Form 4: Trevi Therapeutics CFO Lisa Delfini Acquires Shares Through Performance-Based Stock Option Vesting

Lisa Delfini, CFO of Trevi Therapeutics, acquired 38,400 shares of common stock on March 10, 2025, following the vesting of a performance-based stock option tied to the successful results of the Phase 2 RIVER trial.

Summary

• This Form 4 filing reports a change in beneficial ownership for Lisa Delfini, the Chief Financial Officer of Trevi Therapeutics, Inc.
• On March 10, 2025, Ms. Delfini acquired 38,400 shares of Trevi Therapeutics common stock.
• This acquisition resulted from the vesting of a performance-based stock option.
• The option was granted on February 15, 2024, and is tied to the success of Trevi Therapeutics' Phase 2b CORAL trial and Phase 2 RIVER trial for Haduvio (nalbuphine ER).
• The vesting of the option for 38,400 shares was triggered by the Compensation Committee's certification that performance metrics related to the successful results of the RIVER trial were satisfied.
• The performance-based stock option remains eligible for vesting with respect to additional shares of common stock underlying the option in the event that performance metrics related to the successful results of the CORAL trial are satisfied.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as the stock option vesting is tied to the successful results of a clinical trial, indicating progress in the company's drug development program.

Positives

• The vesting of the stock option indicates that the Phase 2 RIVER trial achieved successful results, as determined by the Compensation Committee.
• The continued eligibility for vesting based on the CORAL trial suggests potential for further positive developments.

Future Outlook

The performance-based stock option remains eligible for vesting with respect to additional shares of common stock underlying the option in the event that performance metrics related to the successful results of the CORAL trial are satisfied.

Industry Context

This filing reflects insider activity related to the achievement of clinical trial milestones, which is a common occurrence in the biotechnology industry. Successful trial results often trigger stock option vesting for key personnel.

Comparison to Industry Standards

• Stock option grants and vesting schedules are standard compensation practices in the pharmaceutical and biotechnology industries.
• Performance-based vesting tied to clinical trial success is a common method to align management incentives with company goals.
• Comparable companies like Galera Therapeutics or BioLineRx also utilize stock options and performance-based incentives for their executives.

Stakeholder Impact

• Positive for shareholders as it signals progress in clinical trials.
• Positive for employees as it reflects achievement of company goals.

Next Steps

• Potential vesting of additional shares if the CORAL trial achieves successful results.

Key Dates