Trevi Therapeutics director files $627K stock sale plan

Trevi Therapeutics, Inc. (TRVI) received a Rule 144 notice from director Michael Heffernan for a proposed sale of 39,473 shares of common stock.

Available on EDGAR 09/15/2026 - 04:43 PM EDT Accepted by SEC EDGAR 09/15/2026 - 04:42 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Trevi Therapeutics, Inc. (TRVI) received a Rule 144 notice from director Michael Heffernan for a proposed sale of 39,473 shares of common stock. The shares are held through Morgan Stanley Smith Barney LLC and have an indicated aggregate market value of $627,225.97 as of September 15, 2026.

The shares to be sold were acquired on September 15, 2026 through an exercise of stock options from the issuer for cash, and are proposed to be sold on Nasdaq.

Key Figures

Shares proposed to be sold: 39,473 shares Aggregate market value: $627,225.97 Proposed sale date: September 15, 2026

3 metrics

Shares proposed to be sold 39,473 shares Common stock covered by the Rule 144 notice

Aggregate market value $627,225.97 Value of 39,473 shares as of September 15, 2026

Proposed sale date September 15, 2026 Date associated with the Rule 144 sale and valuation

Key Terms

Rule 144, Exercise of Stock Options, issuer, aggregate market value

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Exercise of Stock Options financial

"Common | 09/15/2026 | Exercise of Stock Options | Issuer"

issuer financial

"Exercise of Stock Options | Issuer | | | 39473"

aggregate market value financial

"Common | Morgan Stanley Smith Barney LLC Executive Financial Services ... | 627225.97"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 filing disclose for Trevi Therapeutics (TRVI)?

It discloses that director Michael Heffernan has filed a Rule 144 notice for a proposed sale of 39,473 shares of Trevi Therapeutics common stock with an indicated aggregate market value of $627,225.97 as of September 15, 2026.

How many TRVI shares are proposed to be sold under this Form 144?

The notice covers a proposed sale of 39,473 shares of Trevi Therapeutics common stock, to be sold through Morgan Stanley Smith Barney LLC on or about September 15, 2026.

What is the aggregate market value of the TRVI shares in this Form 144?

The 39,473 Trevi Therapeutics shares covered by the Form 144 have an indicated aggregate market value of $627,225.97 as of September 15, 2026.

How were the Trevi Therapeutics (TRVI) shares being sold acquired?

The shares covered by the Form 144 were acquired on September 15, 2026 through an exercise of stock options from Trevi Therapeutics, with the consideration paid in cash.

Who is the broker for the proposed TRVI share sale under Rule 144?

The proposed sale of Trevi Therapeutics common stock is to be handled by Morgan Stanley Smith Barney LLC Executive Financial Services, with trading indicated on Nasdaq.

Whose account is selling shares of TRVI in this Form 144?

The Form 144 is filed for the account of Michael Heffernan, identified in the filing as a director of Trevi Therapeutics, Inc.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001448914
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	TREVI THERAPEUTICS INC
SEC File Number	001-38886
Address of Issuer	195 Church Street, 16th Floor New Haven CONNECTICUT 06510
Phone	2033042499
Name of Person for Whose Account the Securities are To Be Sold	MICHAEL HEFFERNAN
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	39473	627225.97	142475841	09/15/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/15/2026	Exercise of Stock Options	Issuer			39473	09/15/2026	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	09/15/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/16/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Michael Heffernan
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)