Trevi Therapeutics Jumps as GSK Exits the Chronic Cough Race

Trevi Therapeutics got an unexpected boost from a rival's stumble. Shares of the small-cap company (NASDAQ: TRVI) closed July 17, 2026 at $19.07, up $1.71, or 9.9%, after GSK abandoned its chronic cough candidate camlipixant following mixed Phase 3 results that GSK said meant the drug was unlikely to transform patient care.

Trevi develops Haduvio, an oral extended-release formulation of nalbuphine that acts on the kappa- and mu-opioid receptors involved in the cough reflex. The company is pursuing Haduvio in refractory chronic cough and other cough indications, and it reported positive Phase 2 data in June. GSK's decision to walk away from camlipixant removes one of the most advanced competitors from a market that has frustrated drug developers for years, potentially clearing more room for Trevi's differentiated mechanism as it advances toward later-stage studies.

A competitor's failure does not guarantee Trevi's own pivotal trials will succeed, and cough programs have a long history of setbacks. This is market commentary, not investment advice — small-cap biotech stocks are highly speculative and you can lose your entire investment.