TREVI THERAPEUTICS (NASDAQ:TRVI) Q2 2020 Earnings Conference Call - Final Transcript
Aug 13, 2020 • 04:30 pm ET
Good afternoon, and welcome to the Trevi Therapeutics Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this call may be recorded. Various remarks that management makes during this call about the Company's future expectations, plans and prospects constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including both discussed in the risk factors section of the Company's most recent quarterly report on Form 10-Q which is on file with the SEC. In addition, any forward-looking statements represents the Company's views only as of today and should not be relied upon as representing views as of any subsequent date.
While the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so even if these change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to today.
Participating on today's call from Trevi are Jennifer Good, President and CEO; and Chris Seiter, Chief Financial Officer.
I'd now like to turn the call over to Jennifer. Please go ahead.
Thank you, Grace. Good afternoon, everyone, and welcome to our inaugural earnings conference call. Given the execution against our business plan, we feel it is a good time to start giving more regular updates.
It was a busy second quarter and has continued through the summer months. During the quarter we were adapting to the impacts of COVID with our workforce and our clinical trials, by first pausing everything, assessing the situation and then restarting again. We were able to reopen sites for screening and enrollment in our lead study of prurigo nodularis or PN, beginning in May.
We also announced a positive outcome of a pre-specified sample size re-estimation analysis for the PN trial in July, which I will talk more about later. And today, we announced a $14 million term loan, which bolsters our balance sheet and extends our cash runway into the first half of 2022, which Chris will talk more about in his comments.
Finally, we brought the Trevi team back to the office in July in a hybrid model. I've been very pleased about how well the work from home transition happened, and I commend the team for working hard to make that successful. However, it has been nice to get back to some normalcy as well as the synergies in a small company of seeing people in person.
So, just to step back a moment and remind everyone of the strategy for growth. Trevi's developing Nalbuphine ER for Haduvio to explore its potential treatment effect in various serious neurologically mediated conditions. The drug is pharmacologically active on two receptors including as a MU antagonist and also as a KAPPA agonist. These receptors are located in many organs, including the skin, lung, the spinal cord and parts of