Trevi Therapeutics Inc. (TRVI) and Merus N.V. (MRUS) have both announced public offerings of common stock in early June 2025. Trevi Therapeutics priced an underwritten offering of 17.4 million shares at $5.75 per share, raising approximately $100 million. This follows positive Phase 2a and Phase 2 clinical data for TRVI's chronic refractory cough and idiopathic pulmonary cough indications, which has been viewed as a de-risking factor for the company’s pipeline. Despite a pre-market decline of 2.7% following the announcement, investors have shown interest in accumulating shares. Meanwhile, Merus N.V. priced a public offering of 5.26 million shares at $57 per share, raising about $300 million. The stock experienced a pre-market decline of 7.9% after pricing. Market commentary highlighted the strategic timing of these offerings as efforts to raise capital from positions of strength to support ongoing development and execution plans.