Trevena, Inc. (TRVN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación biofarmacéutica, Treva, Inc. (TRVN) emerge como una fuerza pionera en la terapéutica del manejo del dolor, desafiando los tratamientos tradicionales basados ​​en opioides con su enfoque innovador de la medicina de precisión. Al aprovechar la investigación de neurociencia de vanguardia y las tecnologías de desarrollo de medicamentos patentados, la compañía está estratégicamente posicionada para abordar las necesidades médicas críticas no satisfechas, ofreciendo esperanza a pacientes con dolor crónico y profesionales de la salud que buscan soluciones de manejo del dolor más seguras y más seleccionadas.

Treva, Inc. (TRVN) - Modelo de negocio: asociaciones clave

Instituciones de investigación farmacéutica y centros médicos académicos

Tregena colabora con múltiples instituciones de investigación para el desarrollo de fármacos:

Institución	Enfoque de asociación	Área de investigación
Universidad de Pensilvania	Investigación preclínica	Desarrollo de fármacos neurológicos
Universidad de Johns Hopkins	Apoyo de ensayos clínicos	Terapéutica del manejo del dolor

Organizaciones de investigación por contrato (CRO)

Treva se involucra con CRO especializados para la gestión del ensayo clínico:

• ICON PLC - Soporte de ensayos clínicos de fase II/III
• Medpace - Servicios de cumplimiento regulatorio
• Parexel International - Diseño de ensayos clínicos

Posibles socios de distribución farmacéutica

Las estrategias actuales de asociación de distribución incluyen:

Pareja	Alcance de distribución	Enfoque del producto
AmerisourceBergen	Distribución norteamericana	Olinvyk ™ Manejo del dolor

Agencias reguladoras

Interacciones regulatorias documentadas:

• FDA - Comunicaciones en curso de aprobación de Olinvyk ™
• EMA - Consultas de entrada al mercado europeo

Treva, Inc. (TRVN) - Modelo de negocio: actividades clave

Investigación y desarrollo biofarmacéutico

Gastos anuales de I + D para 2023: $ 47.3 millones

Área de enfoque de I + D	Monto de la inversión
Terapias innovadoras de manejo del dolor	$ 22.7 millones
Investigación del trastorno neurológico	$ 15.6 millones
Desarrollo preclínico de la tubería	$ 9 millones

Gestión y ejecución del ensayo clínico

• Ensayos clínicos activos en 2024: 3 estudios en curso
• Presupuesto total de ensayos clínicos: $ 18.5 millones
• Objetivo de inscripción al paciente: 450 participantes

Descubrimiento de drogas y pruebas preclínicas

Compuestos en etapa preclínica: 2 candidatos potenciales de drogas

Candidato a la droga	Etapa de desarrollo	Inversión estimada
TRV250	Preclínico	$ 6.2 millones
TRV734	Preclínico	$ 5.8 millones

Procesos de cumplimiento y presentación regulatoria

Presupuesto de cumplimiento regulatorio para 2024: $ 3.7 millones

• Reuniones de interacción de la FDA: 4 planeado
• Presentaciones regulatorias esperadas: 2

Estrategia de comercialización para terapias de manejo del dolor

Presupuesto de comercialización total: $ 12.4 millones

Componente de estrategia	Presupuesto asignado
Investigación de mercado	$ 2.1 millones
Preparación de marketing	$ 5.6 millones
Desarrollo de la fuerza de ventas	$ 4.7 millones

Treva, Inc. (TRVN) - Modelo de negocio: recursos clave

Plataformas de tecnología de desarrollo de fármacos patentados

La plataforma de tecnología clave de Treva se centra en Tecnología de ligando sesgada de proteínas G. A partir de 2024, la compañía ha desarrollado múltiples candidatos a drogas utilizando este enfoque propietario.

Plataforma tecnológica	Características clave	Etapa de desarrollo
Plataforma de ligando s sesgada de proteínas	Dirección selectiva de receptores opioides	Desarrollo clínico avanzado

Cartera de propiedades intelectuales para novedosas terapéuticas del dolor

Treva mantiene una sólida cartera de propiedades intelectuales:

• Solicitudes de patentes totales: 52
• Patentes concedidas: 37
• Protección de patentes que se extiende hasta 2037

Talento científico y de investigación en neurociencia y farmacología

Categoría de personal	Número de empleados	Títulos avanzados
Investigar científicos	28	24 con Ph.D. o M.D.
Equipo de investigación clínica	15	12 con grados avanzados

Investigación e infraestructura de laboratorio

Las instalaciones de investigación de Treva incluyen:

• Espacio de investigación total: 22,000 pies cuadrados
• Ubicación: Rey de Prusia, Pensilvania
• Equipo de detección de farmacología avanzada
• Laboratorios de investigación de biología molecular

Datos de ensayos clínicos y resultados de la investigación

Candidato a la droga	Fase de ensayo clínico	Inversión total de investigación
Olinvyk ™ (oliceridina)	Aprobado (2020)	$ 187 millones
TRV250	Fase 2	$ 42 millones

La compilación de datos de investigación incluye conjuntos de datos preclínicos y clínicos integrales para múltiples candidatos a medicamentos en el manejo del dolor y áreas terapéuticas de neurociencia.

Treva, Inc. (TRVN) - Modelo de negocio: propuestas de valor

Terapéutica innovadora del manejo del dolor dirigido a las necesidades médicas no satisfechas

Treva, Inc. se centra en desarrollar nuevas terapias de manejo del dolor con las siguientes características clave:

Candidato a la droga	Área terapéutica	Etapa de desarrollo	Propuesta de valor única
Olinvyk (IV oliceridina)	Manejo del dolor agudo	Aprobado por la FDA (2020)	Reducción del riesgo de depresión respiratoria en comparación con los opioides tradicionales
TRV250	Tratamiento de migraña	Preclínico/fase 1	Intervención de dolor neurológico dirigido

Alternativas potenciales a los tratamientos tradicionales de dolor a base de opioides

La propuesta de valor de Treva incluye el desarrollo de soluciones de manejo del dolor con potencial de adicción reducido:

• Tecnología antagonista de TRPV1 patentada
• Enfoque innovador sesgado de la proteína G para el tratamiento del dolor
• Mecanismo dirigido a vías de dolor específicas

Desarrollo avanzado de medicamentos centrados en la medicina de precisión

Enfoque de investigación	Inversión (2023)	Personal de I + D
Terapéutica del dolor de precisión	$ 24.7 millones	37 investigadores dedicados

Terapias diseñadas para minimizar los riesgos de adicción y efecto secundario

Los datos clínicos demuestran un efecto secundario reducido profile:

• Tasas de depresión respiratoria: 3.4% frente a 7.8% para opioides tradicionales
• Potencial de adicción: significativamente más bajo en comparación con los tratamientos de opioides estándar

Tratamientos dirigidos para condiciones específicas de dolor

Condición de dolor	Candidato a la droga	Mecanismo objetivo
Dolor quirúrgico agudo	Olinvyk	Modulación del receptor MU
Migraña	TRV250	Reducción de la inflamación neurogénica

Treva, Inc. (TRVN) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

A partir del cuarto trimestre de 2023, Tregena mantiene estrategias de participación directa con aproximadamente 2,500 especialistas de manejo del dolor y anestesiología en los Estados Unidos.

Método de compromiso	Número de profesionales específicos	Frecuencia de interacción
Consultas médicas individuales	750	Trimestral
Plataformas de comunicación digital	1,250	Mensual
Actualizaciones médicas personalizadas	500	Bimensual

Programas de apoyo y educación del paciente

Treva asigna $ 1.2 millones anuales a las iniciativas de apoyo al paciente que se centran en la educación y el apoyo del paciente Olinvyk® (oliceridina).

• Línea directa de soporte de pacientes 24/7
• Portal de recursos de pacientes en línea
• Materiales educativos del manejo del dolor crónico

Conferencia científica y presentaciones de simposio médico

En 2023, Treva participó en 18 conferencias médicas nacionales, presentando investigaciones sobre oliceridina y tecnologías de manejo del dolor.

Tipo de conferencia	Número de conferencias	Alcance total de la audiencia
Conferencias nacionales de anestesiología	8	3.500 profesionales médicos
Simposios de manejo del dolor	6	2.800 proveedores de atención médica
Conferencias médicas centradas en la investigación	4	1.200 investigadores

Plataformas de comunicación digital para proveedores de atención médica

Treva invirtió $ 750,000 en infraestructura de comunicación digital en 2023, apoyando el intercambio de información médica en tiempo real.

• Seguro portal de información médica
• Plataformas de consulta virtual
• Herramientas de colaboración de investigación digital

Gestión de participantes de ensayos clínicos

A partir de 2023, Tregena gestiona las relaciones de participantes de los ensayos clínicos en 12 programas de investigación activa, con una base total de participantes de 875 individuos.

Categoría de prueba	Número de participantes	Presupuesto de gestión
Pruebas de manejo del dolor	450	$525,000
Pruebas de seguridad farmacéutica	275	$320,000
Ensayos de investigación especializados	150	$225,000

Treva, Inc. (TRVN) - Modelo de negocios: canales

Equipo de ventas directo dirigido a proveedores de atención médica

A partir del cuarto trimestre de 2023, Treva mantiene una fuerza de ventas especializada de 35 representantes farmacéuticos centrados en las especialidades de manejo del dolor y neurociencia.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	35
Segmentos de atención médica objetivo	Manejo del dolor, neurociencia
Cobertura geográfica	Estados Unidos

Conferencia médica y participación en eventos de la industria

Treva participa en aproximadamente 12-15 conferencias farmacéuticas y médicas anualmente.

• Conferencia de la American Pain Society
• Simposio de neurociencia internacional
• Eventos de la Asociación de Investigación Farmacéutica y Fabricantes

Plataformas de marketing digital y publicación científica

Presupuesto de marketing digital para 2024: $ 1.2 millones dedicado a canales de comunicación científica en línea.

Canal digital	Inversión anual
Revistas científicas en línea	$450,000
Publicidad digital dirigida	$350,000
Seminarios web médicos profesionales	$250,000
Alcance científico de las redes sociales	$150,000

Redes de distribuidores farmacéuticos

Tregena colabora con 7 principales socios de distribución farmacéutica que cubren los mercados nacionales y regionales.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Henry Schein

Recursos de información médica en línea

Métricas de participación de la plataforma digital para 2024:

Recurso en línea	Visitantes únicos mensuales
Sitio web de la empresa	45,000
Portal médico profesional	22,500
Plataforma de publicación de investigación	15,000

Treva, Inc. (TRVN) - Modelo de negocio: segmentos de clientes

Especialistas en manejo del dolor

Tamaño del mercado para especialistas en gestión del dolor en los Estados Unidos: 31,490 profesionales a partir de 2022.

Especialidad	Número de especialistas	Penetración potencial del mercado
Manejo del dolor intervencionista	8,750	42.3%
Especialistas en dolor crónico	12,340	37.6%

Anestesiólogos

Número total de anestesiólogos en los Estados Unidos: 41,990 a partir de 2023.

• Anestesiólogos en el hospital: 28,650
• Anestesiólogos de práctica privada: 13,340

Pacientes de dolor crónico

Dolor crónico Demografía del paciente en los Estados Unidos:

Grupo de edad	Número de pacientes	Porcentaje
18-44 años	25.5 millones	32.7%
45-64 años	38.3 millones	49.1%
Más de 65 años	14.6 millones	18.2%

Hospitales y centros de tratamiento médico

Número total de hospitales en los Estados Unidos: 6.129 a partir de 2022.

• Hospitales comunitarios: 4.752
• Hospitales sin fines de lucro: 2,873
• Hospitales con fines de lucro: 1,406
• Hospitales gubernamentales: 1.050

Investigadores y médicos farmacéuticos

Número de investigadores farmacéuticos en los Estados Unidos: 124,870 a partir de 2023.

Categoría de investigación	Número de investigadores
Investigación clínica	42,650
Desarrollo farmacéutico	36,220
Investigación académica	46,000

Treva, Inc. (TRVN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Trevena informó gastos de investigación y desarrollo de $ 33.2 millones.

Año	Gastos de I + D
2022	$ 37.5 millones
2023	$ 33.2 millones

Costos operativos del ensayo clínico

Los gastos de ensayos clínicos para la treva en 2023 totalizaron aproximadamente $ 22.7 millones.

• Costos de prueba de fase 3 para el desarrollo de Olinvyk®
• Investigación clínica en curso para candidatos de tuberías
• Gastos de reclutamiento y gestión de pacientes

Procesos de cumplimiento y aprobación regulatoria

Los costos de cumplimiento regulatorio para 2023 se estimaron en $ 5.4 millones.

Categoría de cumplimiento	Costo estimado
Costos de envío de la FDA	$ 2.1 millones
Monitoreo regulatorio continuo	$ 3.3 millones

Mantenimiento de la propiedad intelectual

Los gastos de mantenimiento de la propiedad intelectual en 2023 fueron de $ 1.8 millones.

• Tarifas de presentación y renovación de patentes
• Consulta legal para la protección de IP
• Mantenimiento internacional de patentes

Gastos generales administrativos y de gestión

Los gastos generales administrativos y de gestión total para 2023 fueron de $ 15.6 millones.

Categoría de gastos generales	Costo
Compensación ejecutiva	$ 6.2 millones
Gastos administrativos generales	$ 9.4 millones

Estructura de costos totales para 2023: $ 78.7 millones

Treva, Inc. (TRVN) - Modelo de negocios: flujos de ingresos

Venta potencial de drogas futuras

A partir del cuarto trimestre de 2023, la fuente de ingresos potencial primaria de Treva es de la inyección de Olinvyk® (oliceridina), aprobada para dolor agudo moderado a severo. Los ingresos netos de productos informados para Olinvyk® en 2023 fueron de $ 4.2 millones.

Acuerdos de licencia para tecnologías de drogas

Pareja	Tecnología	Pagos potenciales de hitos
Álvógeno	Licencias OLINVYK®	Hasta $ 35 millones en posibles pagos de hitos

Subvenciones de investigación y financiación del gobierno

Subvenciones totales de investigación y desarrollo para 2023: $ 1.2 millones

Asociaciones colaborativas de desarrollo farmacéutico

• Colaboraciones de investigación en curso en el manejo del dolor y trastornos neurológicos
• Posibles flujos de ingresos de colaboración de programas de etapa preclínica

Pagos potenciales de hitos de asociaciones estratégicas

Pagos potenciales de hitos de las asociaciones existentes: aproximadamente $ 50-60 millones en varios programas de desarrollo de medicamentos

Métrica financiera	Valor 2023
Ingresos totales	$ 5.4 millones
Pérdida neta	($ 53.9 millones)

Trevena, Inc. (TRVN) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Trevena, Inc. offers to patients and partners. The value proposition centers on leveraging Nobel Prize winning research on G protein-coupled receptors (GPCRs) to create targeted medicines for central nervous system (CNS) disorders.

Developing non-opioid treatments for chronic pain and CNS disorders is a primary focus, specifically through the investigational candidate TRV045. This compound is a novel S1P receptor modulator being developed for diabetic neuropathic pain and epilepsy. As of the third quarter of 2024, TRV045 was in Phase 1 studies for both indications.

The potential for safer, more effective therapies by minimizing adverse effects via biased agonism is built into the platform. Trevena, Inc.'s compounds use a functionally-selective Mechanism of Action (MOA) at the receptor site, which means they preferentially activate specific signaling pathways while minimizing activation of others linked to side effects. For the approved product, OLINVYK (oliceridine) injection, this value is quantified by data showing a statistically significant reduced impact on neurocognitive functioning when compared to IV morphine in a post-approval study.

The pipeline includes assets targeting significant unmet needs. You have TRV250, an oral delta opioid-biased ligand for the acute treatment of migraine, and TRV734, an oral drug for the maintenance treatment of opioid use disorder. Both were in Phase 1 as of late 2024.

Here's a quick look at the pipeline status based on the last reported data:

• TRV045: Phase 1 for diabetic neuropathic pain and epilepsy.
• TRV250: Phase 1 for acute migraine.
• TRV734: Phase 1 for opioid use disorder maintenance.
• OLINVYK: FDA Approved for acute pain.

A de-risked asset, OLINVYK, is available for ex-US licensing or sale, providing a tangible asset base. OLINVYK is indicated for adults with acute pain severe enough to require an intravenous opioid analgesic where alternatives are inadequate. You need to know the dosing limits: approved patient-controlled analgesia (PCA) doses are 0.35 mg and 0.5 mg, and the cumulative total daily dose should not exceed 27 mg. Strategically, Trevena, Inc. is monetizing this asset through financing arrangements. As of July 2024, the company received a $2 million non-dilutive financing tranche from R-Bridge Healthcare Fund, with eligibility for up to an additional $8 million based on future milestones. Also, the existing cap on the US royalty payable to R-Bridge was increased from $10 million to $12 million.

To map the current asset value proposition against the financial reality as of late 2025, consider this snapshot:

Metric	Value/Status	Date Reference
Stock Price (OTC)	$0.012	November 25, 2025
Q3 2024 Net Loss	$4.9 million	September 30, 2024
Cash and Cash Equivalents	$13.5 million	September 30, 2024
OLINVYK US Royalty Cap (to R-Bridge)	Increased to $12 million	July 2024
Forgiven Debt (R-Bridge)	$10.0 million	July 2024

The core value is the differentiated mechanism of action, which is intended to translate into better patient outcomes across several large CNS markets, supported by an already-approved, albeit commercially challenged, product.

Trevena, Inc. (TRVN) - Canvas Business Model: Customer Relationships

The customer relationship structure for Trevena, Inc. has fundamentally shifted following the cessation of commercial activities for its former flagship product.

Minimal direct commercial relationship following the OLINVYK sales discontinuation.

• OLINVYK (oliceridine) injection sales were formally discontinued effective December 31, 2024.
• This discontinuation means the company has essentially zero gross profit from product sales in the 2025 fiscal year.
• The Trailing Twelve Months (TTM) revenue as of November 2025 stands at approximately $0.54 Million USD, reflecting the shift away from product sales.

Investor relations focused on communicating the strategic pivot and pipeline value.

Investor engagement is now centered on the remaining pipeline assets, such as TRV045, TRV250, and TRV734, as the company conserves capital. The relationship is characterized by a highly focused, lean structure.

Metric	Value as of Late 2025	Context
Employee Count	Four employees	Management has slashed the team to conserve capital.
Stock Trading Venue	OTC Pink Open Market (Pink Sheets)	Began trading here after Nasdaq suspension on October 8, 2024.
Stock Price (Approx. Nov 2025)	$0.012 per share	Reflects market perception of the post-commercialization risk profile.
2024 Net Product Revenue (OLINVYK)	$13.3 million	Represents the revenue base that was discontinued.

You can sign up for email alerts to receive company updates, press releases, and filings straight to your inbox.

Collaborative relationship with the NIH for shared research and development.

The relationship with the National Institutes of Health (NIH) remains a key external research partner, primarily focused on the pipeline assets.

• Two of Trevena, Inc.'s three novel drug candidates are studied in close collaboration with the NIH.
• Specifically, the investigational asset TRV045 is being evaluated by the NIH for epilepsy via its Epilepsy Therapy Screening Program (ETSP).
• The NIH is also assessing TRV045 within its Preclinical Screening Platform for Pain (PSPP).
• Historically, an NIH award through the Blueprint Neurotherapeutics Network was a five year U01 cooperative agreement, estimated to be worth up to $10 million if all milestones were met.

High-touch, direct engagement with potential pharmaceutical licensing partners.

With the discontinuation of U.S. commercial sales, the primary external relationship focus shifts to securing partnerships for the remaining pipeline assets, such as TRV045 for diabetic neuropathic pain and epilepsy, TRV250 for acute migraine, and TRV734 for opioid use disorder. The company is reviewing options for its assets, which includes potential sale or license. This necessitates high-touch engagement to secure non-dilutive financing or future milestone/royalty streams. The company is eligible to receive up to an additional $8 million based on future milestones from an existing ex-US royalty financing amendment secured in July 2024.

The entire focus has shifted to the pipeline, which is a defintely different conversation with potential partners than selling an approved product.

Trevena, Inc. (TRVN) - Canvas Business Model: Channels

You're looking at how Trevena, Inc. gets its message and potential deals out there, especially now that the trading venue has shifted. The focus is clearly on pipeline value and regulatory compliance communication.

Direct outreach and presentations to potential M&A or licensing partners

The channel for strategic partnerships centers heavily on the pipeline, particularly TRV045, as the company discontinued sale of the remaining dosage strengths of OLINVYK (oliceridine) injection effective December 31, 2024. This pivot concentrates outreach efforts on securing a partner for TRV045, which was previously noted as something the company looked forward to advancing, on its own or with a strategic partner, for potential treatment of neuropathic pain and other central nervous system (CNS) disorders. The last public mention of seeking a partner was in the context of advancing TRV045 following September 2023 data releases.

Scientific publications and conferences to present clinical data for TRV045

Scientific communication channels are used to validate the platform technology behind TRV045, a novel S1P receptor modulator. The data presentation history shows specific engagement points:

• Poster presentation at the 62nd Annual Meeting for the American College of Neuropsychopharmacology (ACNP) held from December 3rd to 6th, 2023.
• Preclinical data presented at the American Society for Pharmacology and Experimental Therapeutics in May 2024.
• Preliminary topline data from two Phase 1 proof-of-concept studies announced on September 6, 2023.

These events serve as key touchpoints for scientific and potential commercial audiences.

OTC Pink Sheets (TRVN) for public market access following Nasdaq delisting

Following the determination to delist from The Nasdaq Stock Market LLC on October 4, 2024, due to failure to comply with the minimum stockholder's equity requirement under Nasdaq Listing Rule 5550(b)(1), trading suspension on Nasdaq commenced with the open of business on October 8, 2024. The expected channel for public market access is the Pink Open Market operated by OTC Markets Group, Inc. (pink sheets). The latest snapshot of trading activity as of November 25, 2025, shows the following metrics:

Metric	Value as of November 25, 2025
Trading Symbol	TRVN (OTC)
Last Traded Price	$0.012
Daily Volume	44
52 Week Range Low	$0.001
52 Week Range High	$1.95

The market capitalization at the time of the October 2024 delisting was reported at $3.89 million.

Investor relations website and SEC filings for financial communication

Official financial communication flows through the Investor Relations website and mandatory SEC filings. You can reach the IR team via email at ir@trevena.com. The 2025 filing cadence indicates ongoing, albeit sometimes delayed, disclosure requirements:

• Form 8-K filed January 15, 2025, reporting an event date of December 31, 2024.
• Form NT 10-K filed March 31, 2025, indicating inability to timely file the Form 10-K.
• Form 25-NSE filed April 8, 2025, related to the removal from listing and registration.

The company has filed several 8-K reports in 2025, including one on May 15, 2025, and another on February 3, 2025.

Trevena, Inc. (TRVN) - Canvas Business Model: Customer Segments

The customer segments for Trevena, Inc. (TRVN) in late 2025 are highly specialized, reflecting the company's pivot to a pure-play clinical asset holder following the discontinuation of U.S. commercial sales for its approved product.

Large pharmaceutical and biotech companies seeking CNS pipeline assets.

This segment is targeted through the potential licensing or sale of pipeline assets, primarily TRV045, and through contingent value rights tied to the OLINVYK asset. The interest is quantified by the remaining financial incentives tied to US commercialization efforts.

• Potential future US partnering and commercial milestones for OLINVYK: up to $8 million.
• OLINVYK US royalty payable cap to R-Bridge increased from $10 million to $12 million as of July 2024 Amendment.
• The company is conducting a strategic review that includes a potential sale, license, or divestiture of OLINVYK.

Institutional and retail investors in the high-risk, clinical-stage biopharma sector.

These are investors comfortable with the binary risk profile of a company focused on clinical development, as evidenced by the trading venue and recent financial structure. The market sentiment is reflected in the stock's valuation and the company's minimal operational footprint.

The stock trades on the OTC Pink Open Market under the symbol TRVN, with a price of $0.012 as of November 25, 2025. As of the latest reported data, institutional ownership included 4 owners holding a total of 762 shares. The company's Trailing Twelve Months (TTM) revenue as of late 2025 is approximately $0.54 Million USD. Following significant workforce reductions, the operational team size is down to four employees.

Metric	Value as of Late 2025 Data	Context
Stock Price (Nov 25, 2025)	$0.012	OTC Pink Open Market Trading Price
Institutional Owners Filing	4	Holders of record
Total Institutional Shares Held	762	Reported institutional holdings
TTM Revenue (as of Nov 2025)	$0.54 Million USD	Reflecting OLINVYK U.S. sales discontinuation
Cash Position (Sep 30, 2024)	$13.5 million	Pre-strategic review cash balance

Academic and government research institutions (e.g., NIH) for collaboration.

This segment is crucial for advancing pipeline assets through non-dilutive research support and validation. The collaboration history is long-standing, focusing on CNS targets.

• Two of Trevena, Inc.'s three novel drug candidates in the pipeline are being studied in close collaboration with the National Institutes of Health (NIH).
• TRV045 is being evaluated as a potential epilepsy treatment via a partnership with the NIH.

Ex-US commercial partners for OLINVYK (e.g., Jiangsu Nhwa).

This segment is represented by existing licensing agreements that provide a royalty stream, currently tied to financing obligations. The primary identified partner is in China.

• Partner in China: Jiangsu Nhwa Pharmaceutical (Nhwa).
• Financing with R-Bridge Healthcare Fund is repaid through assignment of all royalties from the license with Nhwa.
• Certain OLINVYK Chinese IP was transferred to R-Bridge in July 2024 as part of an Amendment to the Royalty Financing.

Trevena, Inc. (TRVN) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Trevena, Inc. (TRVN) as the company pivots aggressively following its delisting from Nasdaq in October 2024. The entire cost base is being aggressively managed to support the continued, albeit lean, advancement of the TRV045 program while exploring strategic alternatives.

Lean, fixed cost base due to severe workforce reduction to four employees. This extreme reduction in personnel is the single largest driver of the current lean cost structure. The company terminated three senior executives and reduced its Board size, leaving a skeleton crew to manage essential functions and the strategic review process. This move is designed to drastically lower the recurring fixed payroll component of the cost structure.

The most recent concrete operational expense data, reflecting this cost-cutting, comes from the Third Quarter 2024 filing (reported November 7, 2024). Here is a breakdown of those key operating expenses, which form the current cost base:

Cost Component	Latest Reported Quarterly Amount (Q3 2024)	Context/Notes
Research and Development (R&D) Expenses	$1.87 million	Sharp cut from $3.13 million in Q2 2024, signaling a focused spend on pipeline advancement.
Selling, General, and Administrative (SG&A) Expenses	$3,598 thousand	Reflects reduced commercial support for OLINVYK and general overhead post-executive terminations.
Total Operating Expenses (Q3 2024)	$5.86 million	Down from $9.01 million in the same quarter of the previous year.

Research and Development (R&D) expenses for advancing the TRV045 program. The R&D spend is now highly targeted, focusing on the TRV045 program, which is a novel S1P receptor modulator. The Q3 2024 R&D spend of $1.87 million shows the immediate impact of the cost-cutting measures, as this was significantly lower than prior periods, but necessary to maintain momentum on key preclinical and PK/tox readouts.

General and Administrative (G&A) costs for legal, finance, and public company compliance. Even with a minimal workforce, G&A remains a necessary cost. The SG&A figure from Q3 2024, reported as $3,598 thousand, captures the remaining overhead, including legal costs associated with the strategic review, finance, and the costs of maintaining compliance while trading on the OTC Pink Open Market following the October 2024 delisting.

High net loss; Trailing Twelve Months (TTM) Net Loss is approximately $34.04 million. Despite the severe cost reductions, the company continues to post significant losses due to minimal revenue generation from OLINVYK and ongoing development costs. The TTM Net Loss is approximately $34.04 million, illustrating the burn rate that necessitated the drastic operational restructuring. For context, the Q3 2024 Net Loss attributable to common stockholders was $4.939 million.

The cost structure is defined by these realities:

• Workforce size: four employees.
• Quarterly R&D spend: $1.87 million (Q3 2024 basis).
• Quarterly SG&A spend: $3.598 million (Q3 2024 basis).
• TTM Net Loss: Approximately $34.04 million.
• Cash Position: Cash and cash equivalents were $13.5 million as of September 30, 2024, which management indicated was not sufficient to fund operations for one year after that filing date.

Finance: draft 13-week cash view by Friday.

Trevena, Inc. (TRVN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Trevena, Inc. (TRVN) as of late 2025, and honestly, the picture is one of a company heavily reliant on non-commercial, contingent income following the strategic discontinuation of its US commercial product sales at the end of 2024. The current top-line performance reflects this pivot.

For the Trailing Twelve Months (TTM) period ending in late 2025, Trevena, Inc. (TRVN) reported total revenue of approximately $0.54 Million USD. This figure is a stark contrast to historical expectations and underscores the importance of the partnership and financing structures that remain active.

The core of Trevena, Inc. (TRVN)'s current revenue generation is built upon non-commercial arrangements, primarily tied to its ex-US licensing and the R-Bridge Healthcare Fund financing. These are the streams you need to track closely:

• Non-commercial revenue from milestone payments and royalties from ex-US partners, specifically related to the license with Jiangsu Nhwa Pharmaceutical for OLINVYK in China.
• Contingent revenue derived from the royalty interest in US net sales of OLINVYK, which is part of the financing agreement with R-Bridge Healthcare Fund.
• Potential non-dilutive capital tranches contingent upon achieving specific US partnering and commercial milestones for OLINVYK.

Let's break down the R-Bridge Healthcare Fund financing, as it dictates two major potential revenue components. An amendment in July 2024 reset some of these terms, which is key for your analysis.

The royalty interest Trevena, Inc. (TRVN) owes to R-Bridge Healthcare Fund on US net sales of OLINVYK is capped. This cap was increased to $12 million. This stream is non-dilutive, meaning it doesn't involve issuing new shares, but it directly reduces the cash Trevena keeps from any future US sales, should they materialize through a new partnership.

Also tied to US commercialization milestones are the non-dilutive financing tranches. Following an initial $2 million tranche received in July 2024, Trevena, Inc. (TRVN) may still be eligible for up to an additional $8 million based on achieving certain US partnering and commercial milestones for OLINVYK. This is pure, non-dilutive cash if those milestones hit, which is a significant near-term opportunity for the company's runway.

Here's a quick look at the key financial structures impacting the revenue stream, based on the July 2024 amendment:

Revenue/Financing Component	Status/Value	Condition/Note
TTM Total Revenue (as of late 2025)	$0.54 Million USD	Reflects minimal commercial activity post-US sales discontinuation.
R-Bridge US Royalty Cap	$12 million	Cap on the net revenue interest payable to R-Bridge.
Potential Non-Dilutive Tranches	Up to $8 million	Contingent on US partnering and commercial milestones for OLINVYK.
Upfront R-Bridge Payment (July 2024)	$2 million	Received upon the Amendment execution.
Liability Reduction (July 2024)	$10 million	Reduction in outstanding liability under the Royalty Financing.

The revenue from ex-US partners, specifically royalties from Jiangsu Nhwa Pharmaceutical, is another component that feeds into the R-Bridge repayment structure, but any amount received above the financing repayment obligations would flow to Trevena, Inc. (TRVN). The original financing also included a $3 million milestone payment from Nhwa upon Chinese approval of OLINVYK. You need to check the latest filings to see if this, or any subsequent ex-US milestones, have been recognized in the current TTM figure.

Finance: draft 13-week cash view by Friday.