your badges 52W Range $9–$20 42% of range Analyst Rating BUY 18 analysts Price Target $28 +103% upside P/E -43.5 ROE -22.4% Net Profit Margin ·

TRVI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $13.91
Market Cap (MRQ) $1.98B
P/E -43.5
EPS $-0.32
ROE -22.4%
52W Range $9–$20

TRVI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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10-Year Performance Revenue, net income, margins and EPS trends

06
EPS$-0.32
2021-12-31 → 2025-12-31
Free Cash Flow$-42M
2019-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend TRVI 5Y avg Peer Median Verdict
P/E -43.55Y avg ≈-11.5 ≈-11.5 · ·
P/B (MRQ) 6.25Y avg ≈3.2 ≈3.2 3.4 Overvalued
Price / FCF (TTM) -37.55Y avg ≈-13.8 ≈-13.8 · ·
Price / Cash Flow (TTM) -37.65Y avg ≈-11.2 ≈-11.2 · ·
Price / Tangible Book 9.75Y avg ≈3.2 ≈3.2 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 13.7%
Next Report Nov 11, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 5, 2026 $-0.11 $-0.11 2.2%
March 31, 2026 $-0.09 $-0.08 -15.4%
Dec. 31, 2025 $-0.06 $-0.10 40.1%
Sept. 30, 2025 $-0.08 $-0.10 20.2%
June 30, 2025 $-0.09 $-0.10 12.6%
March 31, 2025 $-0.09 $-0.12 27.1%
Dec. 31, 2024 $-0.11 $-0.12 9.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 15
Metric Trend 20252024202320222021202020192018
R&D Expense $33M$39M$24M$20M$23M$22M$19M$14M
SG&A Expense $16M$12M$10M$10M$9M$10M$7M$4M
Operating Expenses $49M$52M$34M$30M$32M$32M$27M$18M
Operating Income $-49M$-52M$-34M$-30M$-32M$-32M$-27M$-18M
Interest Expense ··$391.0K$1M$1M$456.0K·$174.0K
Interest Income $7M$4M$5M·····
Other Non-op $-31.0K$-15.0K$469.0K$289.0K$-375.0K$-287.0K$577.0K$-2M
Pretax Income $-43M$-48M$-29M$-29M$-34M$-33M$-26M$-21M
Income Tax $-64.0K$-30.0K$-32.0K$-36.0K$-21.0K$-18.0K$-18.0K$-124.0K
Net Income $-43M$-48M$-29M$-29M$-34M$-33M$-26M$-21M
EPS (Basic) $-0.32$-0.47$-0.29$-0.45$-1.49···
EPS (Diluted) $-0.32$-0.47$-0.29$-0.45$-1.49···
Shares (Basic) 134,747,198101,971,87399,033,37364,541,91122,841,481···
Shares (Diluted) 134,747,198101,971,87399,033,37364,541,91122,841,481···
EBITDA $-49M$-51M$-34M$-30M$-32M$-32M$-27M·
Balance Sheet 23
Metric Trend 20252024202320222021202020192018
Cash & Equivalents $19M$34M$32M$13M$37M$45M$57M$7M
Short-term Investments $169M$74M$51M$108M····
Prepaid Expense $1M$939.0K$4M$795.0K$886.0K$1M$2M$1M
Other Current Assets $2M$867.0K$955.0K$1M$241.0K$265.0K··
Current Assets $192M$109M$88M$123M$38M$46M$60M$9M
PP&E (Net) $178.0K$157.0K$216.0K$170.0K$53.0K$103.0K$118.0K$149.0K
PP&E (Gross) $537.0K$385.0K$350.0K$395.0K$235.0K$235.0K$203.0K$195.0K
Accum. Depreciation $359.0K$228.0K$134.0K$225.0K$182.0K$132.0K$85.0K$46.0K
Other Non-current Assets $928.0K$243.0K$297.0K$205.0K$334.0K$532.0K··
Total Assets $193M$111M$89M$123M$38M$47M$60M$11M
Accounts Payable $4M$3M$2M$3M$3M$2M$2M$603.0K
Accrued Liabilities $6M$7M$4M$4M$4M$3M$4M$2M
Current Liabilities $10M$11M$6M$13M$13M$6M$5M$3M
Capital Leases $446.0K$747.0K$1M$2.0K$24.0K$144.0K$257.0K$46.0K
Other Non-current Liabilities ···$3.0K····
Total Liabilities $10M$11M$7M$16M$21M$20M··
Common Stock $128.0K$94.0K$68.0K$60.0K$29.0K$19.0K$18.0K$4.0K
Paid-in Capital $513M$387M$322M$318M$198M$174M$169M·
Retained Earnings $-330M$-287M$-239M$-210M$-181M$-147M$-114M$-109M
AOCI $148.0K$61.0K$-29.0K$-122.0K····
Stockholders' Equity $183M$100M$83M$107M$17M$27M$55M$-109M
Liabilities + Equity $193M$111M$89M$123M$38M$47M$60M$11M
Shares Outstanding 128,306,05693,602,63168,283,69959,943,43028,505,80418,546,78617,834,570438,600
Cash Flow 13
Metric Trend 20252024202320222021202020192018
D&A $144.0K$147.0K$123.0K$43.0K····
Stock-based Comp $5M$4M$2M$2M$3M$2M$1M$496.0K
Other Non-cash $-5M$6M$-5M·····
Operating Cash Flow $-42M$-38M$-32M$-28M$-29M$-29M$-23M$-18M
CapEx $12.0K$35.0K$137.0K$159.0K·$32.0K$9.0K$158.0K
Investing Cash Flow $-94M$-22M$59M$-107M·$-32.0K$-9.0K$-158.0K
Debt Issued ·····$14M··
Net Debt Issued ···$-6M·$14M··
Financing Cash Flow $121M$61M$-8M$111M$21M$17M$73M$4M
Net Change in Cash $-15M$2M$20M$-24M$-8M$-12M$50M$-15M
Taxes Paid $-33.0K$-32.0K······
Free Cash Flow $-42M$-38M$-32M$-28M·$-29M$-23M·
Levered FCF ··$-32M$-29M·$-29M··
Profitability 3
Metric Trend 20252024202320222021202020192018
ROA -28.1%-47.8%-27.4%-36.1%-79.3%-61.2%-73.9%·
ROE -22.4%-60.4%-33.8%-26.8%-238.5%-104.2%-45.2%·
ROIC -26.9%-51.7%-41.0%-27.8%-190.1%-119.0%-48.8%·
Liquidity & Solvency 3
Metric Trend 20252024202320222021202020192018
Current Ratio 19.710.415.09.23.08.311.5·
Quick Ratio 19.310.214.29.02.98.111.0·
Interest Coverage ··-86.8-25.7-27.0-71.2··
Per Share 4
Metric Trend 20252024202320222021202020192018
Book Value / Share $1.43$1.06$1.21$1.79$0.60$1.47$3.06·
Cash Flow / Share $-0.31$-0.38$-0.32$-0.44····
Cash / Share $0.15$0.36$0.47$0.21$1.29$2.43$3.21·
EPS (TTM) $-0.32$-0.47$-0.29$-0.45$-1.49···
Valuation (TTM) 8
Metric Trend 20252024202320222021202020192018
Net Income TTM $-43M$-48M$-29M$-29M$-34M$-33M$-26M·
Market Cap $1.61B$386M$92M$116M$22M$45M$67M·
P/E -39.1-8.8-4.6-4.3-0.5···
P/B 8.83.91.11.11.31.61.2·
P / Tangible Book 8.83.91.11.11.31.6··
P / Cash Flow -38.2-10.1-2.9-4.1-0.8-1.5-2.9·
P / FCF -38.2-10.1-2.9-4.1·-1.5-2.9·
Earnings Yield -2.6%-11.4%-21.6%-23.3%-190.5%···

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Net Income $-43M $-48M $-29M $-29M $-34M
Diluted EPS $-0.32 $-0.47 $-0.29 $-0.45 $-1.49

Institutional owners (13F) 226 filers · $2.8B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 226
Value held $2.8B
New positions 41
Exited positions 19
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
41 (-2 vs prior Q) 19 (-5 vs prior Q) 89 (+23 vs prior Q) 61 (-4 vs prior Q) +13.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
NEA Management Company, LLC $246,594,552 13,222,228 8.67% Shares
FMR LLC $234,296,949 12,562,839 8.24% Shares
BlackRock, Inc. $208,041,234 11,155,026 7.32% Shares
Frazier Life Sciences Management, L.P. $185,370,687 9,939,447 6.52% Shares
WELLINGTON MANAGEMENT GROUP LLP $106,017,642 5,684,592 3.73% Shares
VANGUARD CAPITAL MANAGEMENT LLC $103,147,089 5,530,675 3.63% Shares
Vivo Capital, LLC $95,015,558 5,094,668 3.34% Shares
VANGUARD GROUP INC $80,561,880 6,434,655 2.83% Shares
Woodline Partners LP $76,116,860 4,081,333 2.68% Shares
Vestal Point Capital, LP $57,815,000 3,100,000 2.03% Shares
MPM BIOIMPACT LLC $57,322,211 3,073,577 2.02% Shares
FRONTIER CAPITAL MANAGEMENT CO LLC $57,269,301 3,070,740 2.01% Shares
STATE STREET CORP $56,459,425 3,027,315 1.99% Shares
GEODE CAPITAL MANAGEMENT, LLC $54,619,528 2,928,068 1.92% Shares
MARSHALL WACE, LLP $49,872,655 2,674,137 1.75% Shares
EVENTIDE ASSET MANAGEMENT, LLC $49,609,000 2,660,000 1.74% Shares
Rubric Capital Management LP $46,709,167 2,504,513 1.64% Shares
Artia Global Partners LP $41,232,390 2,210,852 1.45% Shares
ACORN CAPITAL ADVISORS, LLC $40,001,341 2,144,844 1.41% Shares
First Light Asset Management, LLC $39,113,060 2,097,215 1.38% Shares
Pictet Asset Management Holding SA $37,557,109 2,013,786 1.32% Shares
Logos Global Management LP $35,062,000 1,880,000 1.23% Shares
Affinity Asset Advisors, LLC $33,573,208 1,800,172 1.18% Shares
EMERALD ADVISERS, LLC $33,525,445 1,797,611 1.18% Shares
Siren, L.L.C. $33,325,070 1,786,867 1.17% Shares
Pivotal bioVenture Partners Investment Advisor LLC $32,500,833 1,742,672 1.14% Shares
RAYMOND JAMES FINANCIAL INC $30,038,753 1,610,657 1.06% Shares
VIKING GLOBAL INVESTORS LP $28,807,611 1,544,644 1.01% Shares
BANK OF AMERICA CORP /DE/ $28,588,381 1,532,889 1.01% Shares
Assenagon Asset Management S.A. $28,447,106 1,525,314 1.00% Shares
ALLIANCEBERNSTEIN L.P. $28,100,554 2,355,453 0.99% Shares
ORBIMED ADVISORS LLC $26,674,964 1,430,293 0.94% Shares
Jones Hill Capital LP $24,976,304 1,339,212 0.88% Shares
NAN FUNG TRINITY (HK) LTD $22,634,013 1,213,620 0.80% Shares
EMERALD MUTUAL FUND ADVISERS TRUST $22,584,497 1,210,965 0.79% Shares
GOLDMAN SACHS GROUP INC $22,426,998 1,202,520 0.79% Shares
Soleus Capital Management, L.P. $21,999,876 1,179,618 0.77% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $21,948,663 1,176,872 0.77% Shares
BARCLAYS PLC $21,299,737 1,142,077 0.75% Shares
Saturn V Capital Management LP $19,620,602 1,052,043 0.69% Shares
FLPUTNAM INVESTMENT MANAGEMENT CO $19,359,763 1,038,057 0.68% Shares
NORTHERN TRUST CORP $18,762,609 1,006,038 0.66% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $18,138,990 972,600 0.64% Call option
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $18,004,747 965,402 0.63% Shares
Candriam S.C.A. $18,002,647 966,219 0.63% Shares
Balyasny Asset Management L.P. $15,760,873 845,087 0.55% Shares
VANGUARD FIDUCIARY TRUST CO $15,685,750 841,059 0.55% Shares
MORGAN STANLEY $14,928,673 800,465 0.53% Shares
Nuveen, LLC $14,270,533 765,176 0.50% Shares
Burkehill Global Management, LP $13,521,250 725,000 0.48% Shares

Show all 226 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
New Enterprise Associates 16, L.P., NEA Partners 16, L.P., NEA 16 GP, LLC, NEA 18 Venture Growth Equity, L.P., NEA Partners 18 VGE, L.P., NEA 18 VGE GP, LLC, Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Scott D. Sandell, Paul Walker ×10 filings May 7, 2026 10.50% Amendment Passive investment SEC
Omega Fund V, L.P., Omega Fund V GP, L.P., Omega Fund V GP Manager, Ltd., Richard J. Lim, Claudio Nessi, Anne-Mari Paster, Otello Stampacchia May 20, 2019 · Initial filing Board campaign SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 37 insiders · 13 officers · 9 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jennifer L Good President & CEO Feb. 19, 2026 A 213,313 0 0 $0
David C Hastings Chief Financial Officer Jan. 8, 2026 A · 0 0 $0
Lisa Delfini Chief Financial Officer May 31, 2025 A 64,660 0 0 $0
Christopher Seiter Chief Financial Officer Feb. 17, 2021 A · 0 0 $0
Farrell Simon Chief Commercial Officer Feb. 19, 2026 A 76,900 0 0 $0
Christopher Galletta Controller and Principal Accounting Officer Feb. 19, 2026 A 26,095 0 0 $0
James V Cassella Chief Development Officer Feb. 19, 2026 A · 0 0 $0
Thomas Sciascia Chief Scientific Officer Feb. 19, 2026 A 221,373 0 0 $0
David J Clark Chief Medical Officer Feb. 15, 2024 A · 0 0 $0
William P Forbes Chief Development Officer June 29, 2022 A · 0 0 $0
Frank P Muscolo Controller Feb. 17, 2021 A · 0 0 $0
Helena Brett-Smith Chief Development Officer Feb. 13, 2020 A · 0 0 $0
Yann Mazabraud Chief Commercial Officer and Head of International Feb. 13, 2020 A · 0 0 $0
Michael Thomas Heffernan Director Sept. 15, 2026 M 6,351 0 4 $-595,806
David P Meeker Director June 3, 2026 A 352,489 0 0 $0
Edward T. Mathers Director June 3, 2026 A 948,948 0 0 $0
Dominick Colangelo Director June 3, 2026 A · 0 0 $0
Anne Vanlent Director June 3, 2026 A 25,983 0 0 $0
Mette Kirstine Agger Director May 9, 2019 C 1,151,544 0 0 $0
Anna Guyer Mitsak Director May 7, 2019 A · 0 0 $0
Eran Nadav Director May 7, 2019 A · 0 0 $0
Mohamad Makhzoumi 10% owner April 11, 2022 P 948,948 0 0 $0
Ali Behbahani 10% owner April 11, 2022 P 948,948 0 0 $0
Anthony A. Florence, Jr. 10% owner April 11, 2022 P 948,948 0 0 $0
Peter W. Sonsini 10% owner April 11, 2022 P 948,948 0 0 $0
Paul Walker 10% owner April 11, 2022 P 948,948 0 0 $0
Forest Baskett 10% owner April 11, 2022 P 10,421,428 0 0 $0
Scott D. Sandell 10% owner April 11, 2022 P 948,948 0 0 $0
Joshua Makower 10% owner April 3, 2020 X 5,937,998 0 0 $0
Debra A Drake 10% owner May 9, 2019 C 10,399 0 0 $0
Richard King Mellon Foundation 10% owner May 9, 2019 C 347,157 0 0 $0
Lundbeckfond Invest A/S 10% owner May 9, 2019 C 1,151,544 0 0 $0
Peter F Drake 10% owner May 9, 2019 C 62,540 0 0 $0
William J Oshea 10% owner May 9, 2019 C 114,080 0 0 $0
David M Mott 10% owner May 9, 2019 C 4,438,562 0 0 $0
Peter J Barris 10% owner May 9, 2019 C 4,438,562 0 0 $0
Carmen Chang · April 11, 2022 P 948,948 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 23 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PILL · Direxion Shares ETF Trust 1.55% 17,529 NS July 31, 2026 N-PORT
IHE · iShares Trust 0.43% 436,183 SH Sept. 11, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.14% 148,479 SH Aug. 19, 2026 Daily
IBBQ · Invesco Exchange-Traded Fund Trust … 0.13% 10,058 SH Oct. 2, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.12% 114,901 SH Aug. 19, 2026 Daily
IWO · iShares Trust 0.11% 1,007,147 SH Sept. 11, 2026 Daily
IBB · iShares Trust 0.11% 707,885 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.06% 51,308 NS July 31, 2026 N-PORT
ISCG · iShares Trust 0.06% 37,734 SH Sept. 11, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.06% 616,796 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.06% 2,737,721 SH Sept. 11, 2026 Daily
ESML · iShares Trust 0.05% 81,532 SH Sept. 11, 2026 Daily
VHT · VANGUARD WORLD FUND 0.03% 287,822 SH Aug. 19, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.03% 45,551 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.02% 1,352,952 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.01% 5,214 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 3,318 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 152,436 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 24,754 SH Sept. 9, 2026 Daily
PTH · Invesco Exchange-Traded Fund Trust 0.00% 25 SH Oct. 2, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 4,048,595 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 8,874 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 5,335 SH Sept. 11, 2026 Daily

TRVI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 18 analysts BUY
Median target $25.00 +79.7%
6 33.3% Strong Buy
11 61.1% Buy
1 5.6% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

11 analysts · 2026-09-27

Mean target $28.18 +102.6%

← Below all targets Current price $13.91
Low$23.00 Mean$28.18 High$40.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
TRVI $1.61B -39.1 · · -22.4% ·
HRMY $2.16B 13.8 21.5% 18.3% 19.3% 77.2%
PBH $3.33B 15.2 -4.3% 17.5% 10.2% 54.7%
GPCR $14.78B -86.9 · · -12.3% ·
TRLV · · -0.45% -10.3% -10.4% 60.2%
NUVB $3.03B -14.9 699.0% -325.3% -60.3% ·
SEPN $1.25B -25.3 4174.5% -106.4% -12.9% ·
ANIP $1.78B 23.8 43.8% 8.9% 16.6% ·
ETON $457M · 104.9% -5.8% -18.4% 53.5%
RAPP $1.45B -10.6 · · -29.8% ·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 6, 2026