Trevi Therapeutics director sells 39,473 shares

A Trevi Therapeutics director exercised 2017 stock options and sold 39,473 shares in September 2026 under a pre-arranged Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

Trevi Therapeutics, Inc. director Michael Thomas Heffernan reported exercising stock options for a total of 39,473 shares of common stock on September 15, 2026, at exercise prices of $3.04 and $3.33 per share. On the same date, he sold 39,473 shares of common stock in transactions that included sales at a weighted average price of $15.09 per share, with prices ranging from $14.80 to $15.69, and additional small sales at $15.88 per share. The exercise and subsequent sales were effected pursuant to a Rule 10b5-1 trading plan adopted on June 16, 2026. The options exercised were originally granted in 2017 and would otherwise have expired in 2027.

Insider Trade Summary 10b5-1

Exercise and Sale: 39,473 shares ($470K approx. pre-tax spread)

Exercise and Sale 8 txns

Insider Heffernan Michael Thomas

Role Director

Sold 39,473 shs ($596K)

Approx. gross sale proceeds $596K

Approx. exercise cost $126K

Approx. pre-tax spread $470K

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy) F3, F4	18,421	$0.00	$0.00
Exercise	Stock Option (right to buy) F5, F6	21,052	$0.00	$0.00
Exercise	Common Stock	18,421	$3.04	$56K
Sale	Common Stock F2, F1	18,321	$15.09	$276K
Sale	Common Stock F1	100	$15.88	$2K
Exercise	Common Stock	21,052	$3.33	$70K
Sale	Common Stock F2, F1	20,952	$15.09	$316K
Sale	Common Stock F1	100	$15.88	$2K

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 6,351 shares (Direct)

Footnotes (6)

1. F1. This exercise of stock options and subsequent sale were effected pursuant to a Rule 10b5-1 trading plan that was adopted on June 16, 2026.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.80 to $15.69 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
3. F3. These options were granted on February 28, 2017. The 18,421 shares of common stock underlying the options vested over four years from the date of grant in equal quarterly installments.
4. F4. These options, which were awarded on February 28, 2017, would otherwise expire and become forfeitable on February 27, 2027.
5. F5. These options were granted on December 20, 2017. The 21,052 shares of common stock underlying the options vested over four years from the date of grant in equal quarterly installments.
6. F6. These options, which were awarded on December 20, 2017, would otherwise expire and become forfeitable on December 19, 2027.

Key Figures

Shares sold: 39,473 shares Options exercised at $3.04: 18,421 shares Options exercised at $3.33: 21,052 shares +5 more

8 metrics

Shares sold 39,473 shares Total Trevi Therapeutics common shares sold on September 15, 2026

Options exercised at $3.04 18,421 shares Shares acquired by exercising options granted February 28, 2017 at $3.04 per share

Options exercised at $3.33 21,052 shares Shares acquired by exercising options granted December 20, 2017 at $3.33 per share

Weighted average sale price $15.09 per share Weighted average price for certain sales on September 15, 2026

Sale price range $14.80–$15.69 per share Price range for multiple sale transactions included in the weighted average

Additional sale price $15.88 per share Price for two 100-share sales of common stock on September 15, 2026

Rule 10b5-1 plan adoption date June 16, 2026 Date the trading plan governing these transactions was adopted

Option expiration years 2027 Options would otherwise expire February 27, 2027 and December 19, 2027

Key Terms

Rule 10b5-1 trading plan, weighted average price, vested, forfeitable, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"This exercise of stock options and subsequent sale were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

vested financial

"The 18,421 shares of common stock underlying the options vested over four years"

forfeitable financial

"would otherwise expire and become forfeitable on February 27, 2027."

equal quarterly installments financial

"vested over four years from the date of grant in equal quarterly installments."

FAQ

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

What transactions did Trevi Therapeutics (TRVI) director Michael Thomas Heffernan report on this Form 4?

Heffernan reported exercising stock options for 39,473 shares of Trevi Therapeutics common stock on September 15, 2026, at exercise prices of $3.04 and $3.33 per share, and selling 39,473 shares of common stock on the same date.

At what prices were the TRVI shares sold in the reported transactions?

The reported sales included shares sold at a weighted average price of $15.09 per share, with individual sale prices ranging from $14.80 to $15.69 inclusive, and additional sales of 200 shares at $15.88 per share on September 15, 2026.

Were Michael Thomas Heffernan’s September 15, 2026 TRVI trades under a Rule 10b5-1 plan?

Yes. The option exercises and subsequent sales were effected pursuant to a Rule 10b5-1 trading plan that was adopted on June 16, 2026, according to the filing footnote.

What stock options did the TRVI director exercise in this Form 4 filing?

Heffernan exercised options granted on February 28, 2017 for 18,421 shares at an exercise price of $3.04 per share and options granted on December 20, 2017 for 21,052 shares at an exercise price of $3.33 per share.

When would the exercised TRVI stock options have expired if not exercised?

The options granted on February 28, 2017 would otherwise have expired and become forfeitable on February 27, 2027. The options granted on December 20, 2017 would otherwise have expired and become forfeitable on December 19, 2027.

How did the 2017 TRVI option grants to Michael Thomas Heffernan vest?

For both the February 28, 2017 grant of 18,421 shares and the December 20, 2017 grant of 21,052 shares, the underlying common stock vested over four years from the grant date in equal quarterly installments.

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

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Available on EDGAR 09/17/2026 - 04:56 PM Accepted by SEC EDGAR 09/17/2026 - 04:55 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heffernan Michael Thomas

(Last) (First) (Middle)

C/O TREVI THERAPEUTICS, INC.

195 CHURCH STREET, 16TH FLOOR

(Street)

NEW HAVEN CONNECTICUT 06510

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Trevi Therapeutics, Inc. [ TRVI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2026		M		18,421	A	$3.04	24,772	D
Common Stock	09/15/2026		S		18,321	D(1)	$15.09(2)	6,451	D
Common Stock	09/15/2026		S		100	D(1)	$15.88	6,351	D
Common Stock	09/15/2026		M		21,052	A	$3.33	27,403	D
Common Stock	09/15/2026		S		20,952	D(1)	$15.09(2)	6,451	D
Common Stock	09/15/2026		S		100	D(1)	$15.88	6,351	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$3.04	09/15/2026		M			18,421	(3)	(4)	Common Stock	18,421	$0.00	0	D
Stock Option (right to buy)	$3.33	09/15/2026		M			21,052	(5)	(6)	Common Stock	21,052	$0	0	D

Explanation of Responses:

1. This exercise of stock options and subsequent sale were effected pursuant to a Rule 10b5-1 trading plan that was adopted on June 16, 2026.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.80 to $15.69 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

3. These options were granted on February 28, 2017. The 18,421 shares of common stock underlying the options vested over four years from the date of grant in equal quarterly installments.

4. These options, which were awarded on February 28, 2017, would otherwise expire and become forfeitable on February 27, 2027.

5. These options were granted on December 20, 2017. The 21,052 shares of common stock underlying the options vested over four years from the date of grant in equal quarterly installments.

6. These options, which were awarded on December 20, 2017, would otherwise expire and become forfeitable on December 19, 2027.

	/s/ Christopher Galletta, attorney-in-fact	09/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)