Trevi Therapeutics (TRVI) Form 144: 108,650 Shares Proposed Sale

Trevi Therapeutics, Inc. (TRVI) submitted a Form 144 notice indicating a proposed sale of 108,650 shares of common stock through Stifel Nicolaus & Company Inc with an aggregate market value of $1,032,175.00.

Rhea-AI Filing Summary

Trevi Therapeutics, Inc. (TRVI) submitted a Form 144 notice indicating a proposed sale of 108,650 shares of common stock through Stifel Nicolaus & Company Inc with an aggregate market value of $1,032,175.00. The proposed approximate sale date is 10/07/2025, and the shares trade on Nasdaq. The filing shows these shares were acquired by an option exercise on 02/26/2023, originally representing 312,855 shares from that exercise.

The filer also reported equity sales totaling 341,505 shares in the prior three months, generating gross proceeds of approximately $2,863,024.00 across multiple dates from 08/27/2025 to 10/06/2025. The shares outstanding figure listed is 121,776,855, making the proposed sale roughly 0.09% of outstanding stock. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.

Positive

• Proposed sale size is small at 0.09% of outstanding shares, limiting immediate dilution or market impact
• Shares acquired via option exercise on 02/26/2023, indicating the position stems from company compensation rather than undisclosed purchases
• Prior three-month sales generated substantial liquidity ($2,863,024), showing orderly monetization rather than a single large block

Negative

• Active insider selling with 341,505 shares sold in the past three months may be viewed negatively by some investors
• Planned sale on 10/07/2025 adds to recent disposals and could pressure the stock if followed by additional filings

Insights

Insider Transactions Analyst

Insider plans modest sale after recent, larger disposals.

The filing documents a proposed trade of 108,650 shares valued at $1,032,175 with an intended sale date of 10/07/2025, routed through Stifel Nicolaus. The shares were acquired via an option exercise on 02/26/2023, which indicates the position originated from company-granted equity rather than an open-market purchase.

The filer reported 341,505 shares sold in the prior three months for about $2,863,024, showing active disposition over recent weeks. Watch for continued staged selling given the recent cadence; near-term market impact is small given the proposed sale equals about 0.09% of outstanding stock, but repeated filings at similar volumes could cumulatively matter within weeks.

FAQ

What does Trevi Therapeutics (TRVI) Form 144 report?

It reports a proposed sale of 108,650 shares of common stock valued at $1,032,175.00, with an approximate sale date of 10/07/2025.

How many shares did the filer sell in the past three months?

The filer sold a total of 341,505 shares during the prior three months for aggregate gross proceeds of about $2,863,024.00.

How were the shares to be sold originally acquired?

The shares were acquired through an option exercise on 02/26/2023, totaling 312,855 shares from that transaction.

Through which broker will the proposed sale be executed?

The filing names Stifel Nicolaus & Company Inc as the broker handling the proposed sale.

What percentage of Trevi's outstanding shares does the proposed sale represent?

The proposed 108,650 shares equal roughly 0.09% of the reported 121,776,855 shares outstanding.

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

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Accepted by SEC EDGAR 10/07/2025 - 04:26 PM Learn about SEC filing dates

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	0001873253
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	203-304-2499
Name of Person for Whose Account the Securities are To Be Sold	Delfini Lisa
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	Officer

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 Stock	Stifel Nicolaus & Company Inc 501 N Broadway St. Louis MO 63102	108650	1032175.00	121776855	10/07/2025	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 Stock	02/26/2023	Option Exercise	Issuer			312855	02/16/2023	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	10/06/2025	8650	86817.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	10/03/2025	20000	193358.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	08/27/2025	10000	80949.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	08/28/2025	1500	12330.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/08/2025	41779	322751.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/09/2025	155000	1256787.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/23/2025	8600	73220.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/24/2025	4836	41146.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/25/2025	26073	224137.00
Lisa Delfini 195 Church Street 16th Floor New Haven CT 06510	Common Stock	09/26/2025	65067	571529.00

144: Remarks and Signature

Remarks
Date of Notice	10/07/2025
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/ Luca Lotito, as a duly authorized representative of STIFEL, as attorney-in-fact for Lisa Delfini
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)