Form 4: Trevi Therapeutics CFO's Stock Options Vest Following Successful Haduvio Clinical Trial Results

Trevi Therapeutics, Inc.'s Chief Financial Officer, Lisa Delfini, saw a significant portion of her performance-based stock options vest following the successful achievement of clinical trial milestones for Haduvio.

Summary

• Lisa Delfini, Chief Financial Officer of Trevi Therapeutics, Inc. (TRVI), reported the vesting of performance-based stock options.
• The options were originally granted on February 15, 2024, for 120,000 shares of common stock with an exercise price of $2.38 per share.
• Vesting was contingent upon the attainment of established performance criteria related to the timing and successful results of two key clinical trials for Haduvio (nalbuphine ER).
• On March 10, 2025, the Compensation Committee certified that performance metrics for the Phase 2 RIVER trial of Haduvio in patients with refractory chronic cough were satisfied, leading to the vesting of 38,400 shares.
• On May 31, 2025, the Compensation Committee further certified that performance metrics for the Phase 2b CORAL trial of Haduvio in patients with chronic cough in idiopathic pulmonary fibrosis were satisfied, resulting in the vesting of an additional 72,000 shares.
• Following these certifications, a total of 110,400 shares from the performance stock option are now beneficially owned by Ms. Delfini.
• The option has an expiration date of February 14, 2034.

Sentiment

Score: 8

Explanation: The document reports the successful achievement of performance milestones tied to positive clinical trial results for a key drug candidate, leading to the vesting of executive stock options. This is a strong positive indicator for the company's drug development progress.

Positives

• Successful results from the Phase 2 RIVER trial for Haduvio in refractory chronic cough led to the vesting of 38,400 stock options.
• Successful results from the Phase 2b CORAL trial for Haduvio in chronic cough in idiopathic pulmonary fibrosis led to the vesting of 72,000 stock options.
• The achievement of these clinical milestones indicates positive progress in Trevi Therapeutics' drug development pipeline for Haduvio.

Future Outlook

The successful completion of the Phase 2b CORAL and Phase 2 RIVER trials for Haduvio suggests positive momentum for Trevi Therapeutics' clinical development pipeline, potentially paving the way for further advancement of the drug candidate.

Management Comments

• The Compensation Committee of the Board of Directors certified that the performance metrics related to the successful results of the RIVER trial were satisfied on March 10, 2025.
• The Compensation Committee of the Board of Directors certified that the performance metrics related to the successful results of the CORAL trial were satisfied on May 31, 2025.

Industry Context

This announcement is significant within the biotechnology and pharmaceutical industry, particularly for companies focused on drug development for chronic conditions like cough. Successful Phase 2 trial results are critical milestones that de-risk drug candidates and can significantly impact a company's valuation and future development prospects. For Trevi Therapeutics, the positive outcomes for Haduvio position it favorably in the competitive landscape for chronic cough treatments.

Stakeholder Impact

• Shareholders: The successful clinical trial results are a positive indicator for the company's pipeline and future value, potentially leading to increased share price.
• Employees: The achievement of key milestones can boost morale and confidence in the company's strategic direction.
• Patients: Successful trial results for Haduvio offer hope for new treatment options for chronic cough in idiopathic pulmonary fibrosis and refractory chronic cough.

Next Steps

• The company will likely continue to advance Haduvio through its clinical development pipeline, potentially towards Phase 3 trials or regulatory submissions, based on these successful Phase 2 results.

Key Dates

Keywords

Trevi Therapeutics, TRVI, Form 4, Insider Transaction, Stock Option, Performance Vesting, Clinical Trials, Haduvio, Nalbuphine ER, Chronic Cough, Idiopathic Pulmonary Fibrosis, Biotechnology, Pharmaceuticals