Trevena Reports Fourth Quarter 2022 Results and Provides Business Update Company announces initial topline OLINVYK data including GI and cognitive outcomes, and length of stay data from ~200 patient real-world clinical o

Trevena Reports Fourth Quarter 2022 Results

and Provides Business Update

Company announces initial topline OLINVYK data

including GI and cognitive outcomes, and length of stay data from ~200 patient real-world clinical outcomes study

TRV045, a novel S1P receptor modulator, continues

to advance as a potential treatment for epilepsy, diabetic neuropathic pain and other CNS disorders, with two proof-of-concept studies

expected to complete enrollment by mid-2023

Cash balance of $38.3 million at year end 2022

Company to host conference call today, March

30, 2023 at 8:00 a.m. ET

CHESTERBROOK, Pa., March 30, 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 fourth quarter ended December 31, 2022 and provided

an overview of its recent operational highlights.

"We are excited to report initial topline data from the OLINVYK

real-world outcomes studies, VOLITION and ARTEMIS. The GI and cognitive results build upon the extensive data set for OLINVYK, and we

look forward to reporting respiratory outcome data as soon as it is available." said Carrie Bourdow, President and CEO of Trevena.

"We are also pleased to now have two proof-of-concept studies underway for TRV045, and we expect to report top-line data later this

Fourth Quarter 2022 and Recent Corporate Highlights

90% of OLINVYK-treated patients in VOLITION reported feeling "alert and calm" from the morning of the first post-operative

day and at every observation point thereafter, based on the Richmond Agitation-Sedation Scale, and only 3.9% of OLINVYK-treated patients

exhibited symptoms suggesting delirium at any point in the 48-hour post-operative period, based on the validated 3D-Confusion

Assessment Method (3D-CAM) screening tool. Sedation is an established risk of opioids including OLINVYK. Analysis of respiratory data

from VOLITION is not yet available, and the Company expects to report these data mid-2023.

Both studies are expected to complete enrollment by mid-2023,

and the Company expects to report top-line data in 3Q 2023

Financial Results for Fourth Quarter 2022

For the fourth quarter of 2022, the Company reported a net loss attributable

to common stockholders of $7.0 million, or $0.73 per share, compared to $14.0 million, or $2.12 per share in the fourth quarter of 2021.

For the full year ended December 31, 2022, net loss attributable to common stockholders was $53.7 million, or $7.59 per share, compared

to $51.6 million, or $7.90 per share.

Cash and cash equivalents were $38.3 million as of December 31, 2022,

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

the fourth quarter of 2023.

Conference Call and Webcast Information

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

community on March 30, 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 Financial

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 Company's website.

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