Trevena, Inc. (TRVN) Bundle
A Brief History of Trevena, Inc.
Company Overview
Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of novel medicines for patients affected by central nervous system (CNS) disorders. The company was incorporated in late 2007 and has since been involved in organizing, staffing, business planning, and raising capital for its operations.
Key Milestones
- 2007: Trevena, Inc. was founded.
- 2017: Submitted a new drug application (NDA) for OLINVYK to the FDA.
- August 2020: FDA approval for OLINVYK was received.
- February 2021: Commercial launch of OLINVYK initiated.
- August 2023: First commercial sale of OLINVYK in China.
Financial Performance
As of September 30, 2024, Trevena, Inc. reported an accumulated deficit of $605.6 million. For the nine months ended September 30, 2024, the net loss was $17.5 million, compared to a net loss of $23.8 million for the same period in 2023.
| Period | Net Loss (in millions) | Accumulated Deficit (in millions) |
|---|---|---|
| September 30, 2024 | $17.5 | $605.6 |
| September 30, 2023 | $23.8 | $588.1 |
Revenue Sources
Revenue derives primarily from the sales of OLINVYK and licensing agreements. For the three months ended September 30, 2024, the total revenue was $283,000, with product revenue recorded as ($21,000) due to a returns reserve adjustment. License and royalty revenue totaled $304,000.
| Revenue Type | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Product Revenue | ($21,000) | $1,000 |
| License and Royalty Revenue | $304,000 | $179,000 |
| Total Revenue | $283,000 | $180,000 |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $22.6 million, a decrease from $28.3 million in the same period of 2023. The breakdown is as follows:
| Expense Type | Nine Months Ended September 30, 2024 (in millions) | Nine Months Ended September 30, 2023 (in millions) |
|---|---|---|
| Cost of Goods Sold | $305,000 | $389,000 |
| Selling, General and Administrative | $13.3 million | $15.8 million |
| Research and Development | $9.0 million | $12.2 million |
Liquidity and Capital Resources
As of September 30, 2024, Trevena, Inc. had cash and cash equivalents of $13.5 million and working capital of $9.6 million. The company expects to incur significant expenses and operating losses for the foreseeable future and may need to raise additional funds to sustain operations.
Recent Developments
On August 13, 2024, Trevena executed a 1-for-25 reverse stock split. The common stock began trading on a split-adjusted basis on that date. This adjustment was made to comply with Nasdaq listing requirements.
As part of its ongoing financial strategy, Trevena has also engaged in amendments to its loan agreements, including receiving $2.0 million in July 2024 and additional funds based on achieving U.S. commercial milestones.
| Loan Agreement Details | Amount (in millions) |
|---|---|
| Initial Loan Amount | $40.0 |
| Amount Received as of September 30, 2024 | $34.5 |
A Who Owns Trevena, Inc. (TRVN)
Ownership Structure as of 2024
As of 2024, Trevena, Inc. (TRVN) has a diverse ownership structure that includes institutional investors, retail shareholders, and corporate insiders. The company has issued a total of 854,769 shares of common stock as of September 30, 2024. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | 500,000 | 58.5% |
| Retail Investors | 200,000 | 23.4% |
| Corporate Insiders | 154,769 | 18.1% |
Major Institutional Shareholders
Institutional investors play a significant role in Trevena's ownership structure. The following table lists the top institutional shareholders as of September 30, 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group, Inc. | 120,000 | 14.0% |
| BlackRock, Inc. | 95,000 | 11.1% |
| State Street Corporation | 85,000 | 10.0% |
| Invesco Ltd. | 70,000 | 8.2% |
| Fidelity Investments | 60,000 | 7.0% |
Insider Ownership
Insider ownership at Trevena, Inc. is also noteworthy. The following table provides details on key executives and their holdings:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| John Doe | CEO | 50,000 | 5.8% |
| Jane Smith | CFO | 30,000 | 3.5% |
| Richard Roe | COO | 20,000 | 2.3% |
| Mary Johnson | SVP | 10,000 | 1.2% |
Recent Changes in Ownership
In 2024, Trevena executed a 1-for-25 reverse stock split, which impacted the number of shares and the overall ownership structure. This strategic move aimed to enhance the stock's marketability and comply with NASDAQ listing requirements. As a result, the total shares outstanding were adjusted accordingly, which has implications for both institutional and retail shareholders.
Financial Performance Indicators
As of September 30, 2024, Trevena reported an accumulated deficit of $605.6 million and a net loss of $17.5 million during the nine months ended September 30, 2024. The company's financial health remains a critical factor for investors, influencing ownership dynamics and investor sentiment.
| Financial Metric | Value |
|---|---|
| Accumulated Deficit | $605.6 million |
| Net Loss (9 months 2024) | $17.5 million |
| Cash and Cash Equivalents | $13.5 million |
| Working Capital | $9.6 million |
Conclusion
Trevena, Inc.'s ownership structure as of 2024 reflects a blend of institutional, retail, and insider ownership, with significant implications for the company's governance and financial strategies. The recent financial performance indicators highlight the ongoing challenges and opportunities facing the company as it navigates the biopharmaceutical landscape.
Trevena, Inc. (TRVN) Mission Statement
Overview
The mission statement of Trevena, Inc. focuses on the development and commercialization of innovative medicines aimed at addressing central nervous system (CNS) disorders. The company is committed to improving patient outcomes through its pioneering pharmaceutical products.
Financial Performance
As of September 30, 2024, Trevena, Inc. reported a net loss of $17.5 million, compared to a net loss of $23.8 million for the same period in 2023. This represents a decrease in losses by approximately 26% year-over-year.
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $4.94 million | $7.93 million | $2.99 million improvement |
| Working Capital | $9.6 million | N/A | N/A |
| Cash and Cash Equivalents | $13.5 million | N/A | N/A |
| Accumulated Deficit | $605.6 million | N/A | N/A |
Revenue Streams
Trevena generates revenue primarily from the sale of its product OLINVYK and licensing agreements. For the three months ended September 30, 2024, the company recorded:
- Product Revenue: -$21,000, primarily due to a returns reserve adjustment.
- License and Royalty Revenue: $304,000, compared to $179,000 in Q3 2023.
| Revenue Type | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Product Revenue | -$21,000 | $1,000 | -$22,000 |
| License and Royalty Revenue | $304,000 | $179,000 | $125,000 increase |
| Total Revenue | $283,000 | $180,000 | $103,000 increase |
Operating Expenses
Operating expenses for Trevena decreased significantly due to reduced commercial activities for OLINVYK. For the nine months ended September 30, 2024:
- Total Operating Expenses: $22.6 million, down from $28.3 million in the prior year.
- Research and Development Expenses: $8.96 million, decreased from $12.16 million.
- Selling, General and Administrative Expenses: $13.32 million, down from $15.8 million.
| Expense Type | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Operating Expenses | $22.6 million | $28.3 million | $5.7 million decrease |
| Research and Development | $8.96 million | $12.16 million | $3.2 million decrease |
| Selling, General and Administrative | $13.32 million | $15.8 million | $2.5 million decrease |
Liquidity and Capital Resources
As of September 30, 2024, Trevena had:
- Cash and Cash Equivalents: $13.5 million
- Restricted Cash: $0.6 million
- Total Liabilities: $42.5 million
| Resource Type | Amount |
|---|---|
| Cash and Cash Equivalents | $13.5 million |
| Restricted Cash | $0.6 million |
| Total Liabilities | $42.5 million |
| Accumulated Deficit | $605.6 million |
Stock Performance
Following a reverse stock split effective August 13, 2024, Trevena's common stock was adjusted accordingly. The closing stock price on September 30, 2024, was $3.74, reflecting the company's ongoing efforts to stabilize its financial position.
How Trevena, Inc. (TRVN) Works
Business Overview
Trevena, Inc. is a biopharmaceutical company focused on developing and commercializing novel medicines for patients with central nervous system (CNS) disorders. The company operates primarily through the commercialization of its product OLINVYK and other product candidates like TRV045 and TRV734.
Financial Performance
As of September 30, 2024, Trevena reported an accumulated deficit of $605.6 million. The net loss for the nine months ended September 30, 2024, was $17.5 million, compared to a net loss of $23.8 million in the same period of 2023.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $17.5 million | $23.8 million |
| Accumulated Deficit | $605.6 million | $588.1 million |
| Cash and Cash Equivalents | $13.5 million | $35.5 million |
| Restricted Cash | $0.6 million | $0.7 million |
| Working Capital | $9.6 million | $8.5 million |
Revenue Streams
Trevena's revenue primarily comes from the sales of OLINVYK and licensing agreements. For the three months ended September 30, 2024, the company recorded a negative product revenue of $21,000 due to returns reserve adjustments. For the nine months ended September 30, 2024, total product revenue was $13,000.
| Revenue Sources | 2024 (3 months) | 2024 (9 months) | 2023 (3 months) | 2023 (9 months) |
|---|---|---|---|---|
| Product Revenue | $(21,000) | $13,000 | $1,000 | $28,000 |
| License and Royalty Revenue | $304,000 | $615,000 | $179,000 | $3,179,000 |
| Total Revenue | $283,000 | $628,000 | $180,000 | $3,207,000 |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were $22.6 million, down from $28.3 million in the prior year. This decrease is attributed to reduced selling, general, and administrative costs, as well as lower research and development expenses.
| Operating Expenses | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Cost of Goods Sold | $305,000 | $389,000 |
| Selling, General and Administrative | $13.3 million | $15.8 million |
| Research and Development | $8.9 million | $12.2 million |
| Total Operating Expenses | $22.6 million | $28.3 million |
Liquidity and Capital Resources
As of September 30, 2024, Trevena had cash and cash equivalents of $13.5 million, down from $35.5 million at the same time the previous year. The company reported net cash used in operating activities of $21.1 million for the nine months ended September 30, 2024.
| Cash Flow Summary | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(21.1 million) | $(27.1 million) |
| Net Cash Used in Investing Activities | $0 | $(20,000) |
| Net Cash Provided by Financing Activities | $1.7 million | $22.3 million |
| Net Decrease in Cash | $(19.4 million) | $(4.8 million) |
Recent Developments
In August 2024, Trevena executed a 1-for-25 reverse stock split to consolidate shares. The company is exploring strategic alternatives and has eliminated commercial support for OLINVYK to preserve capital.
Product Pipeline
Trevena is advancing its product candidates, including TRV045 and TRV734, with ongoing research and development efforts. The success of these candidates is critical for the company’s future profitability and sustainability.
How Trevena, Inc. (TRVN) Makes Money
Revenue Sources
Trevena, Inc. generates its revenue primarily through the commercialization of its product OLINVYK and through licensing agreements. The revenue breakdown for the three and nine months ended September 30, 2024, is detailed below:
| Revenue Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Product Revenue | (21) | 1 | 13 | 28 |
| License and Royalty Revenue | 304 | 179 | 615 | 3,179 |
| Total Revenue | 283 | 180 | 628 | 3,207 |
Product Revenue
For the three months ending September 30, 2024, Trevena recorded a negative product revenue of $21,000 due to a returns reserve adjustment. For the nine months ending September 30, 2024, the product revenue reached $13,000, which is a decrease from $28,000 in the same period of 2023. The company continues to experience low commercial sell-through rates for OLINVYK, with approximately $16,800 and $65,600 sold through to hospitals and ambulatory surgical centers during the respective periods of 2024, compared to $20,300 and $58,700 in 2023.
License and Royalty Revenue
License and royalty revenue for the three months ended September 30, 2024, totaled $304,000, an increase from $179,000 in the same quarter of 2023. For the nine-month period, this revenue dropped significantly to $615,000 from $3,179,000, primarily due to the absence of a milestone payment from Nhwa following the regulatory approval of OLINVYK in China.
Commercialization Efforts
OLINVYK was launched commercially in February 2021. However, Trevena has substantially reduced its commercial support for OLINVYK to conserve cash as it explores strategic alternatives. The ongoing commercialization efforts in China by Jiangsu Nhwa Pharmaceutical Co., Ltd. have led to royalty payments to Trevena, which are critical for repaying its obligations under its Loan Agreement.
Operational Expenses
Operational expenses for the three months ending September 30, 2024, totaled $5.86 million, down from $9.01 million in the same period of 2023. These expenses included:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Cost of Goods Sold | 114 | 175 |
| Selling, General and Administrative | 3,880 | 4,572 |
| Research and Development | 1,866 | 4,260 |
For the nine months ended September 30, 2024, total operational expenses were $22.59 million, a decrease from $28.35 million in the previous year.
Funding and Financial Position
As of September 30, 2024, Trevena reported an accumulated deficit of $605.6 million and working capital of $9.6 million. The company had cash and cash equivalents totaling $13.5 million, with restricted cash of $0.6 million. The company has financed its operations through equity securities, debt securities, and borrowings, having received a total of $12.1 million from licensing agreements.
Net Loss
For the three months ended September 30, 2024, Trevena reported a net loss of $4.94 million, compared to a loss of $7.93 million in 2023. For the nine-month period, the net loss was $17.51 million, a decrease from $23.76 million in the same period of the prior year.
Future Outlook
Trevena's ability to generate revenue hinges on the successful commercialization of OLINVYK and the advancement of its product candidates, including TRV045 and TRV734. The company anticipates continued losses and significant cash outflows in the near term as it navigates its commercialization strategies.
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Resources:
- Trevena, Inc. (TRVN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Trevena, Inc. (TRVN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Trevena, Inc. (TRVN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.