Quick Thoughts on Readthrough from Camlipixant Discontinuation

Research evidence excerpt

Quick Thoughts on Readthrough from Camlipixant Discontinuation

Update

July 17, 2026 12:57 PM GMT

Morgan Stanley & Co. LLCMTrevi Therapeutics Inc | North America Judah C. Frommer, CFA

Equity Analyst

Quick Thoughts on Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

Nick.Japhet@morganstanley.com +1 212 761-2721

Readthrough from Camlipixant Parth Patel

Parth.Patel@morganstanley.com +1 212 761-5065

Discontinuation

Trevi Therapeutics Inc (TRVI.O, TRVI US)

Biotechnology | United States of America

Key Takeaways Stock Rating Overweight

Industry View Attractive

GSK reported that it has discontinued development of camlipixant for RCC Price target $20.00

Shr price, close (Jul 16, 2026) $17.36

Haduvio could be the first FDA-approved therapy for RCC Mkt cap, curr (mm) $2,764

52-Week Range $20.15-6.55

Haduvio differentiated from P2X3 receptor antagonists by consistent cough

reductions across indications and patient subgroups

GSK (covered by Sarita Kapila) reported it is discontinuing development of

camlipixant (P2X3 receptor antagonist) for RCC following topline results from the

Ph3 CALM-1 and CALM-2 studies (see Sarita's note here). The update is net positive

for TRVI, in our view, as Haduvio is positioned to potentially be the first FDA-

approved therapy for RCC. Heading into the CALM-1/2 results, our conversations

with investors and mgmt. had indicated that only material outperformance by

camlipixant in its CALM program would have been viewed as negative. Though

camlipixant's failure may reflect development risk in RCC (we note significant

placebo responses observed historically in this indication, though worth noting

secondary endpoints missed for camlipixant), Haduvio's i) differentiated mechanism