Trevi Therapeutics, Inc. (NASDAQ:TRVI), a biopharmaceutical company based in New Haven, Connecticut, conducted its 2024 Annual Meeting of Stockholders today. During the meeting, stockholders voted on several key proposals, including the election of Class II directors and the ratification of the company's independent registered public accounting firm.
Three nominees were elected to the company's Board of Directors as Class II directors, with their terms set to expire at the 2027 annual meeting of stockholders. Dominick Colangelo received 47,134,746 votes for his election, with 104,348 withheld and 6,825,772 broker non-votes.
Edward Mathers was elected with 32,688,731 votes for, 14,202,702 withheld, and 7,173,433 broker non-votes. David Meeker, M.D., received 33,561,857 votes for, 13,329,576 withheld, and 7,173,433 broker non-votes.
Moreover, the appointment of Ernst & Young LLP as the independent registered public accounting firm for Trevi Therapeutics for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority of 54,024,710 votes for, 26,391 against, and 13,765 abstentions.
The annual meeting results were filed with the Securities and Exchange Commission (SEC) today, confirming the decisions made by Trevi Therapeutics' stockholders. The company, identified by its Central Index Key (CIK) number 0001563880, specializes in pharmaceutical preparations and operates under the organization name 03 Life Sciences.
Lisa Delfini, the Chief Financial Officer of Trevi Therapeutics, signed off on the SEC filing, which was made in accordance with the requirements of the Securities Exchange Act of 1934, as amended. The information provided in this article is based on the press release statement by Trevi Therapeutics.
In other recent news, Trevi Therapeutics has reported notable progress in its clinical trials during its Q1 2024 earnings call. The company disclosed a net loss of $10.9 million for the quarter while emphasizing the advancement of its Phase 2a trial for refractory chronic cough (RCC) and a Phase 2b trial for cough associated with idiopathic pulmonary fibrosis (IPF). Significant data readouts from these trials are expected in the near future.
The company also signaled a solid financial position to support its ongoing clinical programs. In the upcoming months, Trevi Therapeutics plans to participate in investor conferences and anticipates a "data-rich year" for its drug Haduvio. The company is also preparing for a human abuse potential study, with the risk of DEA scheduling depending on study outcomes.
These developments are part of Trevi Therapeutics' ongoing commitment to addressing the unmet medical needs of patients with RCC and IPF. The company's transparent communication with investors and dedication to advancing its clinical programs underscore its commitment to improving patient outcomes.
InvestingPro Insights
As Trevi Therapeutics, Inc. (NASDAQ:TRVI) continues to navigate the biopharmaceutical landscape, a glance at the company's financial health and market performance offers valuable context to the outcomes of its recent Annual Meeting of Stockholders. With a market capitalization of approximately $195.11 million, Trevi Therapeutics presents a unique investment profile.
Notably, the company's cash position is stronger than its debt, signaling a potentially stable financial foundation, as indicated by one of the InvestingPro Tips. However, the same tip also highlights a rapid cash burn, which could be a concern for future liquidity.
Investors might also be intrigued by the company's significant price performance, with a notable 14.98% return over the last week and an impressive 123.62% uptick over the last six months. This contrasts with the company's lack of profitability over the last twelve months and an expected drop in net income this year. Analysts have revised their earnings downwards for the upcoming period, and there is a consensus that Trevi is unlikely to be profitable this year, as reflected in the additional InvestingPro Tips available.
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