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

Trevi Therapeutics' Chief Scientific Officer, Thomas Sciascia, saw 92,000 performance-based stock options vest following the successful attainment of clinical trial milestones for Haduvio in chronic cough.

Summary

• Thomas Sciascia, Chief Scientific Officer of Trevi Therapeutics, Inc. (TRVI), reported the vesting of performance-based stock options.
• A performance-based stock option to purchase 100,000 shares of common stock was initially granted on February 15, 2024.
• The 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 32,000 shares.
• On May 31, 2025, the Compensation Committee 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 60,000 shares.
• In total, 92,000 shares from the performance stock option have vested.
• The exercise price for these options is $2.38 per share.
• Following these transactions, the reporting person beneficially owns 92,000 derivative securities (performance stock options).

Sentiment

Score: 8

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

Positives

• Successful attainment of performance criteria for both the Phase 2 RIVER trial and Phase 2b CORAL trial of Haduvio, indicating positive clinical trial results.
• Vesting of 92,000 performance-based stock options for the Chief Scientific Officer, aligning management incentives with company success.
• The successful trial results for Haduvio could potentially advance the drug towards further development and commercialization, addressing significant medical needs in chronic cough.

Future Outlook

The successful completion of performance milestones for the Phase 2 RIVER and Phase 2b CORAL trials of Haduvio suggests a positive trajectory for the drug's development. This could lead to further clinical advancement and potential commercialization, addressing unmet medical needs in chronic cough.

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.
• The Compensation Committee of the Board of Directors certified that the performance metrics related to the successful results of the CORAL trial were satisfied.

Industry Context

The successful completion of Phase 2 clinical trials for Haduvio (nalbuphine ER) in chronic cough, including refractory chronic cough and chronic cough in idiopathic pulmonary fibrosis, positions Trevi Therapeutics as a potential innovator in the treatment of these challenging conditions. These results are significant in the pharmaceutical industry, where successful clinical trial outcomes are critical for drug development and market potential, particularly for conditions with limited effective treatments.

Stakeholder Impact

• Shareholders: Positive impact due to successful clinical trial results, which can increase the perceived value and future prospects of the company's pipeline.
• Employees: Positive impact, particularly for the Chief Scientific Officer whose incentives are aligned with successful drug development, potentially boosting morale and retention.
• Patients: Potential positive impact as successful trial results for Haduvio could lead to a new treatment option for chronic cough, including refractory chronic cough and chronic cough in idiopathic pulmonary fibrosis.

Next Steps

• While not explicitly stated as 'next steps' in this Form 4, the successful completion of Phase 2 trials for Haduvio typically implies progression to Phase 3 trials or discussions with regulatory bodies for potential approval, assuming continued positive results.

Key Dates

Keywords

Trevi Therapeutics, TRVI, SEC Form 4, Insider Transaction, Stock Option, Performance Option, Haduvio, Nalbuphine ER, Chronic Cough, Idiopathic Pulmonary Fibrosis, Refractory Chronic Cough, Clinical Trial, Phase 2b CORAL trial, Phase 2 RIVER trial, Biotechnology, Pharmaceuticals