Trevena, Inc. (TRVN): Business Model Canvas [Dec-2025 Updated]

Honestly, when you see a company like Trevena, Inc. execute such a deep strategic pivot-shedding commercial operations to become a pure clinical-stage player-you know the cash runway is tight. We're talking about a firm that has streamlined its core team down to just four employees while managing a trailing twelve-month net loss of roughly $34.04 million; that's a serious bet. This Business Model Canvas distills exactly how Trevena, Inc. is now banking on advancing TRV045, securing non-dilutive financing, and leaning on key partners like the NIH to survive this high-stakes transition. Keep reading to see the precise levers they are pulling to manage this lean existence and unlock future value.

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

You're looking at the core relationships Trevena, Inc. relies on to fund development and get its assets to market. These aren't just handshake deals; they involve concrete financial commitments and specific territory splits. Honestly, the financing structure with R-Bridge Healthcare Fund, L.P. is a major piece of the puzzle for near-term operations.

The collaboration with the National Institutes of Health (NIH) centers on the investigational drug candidate TRV045. This molecule is being explored as a potential treatment for epilepsy, building on its development for diabetic peripheral neuropathy. Topline data from proof-of-concept studies supporting its potential use in epilepsy were previously expected in the third quarter of 2023.

The OLINVYK commercialization in China is managed through an exclusive license agreement with Jiangsu Nhwa Pharmaceutical (Nhwa). This partnership has already delivered cash events. Nhwa received formal approval from China's National Medical Products Administration (NMPA) on May 8, 2023. This triggered a $3 million milestone payment to Trevena, Inc. Furthermore, Trevena, Inc. is eligible to receive $15 million upon the first commercial sale of OLINVYK in China. Trevena, Inc. also retains a 10% royalty on net sales of OLINVYK in China.

The financing relationship with R-Bridge Healthcare Fund, L.P. is complex, involving both past funding and recent restructuring. Here's a quick math breakdown of the key financial terms from the March 2022 agreement and the July 2024 amendment.

Financing Element	Original Term / Status	Amended Term (as of July 2024)
Upfront Non-Dilutive Funding	$15 million received	No change
Future Tranche (China Commercial Sale)	$15 million upon first commercial sale of OLINVYK in China	Still applicable, linked to R-Bridge tranche
Additional Milestone Tranche	$10 million upon achievement of a commercial or financing milestone	Up to an additional $8 million contingent on U.S. partnering/commercial milestones for OLINVYK
Liability Reduction	Original liability established by funding	Outstanding liability reduced by $10.0 million (forgiven)
Immediate Payment (Amendment)	N/A	$2 million received in July 2024
U.S. Royalty Cap on Net Sales	$10 million (if Chinese approval by year-end 2023)	Increased to $12 million (with no minimum or fixed payments)

The July 2024 Amendment also included the transfer of certain OLINVYK Chinese Intellectual Property (IP) that was previously pledged to R-Bridge Healthcare Fund, L.P. Also, warrants issued to R-Bridge Healthcare Fund, L.P. were modified. The exercise price was reduced to a 15% premium to the then-current stock price, and the exercise period was extended to five years from the amendment date.

For pipeline assets like TRV045, the strategy involves seeking potential strategic partners for sale or licensing. While the NIH collaboration supports development, the path to commercialization for pipeline assets outside of OLINVYK relies on securing these external relationships to fund later-stage development or provide upfront/milestone payments.

You should track these ongoing obligations and potential inflows:

• NIH collaboration for TRV045 epilepsy indication.
• Eligibility for up to $8 million more from R-Bridge Healthcare Fund, L.P.
• Potential $15 million from Jiangsu Nhwa Pharmaceutical (Nhwa) upon OLINVYK launch in China.
• Ongoing 10% royalty stream from Jiangsu Nhwa Pharmaceutical (Nhwa) net sales.
• Future milestone payments tied to U.S. OLINVYK partnering.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Trevena, Inc. must execute to keep the lights on and advance its science, especially given the shift away from commercial focus on OLINVYK.

Advancing the clinical development of TRV045 for neuropathic pain and epilepsy.

The focus here is on moving the novel S1P₁ receptor modulator, TRV045, forward. This investigational product is not yet approved by the FDA for distribution in the US. The development path involves two primary indications:

• Diabetic neuropathic pain (DNP).
• Epilepsy, explored through a collaboration with the National Institutes of Health (NIH).

The pipeline status as of the latest reports indicated the following:

Program	Therapeutic Target	Current Phase	PC Status	PH1 Status	PH2 Status
TRV045	Diabetic neuropathic pain	PH1	Oral PC complete	PH1 in progress	Not started
TRV045	Epilepsy	PH1	Oral PC complete	PH1 in progress	Not started

Preclinical work showed TRV045 reversed thermal hyperalgesia in nonclinical models of diabetic peripheral neuropathy and chemotherapy-induced peripheral neuropathy. The NIH-supported Epilepsy Therapy Screening Program (ETSP) continues to study TRV045 as a potential disease-modifying agent for seizure prevention.

Managing the strategic review process for all company assets, including OLINVYK.

Trevena, Inc. has been actively reviewing strategic alternatives for its approved product, OLINVYK (oliceridine) injection. This review process may include a sale, license, or divestiture. Commercial support for OLINVYK was reduced to preserve capital, though the product remains available for purchase by customers through normal channels. OLINVYK received U.S. Food and Drug Administration approval for intravenous use, and clinical studies demonstrated its potential for effective analgesia with a differentiated safety and tolerability profile compared to conventional opioids.

• OLINVYK-treated patients in the ARTEMIS study showed a statistically significant $8,750 (19%) lower cost per admission.
• OLINVYK-treated patients also showed a 1.4 day (20%) reduced average length of hospital stay compared to matched patients treated with other IV opioids.

Securing non-dilutive financing and managing a short cash runway.

The company has been focused on capital preservation, which included significant cost-cutting measures resulting in estimated annual savings of $3.5-$4 million. The operational structure was drastically reduced, including a reduction to four employees as of the third quarter of 2024. The cash position as of September 30, 2024, was $13.5 million. This was bolstered by securing financing tranches.

The financing activity included:

• Securing a $2 million non-dilutive financing tranche from R-Bridge Healthcare Fund.
• Potential for an additional $8 million non-dilutive tranche based on achieving milestones.

Following a 1-for-25 reverse stock split in August 2024, Trevena, Inc. was delisted from Nasdaq and began trading on OTC Pink Sheets.

Maintaining the core proprietary biased ligand GPCR technology platform.

The proprietary technology platform is central to Trevena, Inc.'s discovery efforts, being founded on Nobel Prize winning research concerning G protein-coupled receptors (GPCRs). This platform aims to create medicines that preferentially activate beneficial signaling pathways while minimizing engagement of pathways linked to adverse effects. This approach has yielded the pipeline assets, including OLINVYK and TRV045. The company continues to apply this platform to multiple GPCR targets, aiming for safer, more effective therapies across diverse disease areas like pain management, cardiometabolic disorders, and central nervous system conditions.

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

You're looking at the core assets Trevena, Inc. (TRVN) relies on to execute its strategic review, which is a tough spot for any company. Here's the breakdown of what they own right now, focusing only on the hard numbers and tangible items.

The foundation of Trevena, Inc.'s value proposition is its Proprietary biased ligand G protein-coupled receptor (GPCR) technology platform. This platform is built on the Nobel Prize winning work of Dr. Robert Lefkowitz. The key feature is its ability to create compounds with a functionally-selective Mechanism of Action (MOA) at the receptor site, meaning they can preferentially activate specific signaling pathways while minimizing others, aiming for better therapeutic effect with reduced adverse effects. This technology underpins their entire pipeline.

The pipeline itself represents critical intellectual property resources. As of late 2024, the pipeline included one FDA-approved product and three investigational drug candidates:

• OLINVYK (oliceridine) injection: FDA Approved for acute pain management.
• TRV045: Investigational S1P receptor modulator for Diabetic neuropathic pain and Epilepsy.
• TRV250: Investigational Delta receptor ligand for Acute migraine.
• TRV734: Investigational Mu receptor ligand for Opioid use disorder, developed in collaboration with the National Institute on Drug Abuse (NIDA).

The operational structure is extremely lean, reflecting a focus on capital preservation during the strategic review period. The outline suggests a Minimal core team of approximately four employees to manage operations. This small team is tasked with overseeing the existing assets and the strategic alternatives process, which included the termination of three senior executives (President & CEO, SVP & CMO, and EVP & COO/CFO) in October 2024 as part of cost-cutting measures.

Financial stability, or the lack thereof, is a key resource constraint. The company is actively seeking additional capital or a strategic transaction because its current balance is not projected to cover a full year of operations. You need to look at the latest reported cash position to understand the immediate runway.

Here's a table summarizing the key financial and human capital metrics available from the latest filings and data points:

Resource Metric	Value/Status (Latest Reported)
Cash and Cash Equivalents	$13.5 million (as of September 30, 2024)
Accumulated Deficit	$605.6 million (as of September 30, 2024)
Total Employees	62 (as of September 30, 2024)
TRV045 Development Phase	Phase 1 in progress (for two indications)
TRV250 Development Phase	Phase 1 in progress
TRV734 Development Phase	Phase 1 in progress

The cash position of $13.5 million as of September 30, 2024, was explicitly stated to be insufficient to fund operations for one year following the November 7, 2024 filing date. Also, note that Trevena, Inc. common stock began trading on the OTC Pink Open Market on October 8, 2024, after being delisted from Nasdaq.

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.

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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.