Trevena Reports Second Quarter 2022 Results and Provides Business Update OLINVYK post-approval strategy advances with positive topline cognitive function data and continued enrollment in VOLITION clinical outcomes study

Trevena Reports Second Quarter 2022 Results

and Provides Business Update

OLINVYK post-approval strategy advances with

positive topline cognitive function data and continued

enrollment in VOLITION clinical outcomes study

Phase 1 study for TRV045, a novel S1P receptor

modulator, on track for year-end data readout; single

ascending dose and food effect study segments fully enrolled

TRV045 demonstrated potential antiepileptic

effect in multiple preclinical models

Cash balance of $49.5 million at Q2 provides

cash runway to mid-2023 with previously announced

strategic allocation of resources and cost reductions

Company to host conference call today, August

11, 2022 at 8:00 a.m. ET

CHESTERBROOK, Pa., August 11, 2022 (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 second quarter ended June 30, 2022 and provided an

overview of its recent operational highlights.

"We recognize the macro headwinds our hospital customers are

facing and have made disciplined choices around our business to efficiently commercialize OLINVYK with our refocused sales and medical

affairs team. The recently signed Vizient contract will also help us reach important hospital decision-makers and further supports

OLINVYK's potential clinical and health economic benefits," said Carrie Bourdow, President and CEO of Trevena. "We're

also responding to our customers during this time by continuing to provide new OLINVYK data versus IV morphine in important areas such

as respiratory and cognitive function adverse events where there is a need to improve acute pain patients' outcomes. Lastly,

I'm pleased that we've advanced our novel S1P receptor modulator, TRV045, towards Phase 1 completion and I'm excited

about the potential opportunity in both diabetic neuropathic pain and epilepsy."

Second Quarter 2022 and Recent Corporate Highlights

OLINVYK (oliceridine) injection Milestones

"I believe these data are a very important addition

to the scientific evidence on OLINVYK and should be of great interest to practicing clinicians", said Ashish Khanna, MD, Associate

Professor of Anesthesiology and Vice Chair of Research, at Atrium Health Wake Forest Baptist Medical Center, "Any reduction

in neurocognitive impairment has potentially significant implications for postoperative recovery, where getting the patient out of bed

and moving as soon as possible is a critical component of modern multimodal approaches to post-surgical care. If these study outcomes

translate into clinical practice, they may potentially result in meaningful reductions in length of stay, improved ambulation, and avoidance

Financial Results for Second Quarter 2022

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

to common stockholders of $15.0 million, or $0.09 per share, compared to $14.0 million, or $0.09 per share, for the second quarter of

Cash and cash equivalents were $49.5 million as of June 30, 2022, which

the Company believes will be sufficient to fund the Company's operating expenses and capital expenditure requirements to mid-2023.

The cash balance does not include net proceeds from the Company's July 2022 registered direct offering of preferred shares.

Conference Call and Webcast Information

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

community on August 11, 2022, 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

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

About OLINVYK (oliceridine)

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

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.

LIFE-THREATENING 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.

NEONATAL 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.

RISK 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.

For 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.

You 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