Trevena Announces Q3 2024 Results and Business Update

Trevena, Inc., a biopharmaceutical firm concentrating on the creation and commercialization of innovative treatments for central nervous system (CNS) disorders, has disclosed its financial outcomes for the third quarter ending September 30, 2024, along with recent operational updates.

In July 2024, Trevena secured a non-dilutive $2 million financing tranche through an amendment to its existing ex-US royalty financing with R-Bridge Healthcare Fund. This deal also makes the company eligible for an additional $8 million depending on future milestones. As part of the amendment, certain Chinese intellectual property related to OLINVYK was transferred to R-Bridge. Additionally, warrants issued to R-Bridge saw a reduction in exercise price and an extension of the exercise period. The cap on US royalties payable to R-Bridge also increased from $10 million to $12 million, and R-Bridge forgave $10 million of the outstanding amount, identified as a troubled debt restructuring for accounting purposes.

In August 2024, Trevena implemented a 1-for-25 reverse stock split, combining every 25 shares of issued common stock into one share. This adjustment also affected the number of shares issuable under equity incentive plans and all convertible or exercisable securities. The reverse stock split did not alter the stated par value of the company's common stock.

Unfortunately, in early October 2024, Trevena announced its delisting from the Nasdaq Stock Market due to non-compliance with the minimum stockholder's equity requirement. Despite efforts to meet this requirement by October 2, 2024, trading was suspended on October 8, 2024. Subsequently, Trevena's common stock began trading on the OTC Pink Sheets under the symbol "TRVN."

Additional cost-saving measures were enacted on October 5, 2024, which included the termination of three senior executives: President and CEO Carrie Bourdow, SVP and CMO Mark Demitrack, and EVP and COO/CFO Barry Shin. These terminations were not due to disagreements over company operations but were part of strategic cuts. Post-termination, these executives continued in acting roles and entered consultancy agreements with Trevena. Following these adjustments, the company retained only four employees.

Further cost-cutting actions led to the resignation of four board members on November 5, 2024: Mark Corrigan, M.D., Marvin H. Johnson, Jr., Jake R. Nunn, and Anne M. Phillips. These resignations were not due to any operational disagreements. Carrie Bourdow remained as Board Chairman, while Scott Braunstein, M.D., and Barbara Yanni continued as directors.

Trevena continues to evaluate strategic alternatives, including potential transactions involving OLINVYK, TRV045, and other pipeline assets. Options under consideration range from sales and licensing to potential mergers or winding down of the company.

Financial results for the third quarter of 2024 showed a net loss attributable to common stockholders of $4.9 million, or $5.79 per share, an improvement from the $7.9 million loss, or $14.20 per share, in Q3 2023. As of September 30, 2024, Trevena had $13.5 million in cash and cash equivalents.

Trevena, Inc. specializes in developing treatments for CNS disorders. Its approved product, OLINVYK (oliceridine) injection, is used for managing acute pain requiring intravenous opioid analgesics in cases where other treatments are inadequate. The company's pipeline includes TRV045 for diabetic neuropathic pain and epilepsy, TRV250 for acute migraine treatment, and TRV734 for opioid use disorder maintenance.

TRV045, currently under investigation, is being evaluated for its potential to treat acute and chronic neuropathic pain and epilepsy. This compound selectively targets the sphingosine-1-phosphate subtype 1 (S1P1) receptor, which plays a role in neurotransmission and membrane excitability. In nonclinical studies, TRV045 demonstrated efficacy in reversing neuropathic pain without significant side effects such as lymphopenia or changes in cardiovascular or respiratory function.

OLINVYK (oliceridine) injection, approved by the FDA in 2020, is an opioid indicated for severe acute pain management in adults. It is available in various vial sizes and is used for patient-controlled analgesia (PCA). The cumulative daily dose should not exceed 27 mg due to risks associated with opioid use, including addiction, respiratory depression, and interactions with other CNS depressants.

Trevena's financial performance and strategic decisions reflect ongoing efforts to manage resources effectively while exploring opportunities to enhance shareholder value through potential strategic alternatives.