Chang Carmen 5
5 · Trevi Therapeutics, Inc. · Filed Feb 13, 2026
Insider Transaction Report
Form 5
Chang Carmen
10% Owner
Transactions
- Exercise of In-Money
Common Stock
[F1]2025-04-17$1.37/sh+1,851,852$2,537,037→ 12,273,280 total(indirect: See Note 1) - Exercise of In-Money
3.5-Year Common Stock Warrant
[F1]2025-04-17−1,851,852→ 0 total(indirect: See Note 1)Exercise: $1.37From: 2021-10-18Exp: 2025-04-18→ Common Stock (1,851,852 underlying)
Holdings
- 948,948(indirect: See Note 2)
Common Stock
[F2]
Footnotes (2)
- [F1]The Reporting Person is a manager of NEA 16 GP, LLC, which is the sole general partner of NEA Partners 16, L.P. ("NEA Partners 16"). NEA Partners 16 is the sole general partner of New Enterprise Associates 16, L.P. ("NEA 16"), which is the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the NEA 16 securities in which the Reporting Person has no pecuniary interest.
- [F2]The Reporting Person is a manager of NEA 18 VGE GP, LLC, which is the sole general partner of NEA Partners 18 VGE, L.P. ("NEA Partners 18 VGE"). NEA Partners 18 VGE is the sole general partner of NEA 18 Venture Growth Equity, L.P. ("NEA 18 VGE"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the securities held by NEA 18 VGE in which the Reporting Person has no pecuniary interest.
Signature
/s/ Zachary Bambach, attorney-in-fact|2026-02-13