SCHEDULE 13G/A: Viking Global Investors Discloses 8.7% Stake in Trevi Therapeutics

Viking Global Investors LP and its affiliates have reported an 8.7% beneficial ownership stake in Trevi Therapeutics, Inc., as detailed in a recent Schedule 13G filing with the SEC.

Summary

• Viking Global Investors LP and its affiliated entities, including Viking Global Opportunities Parent GP LLC, O. Andreas Halvorsen, David C. Ott, and Rose S. Shabet, collectively reported beneficial ownership of 9,190,486 shares of Trevi Therapeutics, Inc. common stock.
• This aggregate ownership represents 8.7% of Trevi Therapeutics' outstanding common stock.
• The beneficial ownership includes both directly owned common stock and shares purchasable upon exercise of pre-funded warrants with an exercise price of $0.001 per share.
• Specifically, Viking Global Opportunities Illiquid Investments Sub-Master LP (VGOP) beneficially owns 6,157,625 shares, representing 5.8% of the class.
• Viking Global Opportunities Drawdown (Aggregator) LP (VGOD) beneficially owns 3,032,861 shares, representing 2.9% of the class.
• The percentages are calculated based on 99,892,915 shares of Common Stock outstanding as of March 31, 2025, as reported in the Issuer's proxy statement on Schedule 14A, and 5,962,694 shares of Common Stock that the Reporting Persons currently have the right to purchase upon exercise of the Warrants.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• The disclosure of a significant stake by a prominent investment firm like Viking Global Investors could be interpreted as a positive signal of confidence in Trevi Therapeutics, Inc.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding Trevi Therapeutics, Inc.'s future performance or operations.

Industry Context

This filing represents a standard disclosure of a significant passive investment by a large institutional investor, Viking Global Investors, in a publicly traded biotechnology company, Trevi Therapeutics, Inc. Such disclosures are routine for investors crossing certain ownership thresholds.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding a substantial stake could influence market perception, potentially signaling confidence in the company and affecting liquidity.

Key Dates

Keywords

Trevi Therapeutics, Viking Global Investors, SEC filing, Schedule 13G, beneficial ownership, common stock, pre-funded warrants, institutional investment, biotechnology, pharmaceutical