[144] Trevi Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Trevi Therapeutics, Inc. submitted a Form 144 disclosing a proposed sale of 40,000 shares of common stock through Stifel Nicolaus & Company with an aggregate market value of $386,716, expected on 10/03/2025. The filing reports 121,776,855 shares outstanding. The securities being sold were originally acquired via an option exercise on 02/26/2023 totaling 312,855 shares with a reported payment date of 02/16/2023. The filer also disclosed recent open-market sales by Lisa Delfini totaling 312,855 shares during Aug–Sep 2025, including a 155,000-share sale on 09/09/2025 that generated $1,256,787.

Positive

• Filed Form 144 disclosing a planned sale of 40,000 shares (aggregate value $386,716)
• Complete disclosure of acquisition method (option exercise on 02/26/2023) and recent sales totaling 312,855 shares

Negative

• Significant insider selling: 312,855 shares sold in Aug–Sep 2025 (includes 155,000 shares on 09/09/2025 for $1,256,787)
• Disposition equals full acquired block (312,855 shares), which may be viewed as meaningful insider liquidity

Insights

Securities Compliance Specialist

Form 144 notifies the market of an insider's planned Rule 144 sale.

The filing documents a proposed sale of 40,000 shares via an SEC Rule 144 notification, routed through Stifel Nicolaus. Rule 144 notices are administrative disclosures required when insiders sell restricted or control securities; filing does not itself authorize or complete a sale.

This form confirms the filer represents no undisclosed material adverse information and records the acquisition method as an option exercise on 02/26/2023.

Insider Transactions Analyst

Insider reported sales equal to the shares acquired by option exercise.

The table shows the filer acquired 312,855 shares and sold 312,855 shares in Aug–Sep 2025 across multiple trades, including a single 155,000-share sale for $1,256,787 on 09/09/2025. These disclosed trades collectively match the acquired amount, showing material disposition activity by the reporting person.

Compared with the company's 121,776,855 shares outstanding, the sold quantity equals approximately 0.26% of outstanding shares.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

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	40000	386716.00	121776855	10/03/2025	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	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

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Trevi Therapeutics (TRVI) disclose in this Form 144?

The filing discloses a proposed Rule 144 sale of 40,000 common shares via Stifel Nicolaus on 10/03/2025 with an aggregate market value of $386,716.

How many shares did the filer acquire and how were they acquired?

The filer acquired 312,855 shares through an option exercise on 02/26/2023, with a reported payment date of 02/16/2023.

How many shares were sold by the reporting person in the past three months?

The filing lists sales totaling 312,855 shares between 08/27/2025 and 09/26/2025, with gross proceeds shown for each trade.

What was the largest single reported sale and its proceeds?

A sale of 155,000 shares on 09/09/2025 produced gross proceeds of $1,256,787 according to the filing.

How large is the proposed sale relative to shares outstanding?

The company reports 121,776,855 shares outstanding; the proposed 40,000-share sale is a small fraction of that total.