Trevena, Inc. (TRVN): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da inovação biofarmacêutica, a Trevena, Inc. (TRVN) surge como uma força pioneira na terapêutica de manejo da dor, desafiando tratamentos tradicionais baseados em opióides com sua abordagem inovadora à medicina de precisão. Ao alavancar a pesquisa de neurociência de ponta e as tecnologias proprietárias de desenvolvimento de medicamentos, a empresa está estrategicamente posicionada para atender às necessidades médicas críticas não atendidas, oferecendo esperança a pacientes com dor crônica e profissionais de saúde que buscam soluções de gerenciamento de dor mais seguras e mais direcionadas.

Trevena, Inc. (TRVN) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e centros médicos acadêmicos

Trevena colabora com várias instituições de pesquisa para desenvolvimento de medicamentos:

Instituição	Foco em parceria	Área de pesquisa
Universidade da Pensilvânia	Pesquisa pré -clínica	Desenvolvimento neurológico de medicamentos
Universidade Johns Hopkins	Suporte ao ensaio clínico	Terapêutica de gerenciamento da dor

Organizações de pesquisa contratada (CROs)

Trevena se envolve com CROs especializados para gerenciamento de ensaios clínicos:

• ICON PLC - Fase II/III Suporte ao ensaio clínico
• Medpace - Serviços de conformidade regulatória
• Parexel International - Design de ensaios clínicos

Potenciais parceiros de distribuição farmacêutica

As estratégias atuais de parceria de distribuição incluem:

Parceiro	Escopo de distribuição	Foco do produto
Amerisourcebergen	Distribuição norte -americana	Gerenciamento da dor Olinvyk ™

Agências regulatórias

Interações regulatórias documentadas:

• FDA - Comunicações de aprovação OLINVYK ™ em andamento
• EMA - Consultas de entrada no mercado europeu

Trevena, Inc. (TRVN) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Biofarmacêutico

Despesas anuais de P&D para 2023: US $ 47,3 milhões

Área de foco em P&D	Valor do investimento
Terapias inovadoras de gerenciamento da dor	US $ 22,7 milhões
Pesquisa em transtorno neurológico	US $ 15,6 milhões
Desenvolvimento pré -clínico de pipeline	US $ 9 milhões

Gerenciamento e execução de ensaios clínicos

• Ensaios clínicos ativos em 2024: 3 estudos em andamento
• Orçamento total do ensaio clínico: US $ 18,5 milhões
• Alvo de inscrição para pacientes: 450 participantes

Descoberta de medicamentos e testes pré -clínicos

Compostos em estágio pré -clínico: 2 candidatos a medicamentos em potencial

Candidato a drogas	Estágio de desenvolvimento	Investimento estimado
TRV250	Pré -clínico	US $ 6,2 milhões
TRV734	Pré -clínico	US $ 5,8 milhões

Processos de conformidade e envio regulatórios

Orçamento de conformidade regulatória para 2024: US $ 3,7 milhões

• Reuniões de interação da FDA: 4 planejados
• Submissões regulatórias esperadas: 2

Estratégia de comercialização para terapias de gerenciamento da dor

Orçamento total da comercialização: US $ 12,4 milhões

Componente de estratégia	Orçamento alocado
Pesquisa de mercado	US $ 2,1 milhões
Preparação de marketing	US $ 5,6 milhões
Desenvolvimento da força de vendas	US $ 4,7 milhões

Trevena, Inc. (TRVN) - Modelo de negócios: Recursos -chave

Plataformas proprietárias de tecnologia de desenvolvimento de medicamentos

A plataforma de tecnologia principal de Trevena se concentra em G Tecnologia ligante tendenciosa de proteína. A partir de 2024, a empresa desenvolveu vários candidatos a medicamentos utilizando essa abordagem proprietária.

Plataforma de tecnologia	Principais características	Estágio de desenvolvimento
G Plataforma de ligante tendenciosa de proteína	Direcionamento seletivo de receptores opióides	Desenvolvimento Clínico Avançado

Portfólio de propriedade intelectual para nova dor terapeutica

Trevena mantém um portfólio robusto de propriedade intelectual:

• Total de pedidos de patente: 52
• Patentes concedidas: 37
• Proteção de patentes que se estende até 2037

Talento científico e de pesquisa em neurociência e farmacologia

Categoria de pessoal	Número de funcionários	Graus avançados
Cientistas de pesquisa	28	24 com Ph.D. ou M.D.
Equipe de pesquisa clínica	15	12 com graus avançados

Pesquisa e infraestrutura de laboratório

As instalações de pesquisa de Trevena incluem:

• Espaço total de pesquisa: 22.000 pés quadrados
• Localização: Rei da Prússia, Pensilvânia
• Equipamento avançado de triagem de farmacologia
• Laboratórios de Pesquisa de Biologia Molecular

Dados de ensaios clínicos e descobertas de pesquisa

Candidato a drogas	Fase de ensaios clínicos	Investimento total de pesquisa
Olinvyk ™ (Oliceridina)	Aprovado (2020)	US $ 187 milhões
TRV250	Fase 2	US $ 42 milhões

A compilação de dados de pesquisa inclui conjuntos de dados pré -clínicos e clínicos abrangentes para vários candidatos a medicamentos no tratamento da dor e nas áreas terapêuticas da neurociência.

Trevena, Inc. (TRVN) - Modelo de negócios: proposições de valor

Terapêutica inovadora de gerenciamento da dor visando necessidades médicas não atendidas

Trevena, Inc. concentra -se no desenvolvimento de novas terapêuticas de gerenciamento da dor com as seguintes características -chave:

Candidato a drogas	Área terapêutica	Estágio de desenvolvimento	Proposição de valor exclusiva
Olinvyk (iv oliceridina)	Gerenciamento agudo da dor	FDA aprovado (2020)	Risco reduzido de depressão respiratória em comparação aos opióides tradicionais
TRV250	Tratamento da enxaqueca	Pré -clínico/Fase 1	Intervenção neurológica direcionada

Alternativas potenciais aos tratamentos de dor tradicionais baseados em opióides

A proposta de valor da Trevena inclui o desenvolvimento de soluções de gerenciamento da dor com potencial reduzido de dependência:

• Tecnologia antagonista de TRPV1 proprietária
• Abordagem inovadora tendenciosa da proteína G para tratamento da dor
• Mecanismo direcionado a vias de dor específicas

Desenvolvimento Avançado de Medicamentos com foco em Medicina de Precisão

Foco na pesquisa	Investimento (2023)	Pessoal de P&D
Terapêutica da dor de precisão	US $ 24,7 milhões	37 pesquisadores dedicados

Terapias projetadas para minimizar riscos de dependência e efeito colateral

Dados clínicos demonstram efeito colateral reduzido profile:

• Taxas de depressão respiratória: 3,4% vs 7,8% para opióides tradicionais
• Potencial de dependência: significativamente menor em comparação aos tratamentos com opióides padrão

Tratamentos direcionados para condições de dor específicas

Condição de dor	Candidato a drogas	Mecanismo direcionado
Dor cirúrgica aguda	Olinvyk	Modulação do receptor MU
Enxaqueca	TRV250	Redução da inflamação neurogênica

Trevena, Inc. (TRVN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A partir do quarto trimestre 2023, a Trevena mantém estratégias de engajamento direto com aproximadamente 2.500 especialistas alvo de manejo da dor e anestesiologia nos Estados Unidos.

Método de engajamento	Número de profissionais -alvo	Frequência de interação
Consultas médicas individuais	750	Trimestral
Plataformas de comunicação digital	1,250	Mensal
Atualizações médicas personalizadas	500	Bimensal

Programas de apoio ao paciente e educação

A Trevena aloca US $ 1,2 milhão anualmente a iniciativas de apoio ao paciente com foco em educação e apoio e apoio ao paciente Olinvyk® (Oliceridina).

• 24/7 de apoio ao paciente linha direta
• Portal de Recursos de Paciente Online
• Materiais educacionais de gerenciamento de dor crônica

Apresentações de Conferência Científica e Simpósio Médico

Em 2023, Trevena participou de 18 conferências médicas nacionais, apresentando pesquisas sobre tecnologias de oliceridina e gerenciamento da dor.

Tipo de conferência	Número de conferências	Alcance total do público
Conferências de anestesiologia nacional	8	3.500 profissionais médicos
Simpósios de gerenciamento da dor	6	2.800 prestadores de serviços de saúde
Conferências médicas focadas na pesquisa	4	1.200 pesquisadores

Plataformas de comunicação digital para prestadores de serviços de saúde

A Trevena investiu US $ 750.000 em infraestrutura de comunicação digital em 2023, apoiando a troca de informações médicas em tempo real.

• Portal de informações médicas seguras
• Plataformas de consulta virtual
• Ferramentas de colaboração de pesquisa digital

Gerenciamento de participantes do ensaio clínico

Em 2023, Trevena gerencia as relações de participantes do ensaio clínico em 12 programas de pesquisa ativos, com uma base total de participantes de 875 indivíduos.

Categoria de teste	Número de participantes	Orçamento de gerenciamento
Ensaios de gerenciamento da dor	450	$525,000
Ensaios de segurança farmacêutica	275	$320,000
Ensaios de pesquisa especializados	150	$225,000

Trevena, Inc. (TRVN) - Modelo de negócios: canais

Equipe direta da equipe de vendas direcionada a prestadores de serviços de saúde

A partir do quarto trimestre 2023, a Trevena mantém uma força de vendas especializada de 35 representantes farmacêuticos focados em manejo da dor e especialidades de neurociência.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	35
Segmentos de assistência médica -alvo	Gerenciamento da dor, neurociência
Cobertura geográfica	Estados Unidos

Conferência Médica e Participação de Eventos do Indústria

Trevena participa de aproximadamente 12-15 conferências farmacêuticas e médicas anualmente.

• Conferência da American Pain Society
• Simpósio Internacional de Neurociência
• Eventos da Associação de Pesquisa e Fabricantes Farmacêuticos

Plataformas de marketing digital e publicação científica

Orçamento de marketing digital para 2024: US $ 1,2 milhão dedicado aos canais de comunicação científica on -line.

Canal digital	Investimento anual
Revistas científicas online	$450,000
Publicidade digital direcionada	$350,000
Webinars profissionais médicos	$250,000
Social Media Scientific Outreach	$150,000

Redes de distribuidores farmacêuticos

Trevena colabora com 7 principais parceiros de distribuição farmacêutica que cobrem mercados nacionais e regionais.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• Henry Schein

Recursos de Informação Médica Online

Métricas de engajamento da plataforma digital para 2024:

Recurso online	Visitantes únicos mensais
Site da empresa	45,000
Portal médico profissional	22,500
Plataforma de publicação de pesquisa	15,000

Trevena, Inc. (TRVN) - Modelo de negócios: segmentos de clientes

Especialistas em gerenciamento da dor

Tamanho do mercado para especialistas em gerenciamento da dor nos Estados Unidos: 31.490 profissionais a partir de 2022.

Especialidade	Número de especialistas	Penetração potencial de mercado
Gerenciamento da dor intervencionista	8,750	42.3%
Especialistas em dor crônica	12,340	37.6%

Anestesiologistas

Número total de anestesiologistas nos Estados Unidos: 41.990 a partir de 2023.

• Anestesiologistas de base hospitalar: 28.650
• Anestesiologistas de prática particular: 13.340

Pacientes com dor crônica

Dor crônica Paciente demográfico nos Estados Unidos:

Faixa etária	Número de pacientes	Percentagem
18-44 anos	25,5 milhões	32.7%
45-64 anos	38,3 milhões	49.1%
65 anos ou mais	14,6 milhões	18.2%

Hospitais e centros de tratamento médico

Número total de hospitais nos Estados Unidos: 6.129 a partir de 2022.

• Hospitais comunitários: 4.752
• Hospitais sem fins lucrativos: 2.873
• Hospitais com fins lucrativos: 1.406
• Hospitais do governo: 1.050

Pesquisadores e médicos farmacêuticos

Número de pesquisadores farmacêuticos nos Estados Unidos: 124.870 a partir de 2023.

Categoria de pesquisa	Número de pesquisadores
Pesquisa clínica	42,650
Desenvolvimento farmacêutico	36,220
Pesquisa acadêmica	46,000

Trevena, Inc. (TRVN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Trevena relatou despesas de pesquisa e desenvolvimento de US $ 33,2 milhões.

Ano	Despesas de P&D
2022	US $ 37,5 milhões
2023	US $ 33,2 milhões

Custos operacionais de ensaios clínicos

As despesas de ensaios clínicos para Trevena em 2023 totalizaram aproximadamente US $ 22,7 milhões.

• Fase 3 Custos de estudo para o desenvolvimento Olinvyk®
• Pesquisa clínica em andamento para candidatos a pipeline
• Despesas de recrutamento e gerenciamento de pacientes

Processos de conformidade e aprovação regulatórios

Os custos de conformidade regulatórios para 2023 foram estimados em US $ 5,4 milhões.

Categoria de conformidade	Custo estimado
Custos de envio da FDA	US $ 2,1 milhões
Monitoramento regulatório em andamento	US $ 3,3 milhões

Manutenção da propriedade intelectual

As despesas de manutenção da propriedade intelectual em 2023 foram de US $ 1,8 milhão.

• Taxas de arquivamento e renovação de patentes
• Consulta legal para proteção de IP
• Manutenção internacional de patentes

Overhead administrativo e de gerenciamento

A sobrecarga administrativa e de gerenciamento total para 2023 foi de US $ 15,6 milhões.

Categoria de sobrecarga	Custo
Compensação executiva	US $ 6,2 milhões
Despesas administrativas gerais	US $ 9,4 milhões

Estrutura de custo total para 2023: US $ 78,7 milhões

Trevena, Inc. (TRVN) - Modelo de negócios: fluxos de receita

Vendas futuras em potencial de drogas

No quarto trimestre 2023, a principal fonte de receita potencial da Trevena é da injeção de Olinvyk® (oliceridina), aprovada para dor aguda moderada a grave. A receita líquida do produto líquido para o Olinvyk® em 2023 foi de US $ 4,2 milhões.

Acordos de licenciamento para tecnologias de medicamentos

Parceiro	Tecnologia	Potenciais pagamentos marcantes
Alvogen	OLINVYK® LICENCING	Até US $ 35 milhões em possíveis pagamentos marcantes

Bolsas de pesquisa e financiamento do governo

Subsídios totais de pesquisa e desenvolvimento para 2023: US $ 1,2 milhão

Parcerias de desenvolvimento farmacêutico colaborativo

• Colaborações de pesquisa em andamento no manejo da dor e distúrbios neurológicos
• Possíveis fluxos de receita de colaboração de programas de estágio pré-clínico

Potenciais pagamentos marcantes de parcerias estratégicas

Possíveis pagamentos em potencial de parcerias existentes: aproximadamente US $ 50-60 milhões em vários programas de desenvolvimento de medicamentos

Métrica financeira	2023 valor
Receita total	US $ 5,4 milhões
Perda líquida	(US $ 53,9 milhões)

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.