Form 4: Trevi Therapeutics CEO's Performance Options Vest Following Successful Clinical Trial Milestones

Trevi Therapeutics, Inc. President and CEO Jennifer L. Good's performance-based stock options for 102,000 shares vested on May 31, 2025, following the successful achievement of performance criteria related to the company's Phase 2b CORAL trial.

Summary

• Jennifer L. Good, President & CEO and Director of Trevi Therapeutics, Inc. (TRVI), had 102,000 performance-based stock options vest on May 31, 2025.
• These options vested upon the certification by the Compensation Committee of the Board of Directors that performance metrics related to the successful results of the company's Phase 2b CORAL trial of Haduvio (nalbuphine ER) in patients with chronic cough in idiopathic pulmonary fibrosis were satisfied.
• An earlier portion of the same option, totaling 54,400 shares, vested on March 10, 2025, following the successful results of the Phase 2 RIVER trial of Haduvio in patients with refractory chronic cough.
• The original performance-based stock option, granted on February 15, 2024, was for 170,000 shares of common stock with an exercise price of $2.38.
• Following these vesting events, a total of 156,400 shares from this specific performance option are now beneficially owned by Ms. Good.
• The option has an expiration date of February 14, 2034.

Sentiment

Score: 8

Explanation: The vesting of performance-based stock options tied to successful clinical trial results is a strong positive indicator for the company's drug development pipeline and management's performance. It suggests significant progress in key programs.

Positives

• Successful achievement of performance criteria for the Phase 2b CORAL trial of Haduvio, leading to the vesting of 102,000 stock options.
• Prior successful achievement of performance criteria for the Phase 2 RIVER trial of Haduvio, leading to the vesting of 54,400 stock options.
• Indicates positive progress in Trevi Therapeutics' clinical development programs for Haduvio, a key asset.

Future Outlook

The successful achievement of performance metrics tied to the CORAL and RIVER clinical trials suggests positive momentum for Trevi Therapeutics' Haduvio development program, potentially indicating future progress in addressing chronic cough conditions.

Management Comments

• Reporting person was granted a performance-based stock option on February 15, 2024, to purchase 170,000 shares of common stock.
• The option vested based on the attainment of established performance criteria related to the timing and successful results of the Company's Phase 2b CORAL trial of Haduvio (nalbuphine ER) in patients with chronic cough in idiopathic pulmonary fibrosis, and Phase 2 RIVER trial of Haduvio in patients with refractory chronic cough.
• On March 10, 2025, the Compensation Committee of the Board of Directors of the Company certified that the performance metrics related to the successful results of the RIVER trial were satisfied, resulting in the vesting of the option as to 54,400 shares of common stock.
• On May 31, 2025, the Compensation Committee of the Board of Directors of the Company certified that the performance metrics related to the successful results of the CORAL trial were satisfied, resulting in the vesting of the option as to 102,000 shares of common stock.

Industry Context

This filing highlights progress in the biopharmaceutical sector, specifically in the development of treatments for chronic cough, a significant unmet medical need. Successful clinical trial outcomes, as indicated by the vesting of performance-based options, are crucial milestones for companies like Trevi Therapeutics in advancing their drug candidates through regulatory pathways and towards potential commercialization.

Stakeholder Impact

• Shareholders: Positive impact due to successful clinical trial results, which could enhance company valuation and future prospects. The vesting of executive options aligns management incentives with shareholder value creation.
• Employees: Positive impact from successful R&D, potentially leading to job security and future growth opportunities.
• Patients: Potential future benefit from the development of Haduvio for chronic cough conditions.

Key Dates

Recommendation

Keywords

Trevi Therapeutics, TRVI, SEC Form 4, Stock Option Vesting, Jennifer L. Good, Performance Stock Option, Haduvio, Nalbuphine ER, Chronic Cough, Idiopathic Pulmonary Fibrosis, Refractory Chronic Cough, Clinical Trials, Phase 2b CORAL trial, Phase 2 RIVER trial, Biotechnology, Pharmaceuticals, Executive Compensation