Trevena Reports First Quarter 2020 Results -- FDA review of oliceridine NDA ongoing; PDUFA date

Reports First Quarter 2020 Results

review of oliceridine NDA ongoing; PDUFA date August 7, 2020

filing for novel S1P modulator (TRV045) in 1H 2021; ongoing collaboration with NIH to evaluate for epilepsy and pain

to host conference call today, May 7, 2020, at 8:00 a.m. ET

CHESTERBROOK, Pa., [May 7], 2020

(GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization

of novel medicines for patients with central nervous system (CNS) disorders, today reported its financial results for the first

quarter ended March 31, 2020, and provided an overview of its recent operational highlights.

"In the first quarter, we reached a significant milestone

for the oliceridine program, with our resubmission and FDA's acceptance of the NDA. I am very pleased with FDA's engagement

in the review process, and we look forward to receiving their decision in August," said Carrie Bourdow, President and Chief

Executive Officer of Trevena, Inc.

First Quarter 2020 and Recent Corporate Highlights:

FDA's review of the NDA resubmission is ongoing,

and the Company continues to expect a decision from the Agency by August 7.

The Company today announced that NIH is also investigating

TRV045 as a potential non-addictive treatment for various acute and chronic pain conditions, including inflammatory and neuropathic

pain, within its Preclinical Screening Platform for Pain.

Financial Results for First Quarter 2020

For the first quarter of 2020, the Company reported a net loss

attributable to common stockholders of $5.7 million, or $0.06 per share, compared to $5.2 million, or $0.06 per share, for the

first quarter of 2019. This increase in net loss is primarily due to higher research and development expenses associated with the

TRV250 acute migraine proof-of-concept study and activities to support the NDA resubmission for oliceridine.

Cash and cash equivalents were $28.1 million at March 31, 2020,

which the Company believes to be sufficient to fund the Company's operating expenses and capital expenditure

requirements into the first quarter of 2021.

Conference Call and Webcast Information

The Company will host a conference call and webcast with the

investment community on May 7, 2020, at 8:00 a.m. Eastern Time featuring remarks by Carrie Bourdow, President and Chief Executive

Officer, Robert Yoder, Chief Business Officer, Mark Demitrack, M.D., Chief Medical Officer, and Barry Shin, Chief Financial Officer.

Oliceridine is a G protein-selective mu-opioid receptor agonist

in development for the management of moderate-to-severe acute pain in hospitals or other controlled clinical settings where intravenous

therapy is warranted. It is a new chemical entity with a novel mechanism of action that enables more selective targeting of newly

discovered pathways with the potential for fewer side effects. Oliceridine is an investigational product and has not been approved

by FDA or any other regulatory agency. If approved, the Company expects that oliceridine will be classified as a Schedule II controlled

Trevena, Inc. is a biopharmaceutical company focused on the

development and commercialization of novel medicines for patients with CNS disorders. The Company has four novel and differentiated

investigational drug candidates, including IV oliceridine, for the management of moderate to severe acute pain in hospitals, TRV250

for the acute treatment of migraine, and TRV734 for maintenance treatment of opioid use disorder. The Company has also identified

TRV045, a novel S1P receptor modulator that may offer a new, non-opioid approach to treating a variety of CNS disorders.

Forward-Looking Statements

Any statements in this press release about future expectations,

plans and prospects for the Company, including statements about the Company's strategy, future operations, clinical development

and trials of its therapeutic candidates, plans for potential future product candidates and other statements containing the words

"anticipate," "believe," "estimate," "expect," "intend," "may,"

"plan," "predict," "project," "suggest," "target," "potential,"

"will," "would," "could," "should," "continue," and similar expressions,

constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results

may differ materially from those indicated by such forward-looking statements as a result of various important factors, including:

the status, timing, costs, results and interpretation of the Company's clinical trials or any future trials of any of the

Company's investigational drug candidates; the uncertainties inherent in conducting clinical trials; expectations for regulatory

interactions, submissions and approvals, including the Company's assessment of the discussions with FDA, the timing of FDA's

decision on the oliceridine NDA; available funding ; uncertainties related to the Company's intellectual property; uncertainties

related to the ongoing COVID-19 pandemic, other matters that could affect the availability or commercial potential of the Company's

therapeutic candidates; and other factors discussed in the Risk Factors set forth in the Company's Annual Report on Form

10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and in other filings the Company

makes with the SEC from time to time. In addition, the forward-looking statements included in this press release represent the

Company's views only as of the date hereof. The Company anticipates that subsequent events and developments may cause the

Company's views to change. However, while the Company may elect to update these forward-looking statements at some point

in the future, it specifically disclaims any obligation to do so, except as may be required by law.

For more information, please contact:

LifeSci Advisors, LLC

SVP and Chief Business Officer

Condensed Statements of Operations

(Unaudited, in thousands except share and per share data)

Condensed Balance Sheets

(Unaudited, in thousands)