Trevi (TRVI) Director Michael Heffernan Exercises Options, Sells Shares

What Happened

• Michael T. Heffernan, a director of Trevi Therapeutics (TRVI), exercised a total of 39,473 option shares and sold the shares the same day (Sept 15, 2026). He exercised 18,421 options at $3.04 (reported cost $56,000) and 21,052 options at $3.33 (reported cost $70,103), then sold the resulting shares in open-market transactions for aggregate proceeds of about $595,806 (sales were at weighted-average prices of $15.09 for the larger tranches and $15.88 for small lots). The exercises and sales were effected under a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction date: September 15, 2026; Form 4 filed September 17, 2026 (timely filing).
• Options exercised: 39,473 shares (18,421 and 21,052), total reported exercise cost ~$126,103.
• Shares sold: 39,473 shares (sold in multiple trades); total gross proceeds ≈ $595,806.
• Prices: weighted-average sale price reported at $15.09 for large lots (sales ranged $14.80–$15.69 per F2); two 100-share lots sold at $15.88. Exercise prices $3.04 and $3.33.
• Post-transaction holdings: Not specified in the provided excerpt of the filing.
• Notable footnotes: sales and exercises were made pursuant to a Rule 10b5-1 plan adopted June 16, 2026 (F1). The options exercised were granted in 2017 and vested over four years (F3, F5) and would otherwise expire in 2027 (F4, F6).
• Interpretation: This was an exercise-plus-sale (routine liquidity), not a purchase.

Context

• These transactions appear to be a cashless-style transaction: Heffernan exercised vested options and sold the shares the same day, converting option value to cash. The $0 "Disposed" derivative entries in the filing reflect termination/conversion of the option interests upon exercise.
• Because the trades were made under a Rule 10b5-1 plan and the Form 4 was filed promptly, this looks like scheduled, routine insider liquidity rather than ad-hoc trading.