Form 4: Trevi Therapeutics Executive's Stock Options Vest Following Successful Haduvio Clinical Trials

A Trevi Therapeutics, Inc. executive's performance-based stock options have vested due to the successful achievement of clinical trial milestones for Haduvio in chronic cough.

Summary

• Christopher Galletta, Controller and Principal Accounting Officer of Trevi Therapeutics, Inc. (TRVI), reported the vesting of performance-based stock options.
• The options were granted on February 15, 2024, for 14,250 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 4,560 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 8,550 shares.
• Following these certifications, a total of 13,110 derivative securities (performance stock options) are beneficially owned by the reporting person.
• The options have an expiration date of February 14, 2034.

Sentiment

Score: 8

Explanation: The document reports the successful achievement of performance milestones related to two clinical trials, leading to the vesting of executive stock options. This is a strong positive indicator for the company's drug development and future prospects, reflecting successful R&D outcomes.

Positives

• The successful completion and positive results of the Phase 2 RIVER trial for Haduvio in refractory chronic cough led to the vesting of 4,560 stock options.
• The successful completion and positive results of the Phase 2b CORAL trial for Haduvio in chronic cough in idiopathic pulmonary fibrosis led to the vesting of 8,550 stock options.
• The achievement of these performance milestones indicates progress in Trevi Therapeutics' clinical development pipeline for Haduvio.

Future Outlook

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

Management Comments

• "Reporting person was granted a performance-based stock option on February 15, 2024, to purchase 14,250 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 4,560 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 8,550 shares of common stock."

Industry Context

In the pharmaceutical and biotechnology industry, the successful completion of Phase 2 clinical trials is a critical milestone, as it provides proof-of-concept and de-risks further development. Positive results for Haduvio in two distinct chronic cough indications could significantly enhance Trevi Therapeutics' position in the respiratory therapeutics market.

Stakeholder Impact

• Shareholders: Positive impact due to successful clinical trial results for a key drug candidate, which could enhance the company's valuation and future prospects.
• Employees: Positive impact for the reporting person (Christopher Galletta) through the vesting of performance-based stock options, aligning incentives with company success. This also signals positive progress for other employees involved in the trials.

Next Steps

• The successful Phase 2 trial results for Haduvio in chronic cough indications suggest potential progression to later-stage clinical trials or discussions with regulatory bodies, though not explicitly stated in this Form 4.

Key Dates

Keywords

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