Trevena is a small, clinical-stage biopharmaceutical company focused on CNS and pain disorders. Its only commercially approved product is OLINVYK (oliceridine), an IV opioid approved by the FDA in 2020 for adults with acute pain severe enough to require IV opioid treatment. OLINVYK works via a G-protein biased mechanism at the mu opioid receptor, which Trevena argues produces opioid-level pain relief with a better side effect profile than conventional IV opioids like morphine, fentanyl, and hydromorphone. Trevena sells OLINVYK through a small direct U.S. commercial team targeting hospitals and ambulatory surgical centers, but commercial traction has been limited — hospital formulary approval is a prerequisite, and hospital pharmacy committees have been slow to adopt the product given its significant premium over generic IV opioids. As of April 2024, Trevena announced it is reducing commercial support for OLINVYK and exploring strategic alternatives, including a sale or licensing of the product. Trevena's primary pipeline asset is TRV045, a novel S1P receptor modulator in early clinical development targeting chronic neuropathic pain and epilepsy, with Phase 1 data showing statistically significant reductions in pain markers and cortical excitability. Trevena is seeking a development and commercialization partner for TRV045. A second pipeline candidate, TRV734, is an oral opioid-receptor-biased drug with potential in acute pain and opioid use disorder, also awaiting a partner. With roughly 18 employees and limited capital, Trevena's long-term model depends on monetizing OLINVYK and out-licensing TRV045 to a larger partner.