SCHEDULE: BlackRock Discloses 5.6% Stake in Trevi Therapeutics

BlackRock, Inc. has reported a 5.6% beneficial ownership stake in Trevi Therapeutics, Inc., holding 6,804,338 shares of common stock as of September 30, 2025.

Summary

• BlackRock, Inc. reported beneficial ownership of 6,804,338 shares of Trevi Therapeutics, Inc. common stock.
• This ownership represents 5.6% of the total outstanding class of securities.
• BlackRock holds sole voting power over 6,669,528 shares and sole dispositive power over all 6,804,338 shares.
• The filing identifies BlackRock, Inc. as a parent holding company, with several subsidiaries listed as beneficially owning the shares.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of Trevi Therapeutics.

Sentiment

Score: 6

Explanation: The filing indicates a significant institutional investment by BlackRock, Inc. in Trevi Therapeutics, which can be viewed as a positive signal of confidence. However, as a beneficial ownership disclosure, it provides no operational or financial performance details of the issuer, thus maintaining a largely neutral sentiment regarding the company's immediate prospects.

Positives

• BlackRock, a major institutional investor, holding a significant stake (5.6%) in Trevi Therapeutics may signal confidence in the company's long-term prospects.
• The investment is stated to be in the ordinary course of business, indicating a passive investment rather than an activist stance.

Negatives

• No explicit negatives are disclosed in this beneficial ownership filing.

Risks

• No specific risks related to Trevi Therapeutics' operations or financial health are detailed in this ownership disclosure.

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding Trevi Therapeutics' future operations or financial performance. It solely discloses beneficial ownership.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Industry Context

BlackRock, Inc. is one of the world's largest asset managers, and its routine Schedule 13G filings reflect its passive investment activities across numerous publicly traded companies. This filing indicates a standard portfolio allocation in Trevi Therapeutics, a biotechnology company, consistent with BlackRock's broad investment strategy.

Stakeholder Impact

• Shareholders: May view BlackRock's significant stake as a vote of confidence, potentially leading to increased investor interest and stability.
• Management: The passive nature of BlackRock's investment (as stated in the certification) suggests no immediate pressure for strategic or operational changes from this shareholder.

Next Steps

• No specific future actions or milestones for Trevi Therapeutics are mentioned in this beneficial ownership filing.

Key Dates

Keywords

Trevi Therapeutics, BlackRock, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investment, TRVI, SEC Filing