New Enterprise Associates 16, L.P. - 31 Dec 2025 Form 5 Insider Report for Trevi Therapeutics, Inc. (TRVI)

Role: 10%+ Owner
Signature: /s/ Zachary Bambach, attorney-in-fact
Issuer symbol: TRVI
Transactions as of: 31 Dec 2025
Net transactions value: +$2,537,037
Form type: 5
Filing time: 13 Feb 2026, 16:30:09 UTC
Previous filing: 06 Oct 2025
SEC: View on sec.gov

Reporting Owners (3)

Name	Relationship	Address	Signature	Signature date	CIK
New Enterprise Associates 16, L.P.	10%+ Owner	1954 GREENSPRING DRIVE, SUITE 600, TIMONIUM	/s/ Zachary Bambach, attorney-in-fact	13 Feb 2026	0001694560
NEA Partners 16, L.P.	10%+ Owner	1954 GREENSPRING DRIVE, SUITE 600, TIMONIUM	/s/ Zachary Bambach, attorney-in-fact	13 Feb 2026	0001712881
NEA 16 GP, LLC	10%+ Owner	1954 GREENSPRING DRIVE, SUITE 600, TIMONIUM	/s/ Zachary Bambach, attorney-in-fact	13 Feb 2026	0001712882

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TRVI	Common Stock	Exercise of in-the-money or at-the-money derivative security	$2,537,037	+1,851,852	+18%	$1.37	12,273,280	17 Apr 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TRVI	3.5-Year Common Stock Warrant	Exercise of in-the-money or at-the-money derivative security	$0	-1,851,852	-100%	$0.000000	0	17 Apr 2025	Common Stock	1,851,852	$1.37	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The securities are directly held by NEA 16, and indirectly held by NEA Partners 16, L.P. ("NEA Partners"), the sole general partner of NEA 16, NEA 16 GP, LLC ("NEA 16 GP"), the sole general partner of NEA Partners 16, and the individual managers of NEA 16 GP (NEA Partners 16, NEA 16 GP and the individual managers of NEA 16 GP (collectively, the "Managers"), together, the "Indirect Reporting Persons"). The Managers of NEA 16 GP are Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad Makhzoumi, Scott D. Sandell and Paul Walker. The Indirect Reporting Persons disclaim 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 16 in which the Indirect Reporting Persons have no pecuniary interest.

Content

The securities are directly held by NEA 16, and indirectly held by NEA Partners 16, L.P. ("NEA Partners"), the sole general partner of NEA 16, NEA 16 GP, LLC ("NEA 16 GP"), the sole general partner of NEA Partners 16, and the individual managers of NEA 16 GP (NEA Partners 16, NEA 16 GP and the individual managers of NEA 16 GP (collectively, the "Managers"), together, the "Indirect Reporting Persons"). The Managers of NEA 16 GP are Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad Makhzoumi, Scott D. Sandell and Paul Walker. The Indirect Reporting Persons disclaim 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 16 in which the Indirect Reporting Persons have no pecuniary interest.