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 nalbuphine ER to treat serious neurologically mediated conditions. The Company is currently developing nalbuphine ER for the treatment of chronic pruritus, chronic cough in patients with idiopathic pulmonary fibrosis (IPF), and levodopa-induced dyskinesia (LID) in patients with Parkinsons disease. These conditions share a common pathophysiology that is mediated through opioid receptors in the central and peripheral nervous systems. Due to nalbuphines mechanism of action as a modulator of opioid receptors, the Company believes nalbuphine ER has the potential to be effective in treating each of these conditions. Nalbuphine ER is an oral extended release formulation of nalbuphine. Nalbuphine is a mixed -opioid receptor agonist and -opioid receptor antagonist that has been approved and marketed as an injectable for pain indications for more than 20 years in the United States and Europe. The - and -opioid receptors are known to be critical mediators of itch, cough and certain movement disorders. Nalbuphines mechanism of action also mitigates the risk of abuse associated with -opioid agonists because it antagonizes, or blocks, the -opioid receptor. Nalbuphine is currently the only opioid approved for marketing that is not classified as a controlled substance in the United States and most of Europe. On April 22, 2019, the Company filed an amendment to the Companys amended and restated certificate of incorporation to effect a one-for-9.5 reverse stock split of the Companys common stock, which resulted in a proportional adjustment to the existing conversion ratios for each series of the Companys redeemable convertible preferred stock. Accordingly, all share and per share amounts in the consolidated financial statements have been retrospectively adjusted, where applicable, to reflect the effect of the reverse stock split and adjustments of the redeemable convertible preferred stock conversion for all periods presented. On May 9, 2019, the Company completed its initial public offering (IPO) and a concurrent private placement in which it issued and sold an aggregate of 7,000,000 shares of common stock at an offering price of $10.00 per share, for net proceeds of $62.1 million, after deducting aggregate underwriting discounts and commissions and private placement agent fees of $4.9 million and other offering expenses of $3.0 million. The Companys common stock began trading on The Nasdaq Global Market on May 7, 2019 under the ticker symbol TRVI. Upon the closing of the IPO, the Companys outstanding redeemable convertible preferred stock, including the accrued dividends thereon, automatically converted into shares of the Companys common stock. Upon such conversion of the redeemable convertible preferred stock, the Company reclassified the carrying values of the redeemable convertible preferred stock to common stock and additional paid-in capital. The accompanying financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has financed its operations primarily through private placements of its redeemable convertible preferred stock and convertible notes as well as borrowings under a term loan facility, and most recently, with proceeds from the IPO and concurrent private placement completed in May 2019. The Company has incurred recurring losses since inception, including net losses attributable to the Company of $26.1 million and $20.5 million for the years ended December 31, 2019 and 2018, respectively. In addition, as of December 31, 2019, the Company had an accumulated deficit of $114.2 million. The Company expects to continue to generate operating losses for the foreseeable future. As of March 16, 2020, the issuance date of these Consolidated Financial Statements, the Company expects that its cash and cash equivalents of $57.3 million as of December 31, 2019, will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the date of issuance of these Consolidated Financial Statements.