Form 4: Trevi Therapeutics Chief Commercial Officer's Stock Options Vest Following Successful Clinical Trial Results

Trevi Therapeutics' Chief Commercial Officer, Simon Farrell, saw a significant portion of his performance-based stock options vest following the successful achievement of performance criteria for the company's Phase 2b CORAL and Phase 2 RIVER clinical trials for Haduvio.

Summary

• Simon Farrell, Chief Commercial 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: the Phase 2b CORAL trial of Haduvio (nalbuphine ER) in patients with chronic cough in idiopathic pulmonary fibrosis, and the Phase 2 RIVER trial of Haduvio in patients with refractory chronic cough.
• On March 10, 2025, the Compensation Committee certified that performance metrics for the RIVER trial were satisfied, leading to the vesting of 38,400 shares.
• On May 31, 2025, the Compensation Committee certified that performance metrics for the CORAL trial were satisfied, resulting in the vesting of an additional 72,000 shares.
• Following these transactions, Mr. Farrell beneficially owns 110,400 derivative securities.

Sentiment

Score: 8

Explanation: The document reports the successful achievement of performance milestones in two key clinical trials, leading to the vesting of executive stock options. This indicates positive progress in the company's drug development pipeline, which is a strong positive signal for a biopharmaceutical firm.

Positives

• Successful achievement of performance criteria for the Phase 2b CORAL trial of Haduvio (nalbuphine ER) in patients with chronic cough in idiopathic pulmonary fibrosis.
• Successful achievement of performance criteria for the Phase 2 RIVER trial of Haduvio in patients with refractory chronic cough.
• Vesting of 72,000 performance-based stock options for the Chief Commercial Officer, indicating positive internal assessment of trial outcomes.
• Alignment of executive incentives with company's clinical development milestones.

Future Outlook

The successful achievement of performance milestones in both the Phase 2b CORAL and Phase 2 RIVER trials for Haduvio suggests positive progress in Trevi Therapeutics' clinical development pipeline, potentially indicating a favorable outlook for the drug's future advancement.

Management Comments

• "Reporting person was granted a performance-based stock option on February 15, 2024, to purchase 120,000 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 38,400 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 72,000 shares of common stock."

Industry Context

This filing highlights a key milestone in the biopharmaceutical industry, where the success of clinical trials is paramount for drug development and company valuation. Trevi Therapeutics' progress with Haduvio in chronic cough indications positions it within the competitive landscape of companies developing treatments for respiratory and neurological conditions, where positive trial outcomes can significantly de-risk future development and commercialization efforts.

Stakeholder Impact

• Shareholders: Positive impact due to the successful achievement of clinical trial milestones, which can enhance the company's valuation and future prospects for Haduvio. It also shows alignment of executive incentives with company performance.
• Employees: Positive signal regarding the company's progress and potential future success, which can boost morale and job security.
• Patients: Potential positive impact as successful trial results bring Haduvio closer to market availability for chronic cough conditions.

Key Dates

Keywords

Trevi Therapeutics, TRVI, SEC Form 4, Insider Transaction, Stock Option Vesting, Performance Stock Option, Executive Compensation, Clinical Trials, Haduvio, Nalbuphine ER, Chronic Cough, Idiopathic Pulmonary Fibrosis, Refractory Chronic Cough, CORAL Trial, RIVER Trial, Biotechnology, Pharmaceuticals