Form 4: Trevi Therapeutics Executive Gains 32,000 Shares Following Successful Trial Results

Thomas Sciascia, Chief Scientific Officer of Trevi Therapeutics, acquired 32,000 shares of common stock following the successful results of the Phase 2 RIVER trial.

Summary

• Thomas Sciascia, the Chief Scientific Officer of Trevi Therapeutics, was granted a performance-based stock option on February 15, 2024, to purchase 100,000 shares of common stock.
• The option vests based on performance criteria related to the Phase 2b CORAL trial and Phase 2 RIVER trial of Haduvio.
• On March 10, 2025, the Compensation Committee certified that the performance metrics related to the successful results of the RIVER trial were satisfied.
• This resulted in the vesting of the option as to 32,000 shares of common stock.
• The performance-based stock option remains eligible for vesting with respect to additional shares if the CORAL trial is successful.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the successful trial results leading to share vesting, indicating progress in the company's drug development program. However, some uncertainty remains regarding the CORAL trial.

Positives

• Successful results from the Phase 2 RIVER trial triggered the vesting of 32,000 shares for the reporting person.
• The performance-based stock option incentivizes key personnel based on clinical trial success.
• The potential for further vesting based on the CORAL trial provides continued motivation.

Risks

• The remaining portion of the stock option is contingent on the success of the Phase 2b CORAL trial, which introduces uncertainty.

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 announcement reflects the importance of clinical trial success in the biotechnology industry, where stock options are often tied to specific milestones to align management incentives with shareholder value.

Comparison to Industry Standards

• Performance-based stock options are a common practice in the biotech industry to incentivize executives to achieve key milestones, such as successful clinical trial outcomes.
• Companies like Amgen and Biogen also use similar compensation structures to align executive compensation with the achievement of clinical and regulatory milestones.
• The vesting of shares upon successful trial results is a standard practice to reward executives for their contributions to the company's success.

Stakeholder Impact

• Positive impact on shareholders due to the successful trial results.
• Potential positive impact on patients if Haduvio proves effective in treating chronic cough.

Next Steps

• Potential vesting of additional shares based on the results of the Phase 2b CORAL trial.

Key Dates