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Trevena (TRVN) investor relations material
Trevena Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary7 Nov, 2024
Executive summary
Reported Q3 2024 net loss of $4.9 million ($5.79/share), improved from $7.9 million ($14.20/share) in Q3 2023.
Cash and cash equivalents totaled $13.5 million as of September 30, 2024.
Initiated significant cost-cutting, including termination of three senior executives and resignation of four directors.
Ongoing strategic review of all assets, including potential sale, license, or wind down.
OLINVYK is the only commercialized product; commercial support has been largely eliminated.
Financial highlights
Total Q3 2024 revenue was $283,000, up from $180,000 in Q3 2023, driven by increased royalty revenue from OLINVYK sales in China.
Operating expenses for Q3 2024 were $5.9 million, down from $9.0 million in Q3 2023.
Net loss for Q3 2024 was $4.9 million, compared to $7.9 million in Q3 2023; net loss for the nine months ended September 30, 2024 was $17.5 million, compared to $23.8 million in the prior year period.
Cash and cash equivalents decreased to $13.5 million from $32.9 million at year-end 2023.
Stockholders’ deficit widened to $23.3 million as of September 30, 2024.
Outlook and guidance
Management concluded that existing cash and cash equivalents are not sufficient to fund operations for one year after the filing date, raising substantial doubt about the company's ability to continue as a going concern.
The company anticipates a decrease in total operating expenses over the next twelve months as commercial support for OLINVYK is eliminated.
Trevena is seeking additional capital through equity, debt, or strategic transactions, but there is no assurance of success or timing.
Continues to explore strategic alternatives for OLINVYK, TRV045, and other pipeline assets.
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Frequently asked questions
Trevena Inc. is a biopharmaceutical company focused on developing and commercializing innovative medicines targeted at central nervous system (CNS) disorders. The company's portfolio includes OLINVYK (oliceridine) injection, which is approved for use in adults to manage acute pain severe enough to require an intravenous opioid analgesic when alternative treatments are inadequate. Trevena also has several investigational drug candidates in its pipeline. The company is headquartered in Chesterbrook, Pennsylvania, and its shares are listed on the NASDAQ.
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