Trevena Reports First Quarter 2023 Results and Provides Business Update OLINVYK receives regulatory approval in China, triggering $3 million milestone payment from Company's China partner Jiangsu Nhwa Pharmaceutical Comp

Trevena Reports First Quarter 2023 Results and

Provides Business Update

OLINVYK receives regulatory

approval in China, triggering $3 million milestone payment from Company's China partner Jiangsu Nhwa Pharmaceutical

Company expects to receive additional $15 million

non-dilutive tranche from R-Bridge upon first commercial sale of OLINVYK in China

TRV045 topline data expected in 3Q 2023 for

two proof-of-concept studies supporting continued development for potential use in epilepsy and chronic pain

announced initial topline OLINVYK data demonstrated a statistically significant 1.6-day (~27%) reduction in average overall hospital length

of stay compared to matched patients treated with other IV opioids, based on initial EMR analysis of patients at Wake Forest Baptist Health

Company continues to expect new OLINVYK respiratory

data and additional health utilization and cost analyses from ~200 patient real-world clinical outcomes study in mid-2023

to host conference call today, May 15, 2023 at 8:00 a.m. ET

CHESTERBROOK, Pa., May 15, 2023 (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, 2023, and provided an

overview of its recent operational highlights.

"This is an important year for Trevena as we expect topline data

from two TRV045 proof-of-concept studies, one to support potential use in epilepsy and the other in chronic pain, and new OLINVYK respiratory

data from the VOLITION study with Cleveland Clinic," said Carrie Bourdow, President and CEO of Trevena. "We were also pleased

that Jiangsu Nhwa recently received approval of OLINVYK in China which will allow patients there to have access to this innovative therapeutic

First Quarter 2023 and Recent Corporate Highlights

Financial Results for First Quarter 2023

For the first quarter of 2023, the Company reported a net loss attributable

to common stockholders of $7.8 million, or $0.81 per share, compared to $16.4 million, or $2.48 per share in the first quarter of 2022.

Cash, cash equivalents and marketable securities were $27.4 million

as of March 31, 2023, which the Company believes will be sufficient to fund the Company's operations through year-end 2023.

Together with the expected $3 million Nhwa Milestone payment and $15 million available under the R-Bridge Financing upon Nhwa's

first commercial sale of OLINVYK in China, the Company believes this will be sufficient to fund operations to mid-2024.

Conference Call and Webcast Information

The Company will host a conference call and webcast with the investment

community on May 15, 2023, at 8:00 a.m. Eastern Time featuring remarks by Carrie Bourdow, President and Chief Executive Officer,

Patricia Drake, Chief Commercial Officer, Mark Demitrack, M.D., Senior Vice President and Chief Medical Officer, and Barry Shin, Chief

The conference call will be webcast live from the Company's website and will be available via the following links:

The webcast should be accessed 15 minutes prior to the conference

call start time. A replay of the webcast will be available following the conclusion of the live broadcast and will be accessible on the

OLINVYK (oliceridine) injection

OLINVYK is a new chemical entity approved by the

FDA in August 2020. OLINVYK contains oliceridine, an opioid, which is a Schedule II controlled substance with a high potential for

abuse similar to other opioids. It is indicated in adults for the management of acute pain severe enough to require an intravenous opioid

analgesic and for whom alternative treatments are inadequate. OLINVYK is available in 1 mg/1 mL and 2 mg/2 mL single-dose vials, and a

30 mg/30 mL single-patient-use vial for patient-controlled analgesia (PCA). Approved PCA doses are 0.35 mg and 0.5 mg and doses greater

than 3 mg should not be administered. The cumulative daily dose should not exceed 27 mg. Please see Important Safety Information, including

the BOXED WARNING, and full prescribing information at www.OLINVYK.com.

ABUSE, AND MISUSE; LIFE-THREATENING RESPIRATORY DEPRESSION; NEONATAL OPIOID WITHDRAWAL SYNDROME; and RISKS FROM CONCOMITANT USE WITH BENZODIAZEPINES

OR OTHER CENTRAL NERVOUS SYSTEM (CNS) DEPRESSANTS

ABUSE, AND MISUSE - OLINVYK exposes patients and other users to the risks of opioid addiction, abuse, and misuse, which

can lead to overdose and death. Assess each patient's risk before prescribing OLINVYK, and monitor all patients regularly for the

development of behaviors or conditions.

RESPIRATORY DEPRESSION - Serious, life-threatening, or fatal respiratory depression may occur with use of OLINVYK. Monitor

for respiratory depression, especially during initiation of OLINVYK or following a dose increase.

OPIOID WITHDRAWAL SYNDROME - Prolonged use of OLINVYK during pregnancy can result in neonatal opioid withdrawal syndrome,

which may be life-threatening if not recognized and treated, and requires management according to protocols developed by neonatology experts.

If opioid use is required for a prolonged period in a pregnant woman, advise the patient of the risk of neonatal opioid withdrawal syndrome

and ensure that appropriate treatment will be available.

FROM CONCOMITANT USE WITH BENZODIAZEPINES OR OTHER CNS DEPRESSANTS - Concomitant use of opioids with benzodiazepines

or other CNS depressants, including alcohol, may result in profound sedation, respiratory depression, coma, and death. Reserve concomitant

prescribing for use in patients for whom alternative treatment options are inadequate; limit dosages and durations to the minimum required;

and follow patients for signs and symptoms of respiratory depression and sedation.

INDICATIONS AND USAGE

OLINVYK is an opioid agonist indicated in adults for the management

of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate.

Because of the risks of addiction, abuse, and misuse with opioids,

even at recommended doses, reserve OLINVYK for use in patients for whom alternative treatment options [e.g., non-opioid analgesics or

opioid combination products]:

The cumulative total daily dose should not exceed 27 mg, as total

daily doses greater than 27 mg may increase the risk for QTc interval prolongation.

OLINVYK is contraindicated in patients with:

WARNINGS AND PRECAUTIONS

Adverse reactions are described in greater detail in the Prescribing

The most common (incidence 10%) adverse reactions in Phase 3 controlled

clinical trials were nausea, vomiting, dizziness, headache, constipation, pruritus, and hypoxia.

medical inquiries or to report an adverse event, other safety-related information or product complaints for a company product, please

contact the Trevena Medical Information Contact Center at 1-844-465-4686 or email MedInfo@Trevena.com.

are encouraged to report suspected adverse events of prescription drugs to the FDA. Visit www.fda.gov/medwatch or

call 1-800-FDA-1088.

Please see Full Prescribing Information, including Boxed Warning.

TRV045 is a novel, selective sphingosine-1-phosphate

subtype 1 (S1P1) receptor modulator being developed as a potential treatment for acute and chronic neuropathic pain secondary

to diabetic peripheral neuropathy. Through a collaboration with the National Institutes of Health, Trevena is also exploring TRV045 as

a potential treatment for epilepsy.

S1P receptors are located throughout the body,

including the central nervous system, where they are believed to play a role in modulating neurotransmission and membrane excitability.

Trevena's discovery efforts have identified a

family of compounds that are highly selective for the S1P1 receptor. TRV045 reversed thermal hyperalgesia, a measure of neuropathic

pain, in nonclinical models of diabetic peripheral neuropathy and chemotherapy-induced peripheral neuropathy. TRV045 was not associated

with lymphopenia and produced no changes in blood pressure, heart rate, or respiratory function at or above pharmacologically active doses

in nonclinical studies. TRV045 is an investigational product and is not yet approved by the FDA.

Trevena, Inc. is a biopharmaceutical company focused on the development

and commercialization of innovative medicines for patients with CNS disorders. The Company has one approved product in the United States,

OLINVYK (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an

intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company's novel pipeline is based on Nobel

Prize winning research and includes three differentiated investigational drug candidates: TRV045 for diabetic neuropathic pain and epilepsy,

TRV250 for the acute treatment of migraine and TRV734 for maintenance treatment of opioid use disorder.

For more information, please visit www.Trevena.com

Jiangsu Nhwa Pharmaceutical Co., Ltd.

(SZ002262), founded in 1978, is a leading CNS company in China. Over the past 40 years, Nhwa is exclusively dedicated to developing innovative

and differentiated pipeline in the areas of anesthesia, analgesia, psychiatry and neurology via in-house R&D and global partnership.

As a fully integrated pharmaceutical