NEA stake in Trevi now 10.5% on share increase (TRVI)

Rhea-AI Filing Summary

New Enterprise Associates–affiliated funds filed Amendment No. 9 to update their ownership in Trevi Therapeutics, Inc. after dilution from additional shares outstanding. As of May 5, 2026, the funds may be deemed to beneficially own 15,074,080 common shares, representing 10.5% of Trevi’s stock.

NEA 16 holds 12,273,280 common shares plus 1,851,852 shares underlying NEA 16 warrants, while NEA 18 Venture Growth Equity holds 948,948 shares. The filing states no reportable transactions by these holders in the last 60 days and describes the position as held for investment purposes, with no specific plans to change Trevi’s control or corporate structure.

Key Figures

Beneficial ownership: 15,074,080 shares Ownership percentage: 10.5% Forest Baskett ownership: 14,125,132 shares (9.8%) +5 more

8 metrics

Beneficial ownership 15,074,080 shares Reporting persons’ aggregate beneficial ownership of Trevi common stock

Ownership percentage 10.5% Percent of Trevi common stock beneficially owned by reporting persons

Forest Baskett ownership 14,125,132 shares (9.8%) Shares and percentage beneficially owned by Forest Baskett

NEA 16 common shares 12,273,280 shares Common stock held of record by NEA 16 as of May 5, 2026

NEA 16 warrants 1,851,852 shares Common shares underlying NEA 16 warrants included in NEA 16 Shares

NEA 18 VGE shares 948,948 shares Common stock held of record by NEA 18 Venture Growth Equity

Shares outstanding 141,979,708 shares Trevi common stock outstanding as of April 30, 2026

Adjusted share base 143,831,560 shares Total used to compute ownership, including NEA 16 warrant shares

Key Terms

beneficial ownership, Schedule 13D, warrants, Firm Shares, +2 more

6 terms

beneficial ownership financial

"This Amendment No. 9 is being filed to report that the beneficial ownership of Common Stock by the Reporting Persons has decreased"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Schedule 13D regulatory

"amends and supplements the statement on originally filed on May 20, 2019 (the ""), Amendment No. 1 thereto filed"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

warrants financial

"NEA 16 is the record owner of 12,273,280 shares of Common Stock and may be deemed to beneficially hold 1,851,852 shares of Common Stock underlying the NEA 16 Warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Firm Shares financial

"The NEA 16 Shares and the NEA 18 VGE Shares are referred to herein as the "Firm Shares.""

general partner financial

"As the general partner of NEA 16, NEA Partners 16 may be deemed to own beneficially the NEA 16 Shares."

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

Control Entities financial

"the GPLPs and the GP LLCs are referred to herein as the "Control Entities.""

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Trevi Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

89532M101

(CUSIP Number)

Stephanie Brecher
New Enterprise Associates, 1954 Greenspring Drive, Suite 600
Timonium, MD, 21093
(410)842-4000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

New Enterprise Associates 16, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

NEA Partners 16, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

NEA 16 GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

NEA 18 Venture Growth Equity, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

NEA Partners 18 VGE, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

NEA 18 VGE GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Forest Baskett

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,125,132.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,125,132.00

11

Aggregate amount beneficially owned by each reporting person

14,125,132.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Ali Behbahani

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Carmen Chang

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Anthony A. Florence, Jr.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Mohamad H. Makhzoumi

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Scott D. Sandell

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 89532M101

1

Name of reporting person

Paul Walker

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,074,080.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,074,080.00

11

Aggregate amount beneficially owned by each reporting person

15,074,080.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value per share
(b)	Name of Issuer: Trevi Therapeutics, Inc.
(c)	Address of Issuer's Principal Executive Offices: 195 Church Street, 16th Floor, New Haven, CONNECTICUT , 06510.
Item 1 Comment: This Amendment No. 9 ("Amendment No. 9") to Schedule 13D amends and supplements the statement on Schedule 13D originally filed on May 20, 2019 (the "Schedule 13D"), Amendment No. 1 thereto filed on April 16, 2020 ("Amendment No. 1"), Amendment No. 2 thereto filed on November 2, 2021 ("Amendment No. 2"), Amendment No. 3 thereto filed on April 25, 2022 ("Amendment No. 3"), Amendment No. 4 thereto filed on May 21, 2024 ("Amendment No. 4"), Amendment No. 5 thereto filed on November 8, 2024 ("Amendment No. 5"), Amendment No. 6 thereto filed on March 20, 2025 ("Amendment No. 6"), Amendment No. 7 thereto filed on August 11, 2025 ("Amendment No. 7") and Amendment No. 8 thereto filed on February 13, 2026 ("Amendment No. 8"), relating to the Common Stock of the Issuer. Certain terms used but not defined in this Amendment No. 9 have the meanings assigned thereto in the Schedule 13D (and Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 thereto). Except as specifically provided herein, this Amendment No. 9 does not modify any of the information previously reported on the Schedule 13D (and Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 thereto). This Amendment No. 9 is being filed to report that the beneficial ownership of Common Stock by the Reporting Persons (as defined below) has decreased by more than 1% as a result of an increase in the number of Common Stock outstanding.
Item 2.	Identity and Background
(a)	New Enterprise Associates 16, L.P. ("NEA 16") and NEA 18 Venture Growth Equity, L.P. ("NEA 18 VGE" and together with NEA 16, the "Funds"); NEA Partners 16, L.P. ("NEA Partners 16"), which is the sole general partner of NEA 16; NEA Partners 18 VGE, L.P. ("NEA Partners 18 VGE" and together with NEA Partners 16, the "GPLPs"), which is the sole general partner of NEA 18 VGE; NEA 16 GP, LLC ("NEA 16 LLC"), which is the sole general partner of NEA Partners 16; and NEA 18 VGE GP, LLC ("NEA 18 VGE LLC" and together with NEA 16 LLC, the "GP LLCs"), which is the sole general partner of NEA Partners 18 VGE; Forest Baskett ("Baskett"), Ali Behbahani ("Behbahani"), Carmen Chang ("Chang"), Anthony A. Florence, Jr. ("Florence"), Mohamad H. Makhzoumi ("Makhzoumi"), Scott D. Sandell ("Sandell") and Paul Walker ("Walker") (together, the "Managers"). Behbahani, Chang, Florence, Makhzoumi, Sandell and Walker (the "Plural Managers") are managers of NEA 16 LLC and NEA 18 VGE LLC. Baskett is a manager of NEA 16 LLC. The persons named in this Item 2 are referred to individually herein as a "Reporting Person" and collectively as the "Reporting Persons" and the GPLPs and the GP LLCs are referred to herein as the "Control Entities."
(b)	The address of the principal business office of each Fund, each Control Entity and Sandell is New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, MD 21093. The address of the principal business office of Baskett, Behbahani, Chang, Makhzoumi and Walker is New Enterprise Associates, 2855 Sand Hill Road, Menlo Park, CA 94025. The address of the principal business office of Florence is New Enterprise Associates, 104 5th Avenue, 19th Floor, New York, NY 10011.
(c)	The principal business of NEA 16 and NEA 18 VGE is to invest in and assist growth-oriented businesses located principally in the United States. The principal business of NEA Partners 16 is to act as the sole general partner of NEA 16. The principal business of NEA Partners 18 VGE is to act as the sole general partner of NEA 18 VGE. The principal business of NEA 16 LLC is to act as the sole general partner of NEA Partners 16. The principal business of NEA 18 VGE LLC is to act as the sole general partner of NEA Partners 18 VGE. The principal business of each of the Managers is to manage the Control Entities, NEA 16, NEA 18 VGE and a number of affiliated partnerships with similar businesses, as applicable.
(d)	During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	NEA 16 LLC and NEA 18 VGE LLC are each a limited liability company organized under the laws of the State of Delaware. NEA 16, NEA 18 VGE, NEA Partners 16 and NEA Partners 18 VGE are limited partnerships organized under the laws of the State of Delaware. Each of the Managers is a United States citizen.
Item 3.	Source and Amount of Funds or Other Consideration
	Not applicable.
Item 4.	Purpose of Transaction
	The Funds acquired the Firm Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, the Funds and other Reporting Persons may dispose of or acquire additional shares of the Issuer, including shares that may be acquired upon exercise of the NEA 16 Warrants prior to expiration. Except as set forth above, none of the Reporting Persons has any present plans which relate to or would result in: (a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) Any material change in the present capitalization or dividend policy of the Issuer; (f) Any other material change in the Issuer's business or corporate structure; (g) Changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) Any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	As of May 5, 2026, NEA 16 is the record owner of 12,273,280 shares of Common Stock and may be deemed to beneficially hold 1,851,852 shares of Common Stock underlying the NEA 16 Warrants (collectively, the "NEA 16 Shares"). As the general partner of NEA 16, NEA Partners 16 may be deemed to own beneficially the NEA 16 Shares. As the sole general partner of NEA Partners 16, NEA 16 LLC may be deemed to own beneficially the NEA 16 Shares. NEA 18 VGE is the record owner of 948,948 shares of Common Stock (the "NEA 18 VGE Shares"). As the general partner of NEA 18 VGE, NEA Partners 18 VGE may be deemed to own beneficially the NEA 18 VGE Shares. As the general partner of NEA Partners 18 VGE, NEA 18 VGE LLC may be deemed to own beneficially the NEA 18 VGE Shares. The NEA 16 Shares and the NEA 18 VGE Shares are referred to herein as the "Firm Shares." By virtue of their relationship as affiliated entities, whose Control Entities have overlapping individual controlling persons, each of the Funds may be deemed to share the power to direct the disposition and vote of the Firm Shares. As general partners of the Funds, each of the GPLPs may also be deemed to own beneficially the Firm Shares. As the sole general partner of NEA Partners 16, NEA 16 LLC may also be deemed to own beneficially the Firm Shares. As the sole general partner of NEA Partners 18 VGE, NEA 18 VGE LLC may also be deemed to own beneficially the Firm Shares. As individual managers of NEA 16 LLC and NEA 18 VGE LLC, each of the Plural Managers may be deemed to own beneficially all of the Firm Shares. As an individual manager of NEA 16 LLC, Baskett may be deemed to own beneficially the NEA 16 Shares. Each Reporting Person disclaims beneficial ownership of the Firm Shares other than those shares which such person owns of record. The percentage of outstanding Common Stock of the Issuer which may be deemed to be beneficially owned by each Reporting Person is set forth on Line 13 of such Reporting Person's cover sheet. Such percentage was calculated for each Reporting Person based on 143,831,560 shares of Common Stock, which include (i) the 141,979,708 shares of Common Stock reported by the Issuer to be outstanding as of April 30, 2026 on the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 5, 2026 and (ii) the NEA 16 Warrants.
(b)	Regarding the number of shares as to which such person has: (i) sole power to vote or to direct the vote: See line 7 of cover sheets (ii) shared power to vote or to direct the vote: See line 8 of cover sheets (iii) sole power to dispose or to direct the disposition: See line 9 of cover sheets (iv) shared power to dispose or to direct the disposition: See line 10 of cover sheets.
(c)	None of the Reporting Persons have effected any transaction in the last 60 days.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, Common Stock beneficially owned by any of the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Agreement regarding filing of joint Schedule 13D. Exhibit 2 - Power of Attorney regarding filings under the Securities Exchange Act of 1934 as amended.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

New Enterprise Associates 16, L.P.

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

NEA Partners 16, L.P.

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

NEA 16 GP, LLC

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

NEA 18 Venture Growth Equity, L.P.

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

NEA Partners 18 VGE, L.P.

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

NEA 18 VGE GP, LLC

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer
Date:	05/07/2026

Forest Baskett

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Forest Baskett
Date:	05/07/2026

Ali Behbahani

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Ali Behbahani
Date:	05/07/2026

Carmen Chang

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Carmen Chang
Date:	05/07/2026

Anthony A. Florence, Jr.

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Anthony A. Florence Jr.
Date:	05/07/2026

Mohamad H. Makhzoumi

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Mohamad H. Makhzoumi
Date:	05/07/2026

Scott D. Sandell

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Scott D. Sandell
Date:	05/07/2026

Paul Walker

Signature:	/s/ Nicole Hatcher
Name/Title:	Nicole Hatcher as attorney-in-fact for Paul Walker
Date:	05/07/2026

Comments accompanying signature:

This Amendment No. 9 to Schedule 13D was executed by Nicole Hatcher on behalf of the individuals listed above pursuant to a Power of Attorney, a copy of which is attached as Exhibit 2.

FAQ

What does this Schedule 13D/A Amendment No. 9 for Trevi Therapeutics (TRVI) report?

It reports updated ownership levels by New Enterprise Associates–affiliated funds in Trevi Therapeutics. Their beneficial ownership percentage fell by more than 1% because Trevi’s total common shares outstanding increased, not because the funds reported recent share sales.

How many Trevi Therapeutics (TRVI) shares do the NEA funds currently beneficially own?

The filing states the reporting persons may be deemed to beneficially own 15,074,080 Trevi common shares. This total includes shares held by NEA 16, NEA 18 Venture Growth Equity, and shares underlying NEA 16 warrants, all treated together as the “Firm Shares.”

What percentage of Trevi Therapeutics (TRVI) does New Enterprise Associates now own?

According to Line 13 of the cover sheets, the reporting persons’ beneficial ownership is 10.5% of Trevi’s common stock. Forest Baskett is separately shown with 9.8% beneficial ownership, reflecting different attributions among the various reporting persons in the group.

Did New Enterprise Associates recently buy or sell Trevi Therapeutics (TRVI) shares?

The filing states none of the reporting persons have effected any transaction in Trevi common stock during the last 60 days. The decline in their reported ownership percentage results from an increase in Trevi’s total shares outstanding, not from disclosed trades.

What Trevi Therapeutics (TRVI) securities do NEA 16 and NEA 18 Venture Growth Equity hold?

As of May 5, 2026, NEA 16 owns 12,273,280 common shares and may be deemed to hold 1,851,852 shares underlying NEA 16 warrants. NEA 18 Venture Growth Equity owns 948,948 common shares. Together these holdings are described as the “Firm Shares.”

Does New Enterprise Associates plan to change control or strategy at Trevi Therapeutics (TRVI)?

The filing says the funds acquired their Trevi shares for investment purposes and currently have no specific plans for mergers, asset sales, board changes, or other actions affecting control or corporate structure, beyond possibly buying or selling shares depending on future conditions.