securities are included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The cost of securities sold is determined using specific identification.

The Company evaluates whether declines in the fair values of its marketable securities below their amortized cost are credit losses on a quarterly basis. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the marketable security or whether it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security.

Fair Value Measurements

The Company’s financial instruments have consisted of cash and cash equivalents, available-for-sale marketable securities, other current assets, accounts payable, accrued expenses, term loans and warrants to acquire the Company’s common stock. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. The carrying amounts of cash and cash equivalents, other current assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Available-for-sale marketable securities are reported at their fair values, based upon pricing of securities with the same or similar investment characteristics as provided by third-party pricing services, as described below. The warrants to acquire the Company’s common stock are not required to be accounted for at fair value.

Current accounting guidance defines fair value, establishes a framework for measuring fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and requires certain disclosures about fair value measurements. The valuation techniques included in the guidance are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions and are classified into the following fair value hierarchy:

Level 1—Observable inputs—quoted prices in active markets for identical assets and liabilities.

Level 2—Observable inputs other than the quoted prices in active markets for identical assets and liabilities—such as quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Unobservable inputs—includes amounts derived from valuation models where one or more significant inputs are unobservable and require the company to develop relevant assumptions.

Valuation Techniques - Level 2 Inputs

The Company estimates the fair values of its financial instruments categorized as level 2 in the fair value hierarchy, including U.S. treasury securities, U.S. government agency obligations, corporate bonds, commercial paper, asset-backed securities and municipal bonds, by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, benchmark yields, issuer credit spreads, benchmark securities, and other observable inputs. The Company obtains a single price for each financial instrument and does not adjust the prices obtained from the pricing service.

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements (consisting of furniture, computer and office equipment and leasehold improvements) are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets (three years for computer equipment, five years for furniture and office equipment, and the shorter of the term of the lease or useful life for leasehold improvements).

Foreign Currency Transactions

The Company, at times, contracts with vendors and consultants outside of the U.S., resulting in liabilities denominated in foreign currency. The transactions are recorded in U.S. dollars on the transaction dates and any currency fluctuation through the

7


 

payment date is recorded as currency gains or losses in other income, net in the Condensed Consolidated Statements of Comprehensive Loss.

Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the financings. Should the planned equity financing no longer be considered probable of being consummated, the deferred offering costs are expensed immediately as a charge to general and administrative expenses. The deferred offering costs are included in Other current and non-current assets on the Condensed Consolidated Balance Sheets.

Research and Development (“R&D”) Expenses

All of the Company’s R&D expenses consist of expenses incurred in connection with the development of Haduvio. These expenses include certain payroll and personnel expenses, including stock-based compensation, consulting costs, contract manufacturing costs and fees paid to contract research organizations (“CROs”) to conduct certain R&D activities on the Company’s behalf. The Company expenses both internal and external R&D expenses as they are incurred.

Accrued R&D Expenses

The Company has entered into agreements with CROs, contract manufacturing organizations (“CMOs”) and other companies that provide services in connection with the Company’s R&D activities. The Company’s R&D accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events and contracted costs. The estimated costs of R&D provided, but not yet invoiced, are included in accrued expenses on the Condensed Consolidated Balance Sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CROs, CMOs and other companies under these arrangements in advance of the performance of the related services are recorded as prepaid expenses or as other non-current assets, as applicable, and are recognized as expenses as the goods are delivered or the related services are performed.

Patent Costs

All patent-related costs in connection with filing and prosecuting patent applications are expensed to general and administrative expense as incurred, as recoverability of such expenditures is uncertain.

Warrants

The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and then in accordance with ASC 815, Derivatives and Hedging (“ASC 815”), depending on the specific terms of the warrant. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares.

If the warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of comprehensive loss as a gain or loss. For equity classified warrants, no changes in fair value are recognized after the issuance date.

Stock-Based Compensation

The Company accounts for stock-based compensation arrangements with employees and non-employees for consultancy services in accordance with ASC 718, Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock-based awards including stock options. The Company’s determination of the fair value of stock-based awards on the date of grant utilizes the Black-Scholes valuation model for stock options with time-based and performance-based vesting and is impacted by the price of its common stock as well as changes in assumptions regarding a number of subjective variables. These variables include the expected term that stock options will remain outstanding, expected common stock price volatility over the term of the stock options, risk-free interest rates and expected dividends.

Changes in the variables can materially affect the fair value and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require analysis and judgment to develop.

Expected Term—The expected term assumption represents the weighted average period that the stock-based awards are expected to be outstanding. The Company has elected to use the “simplified method” for estimating the expected term of its stock options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the stock option.

8


 

Expected Volatility—For all stock options granted to date, the volatility data was estimated based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies.

Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company currently has no history or expectation of paying cash dividends on its common stock.

Risk-Free Interest Rate—The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock-based award.

The fair value is recognized over the period during which an optionee is required to provide services in exchange for the stock option, known as the requisite service period (usually the vesting period) on a straight-line basis. For performance-based vesting, the fair value is recognized when it is probable the performance conditions will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date. Forfeitures are accounted for as they occur.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized.

The Company applies the provisions of ASC 740, Income Taxes, which prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. These Condensed Consolidated Financial Statements reflect expected future tax consequences of such positions presuming the taxing authorities possess full knowledge of the position and all relevant facts. There are no material uncertainties regarding the tax positions that the Company has taken through September 30, 2024 and December 31, 2023. The Company does not have any interest or penalties accrued related to tax positions as it does not have any unrecognized tax benefits.

Leases

Under ASC 842, Leases, the Company determines if an arrangement is a lease at its inception. Leases are classified as either operating or finance, based on the Company’s evaluation of certain criteria. If a lease has a term greater than one year, the lease is recognized in the balance sheet as a right-of-use asset and a lease liability at lease commencement. The Company elected the short-term lease practical expedient, therefore, if a lease has a term less than one year, the Company will not recognize the lease on its balance sheet. The right-of-use asset represents the Company’s right of use to an underlying asset for the term of the lease and the lease liability represents the Company’s obligation to make lease payments arising from the lease. If the Company’s leases do not provide an implicit rate within the lease, the Company uses its incremental borrowing rate, based on information available at the commencement date of the lease to determine the present value of the lease payments.

Operating lease right-of-use assets and operating lease liabilities are determined and recognized on the commencement date of the lease based on the present value of lease payments over the term of the lease. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease, and right-of-use assets are subsequently re-measured to reflect the effect of uneven lease payments.

For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. Expenses for finance leases include the amortization of right-of-use assets, which is recorded as depreciation and amortization expense, and interest expense, which reflects interest accrued on the lease liability.

Basic and Diluted Net Loss per Common Share

Basic and diluted net loss per common share outstanding is determined by dividing net loss by the weighted average common shares outstanding during the period. Basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock.

For all periods presented, shares issuable upon exercise of stock options and warrants to purchase shares of common stock (other than pre-funded warrants) have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per share are the same for each of the periods presented.

Segments

The Company has one reporting segment which is also the Company’s only operating segment. Management uses one measurement of profitability and does not segregate its business for internal reporting. All long-lived assets are maintained in the U.S.

Recently Adopted Accounting Pronouncements

There have been no new pronouncements adopted during the nine months ended September 30, 2024.

Recently Issued Accounting Pronouncements

9


 

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, Segment Reporting, on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

3.
Marketable Securities

The fair value and amortized cost of available-for-sale marketable securities by major security type are presented in the following tables as of the periods presented:

 

 

 

September 30, 2024

 

Type of security

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Corporate bonds

 

$

14,622

 

 

$

35

 

 

$

 

 

$

14,657

 

U.S. government agency securities

 

 

14,328

 

 

 

47

 

 

 

 

 

 

14,375

 

U.S. treasury securities

 

 

9,882

 

 

 

48

 

 

 

 

 

 

9,930

 

Commercial paper

 

 

6,748

 

 

 

6

 

 

 

 

 

 

6,754

 

Asset backed securities

 

 

3,722

 

 

 

3

 

 

 

 

 

 

3,725

 

Total marketable securities

 

$

49,302

 

 

$

139

 

 

$

 

 

$

49,441

 

 

 

 

December 31, 2023

 

Type of Security

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Corporate bonds

 

$

45,686

 

 

$

20

 

 

$

(53

)

 

$

45,653

 

U.S. government agency securities

 

 

4,917

 

 

 

9

 

 

 

(5

)

 

 

4,921

 

Total marketable securities

 

$

50,603

 

 

$

29

 

 

$

(58

)

 

$

50,574

 

The net amortized cost and fair value of available-for-sale marketable securities are presented in the following table as of the periods presented by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company may intend to sell a security prior to maturity.

 

 

 

September 30, 2024

 

 

 

Amortized Cost

 

 

Fair Value

 

Due to mature:

 

 

 

 

 

 

Less than one year

 

$

44,640

 

 

$

44,754

 

One year through two years

 

 

4,662

 

 

 

4,687

 

Total

 

$

49,302

 

 

$

49,441

 

 

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

Due to mature:

 

 

 

 

 

 

Less than one year

 

$

49,651

 

 

$

49,618

 

One year through two years

 

 

952

 

 

 

956

 

Total

 

$

50,603

 

 

$

50,574

 

During the three and nine months ended September 30, 2024 and 2023, there were no realized gains or losses on available-for-sale marketable securities.

As of each September 30, 2024 and December 31, 2023, the Company had zero securities in a continuous unrealized loss position for more than 12 months and considered any such losses to be temporary in nature. The Company reviewed the securities in the tables above and considered the decline in market value for these securities to be primarily attributable to economic and market conditions. As of the periods noted in the tables above, the Company did not intend to sell these securities and did not believe it was

10


 

more likely than not that it would be required to sell these securities before recovery of their amortized cost basis. Accordingly, the Company did not recognize any credit losses related to its marketable securities in an unrealized loss position during any of the periods noted in the table above.

As of September 30, 2024 and December 31, 2023, accrued interest receivables on the Company’s available-for-sale marketable securities were $285 and $485, respectively, and were included within other current assets as presented on its Condensed Consolidated Balance Sheets.

4.
Fair Value Measurements

The following table summarizes the Company's financial assets and financial liabilities measured at fair value on a recurring basis and the basis for that measurement, by level within the fair value hierarchy, as follows:

 

 

 

 

 

Fair Value Measurement Using:

 

Balance Sheet Classification

 

Type of Instrument

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

Money market funds

 

$

12,685

 

 

$

 

 

$

 

 

$

12,685

 

Marketable securities

 

Corporate bonds

 

 

 

 

 

14,657

 

 

 

 

 

 

14,657

 

Marketable securities

 

U.S. government agency securities

 

 

 

 

 

14,375

 

 

 

 

 

 

14,375

 

Marketable securities

 

U.S. treasury securities

 

 

 

 

 

9,930

 

 

 

 

 

 

9,930

 

Marketable securities

 

Commercial paper

 

 

 

 

 

6,754

 

 

 

 

 

 

6,754

 

Marketable securities

 

Asset backed securities

 

 

 

 

 

3,725

 

 

 

 

 

 

3,725

 

Cash equivalents

 

Commercial paper

 

 

 

 

 

2,344

 

 

 

 

 

 

2,344

 

Total assets

 

 

 

$

12,685

 

 

$

51,785

 

 

$

 

 

$

64,470

 

 

 

 

 

 

Fair Value Measurement Using:

 

Balance Sheet Classification

 

Type of Instrument

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

December 31, 2023