Trevi Therapeutics, Inc.

TRVI • NASDAQ

Trevi Therapeutics, Inc. is a biotechnology company in the healthcare sector on NASDAQ, led by Jennifer Good, with a market cap of $1.6B. As of Q3 2025, 106% of shares are held by 164 institutional investors, with NEA Management Company, LLC as the largest holder at 10.86%.

President, Chief Executive Officer, and Principal Financial OfficerJennifer Good

Market Cap$1.6B

Biotechnology

Healthcare

Employees25.0

Websitetrevitherapeutics.com

Country

United States of America

Overview

Overview of institutional ownership in TRVI as of Q3 2025 with a market cap of $1.1B

All Institutions

Institutions: 164
Value Held: $1.2B
Shares Held: 129.3M
Avg Position: $7.2M
Median Position: $502.9K

Hedge Funds

Hedge Funds: 32
Value Held: $305.6M
Shares Held: 33.4M
Avg Position: $9.5M
Median Position: $2.9M

Ownership Breakdown

Institutional (non-HF)

78.77%

$877.7M

Hedge Funds

27.43%

$305.6M

Retail & Other

Based on market cap of $1.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TRVI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
NEA Management Company, LLC Venture Capital	Mohamad Hassan Makhzoumi CEO	$121.0M 6.64% of portfolio	10.86% 13.2M shares	Q2 2019 Held for 6y 5m	$1.8B
Frazier Life Sciences Management, L.P. Venture Capital	James Newman Topper Managing Partner	$93.9M 2.81% of portfolio	8.42% 10.3M shares	Q2 2022 Held for 3y 5m	$3.3B
B BlackRock, Inc. Institution	-	$90.6M 0.00% of portfolio	8.13% 9.9M shares	Q2 2019 Held for 6y 5m	$5.67T
R Rubric Capital Management LP Hedge Fund•Long/Short	Margaret Kossakowski CFO	$78.1M 1.12% of portfolio	7.01% 8.5M shares	Q2 2022 Held for 3y 5m	$6.9B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$53.3M 0.00% of portfolio	4.78% 5.8M shares	Q2 2019 Held for 6y 5m	$6.69T
VIKING GLOBAL INVESTORS LP Hedge Fund•Long/Short	Ole Andreas Halvorsen CEO	$46.9M 0.12% of portfolio	4.21% 5.1M shares	Q3 2022 Held for 3y 2m	$38.5B
Vivo Capital, LLC Venture Capital	Jack Bech Nielsen Managing Partner	$46.6M 3.75% of portfolio	4.18% 5.1M shares	Q3 2024 Held for 1y 2m	$1.2B
Marshall Wace LLP Institution	Diana Lj Harrison President	$44.3M 0.05% of portfolio	3.98% 4.8M shares	Q3 2024 Held for 1y 2m	$90.3B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$39.4M 0.00% of portfolio	3.53% 4.3M shares	Q1 2022 Held for 3y 8m	$1.65T
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$39.3M 0.01% of portfolio	3.52% 4.3M shares	Q2 2024 Held for 1y 5m	$317.45B

Net Capital Flow

Institutional buying and selling activity for TRVI in Q3 2025

Traded: +$196.6M
Buyers: 102
Sellers: 63
Total Bought: +$279.8M
Total Sold: −$83.2M
Avg Position: $6.3M

Biggest Buyers

Institution	Net Bought	Current Position
VIKING GLOBAL INVESTORS LP Hedge Fund•Long/Short	+$32.8M +3.6M shares	$46.9M 5.1M shares
MORGAN STANLEY RIA/Wealth	+$30.0M +3.3M shares	$39.4M 4.3M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$28.2M +3.1M shares	$29.8M 3.3M shares
FMR LLC Institution	+$26.8M +2.9M shares	$30.2M 3.3M shares
Marshall Wace LLP Institution	+$21.6M +2.4M shares	$44.3M 4.8M shares
B BlackRock, Inc. Institution	+$15.5M +1.7M shares	$90.6M 9.9M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$13.5M +1.5M shares	$14.6M 1.6M shares
Logos Global Management LP Hedge Fund•Long/Short	+$12.4M +1.4M shares	$20.1M 2.2M shares
P PUTNAM FL INVESTMENT MANAGEMENT CO Institution	+$8.8M +961.2K shares	$9.6M 1.0M shares
BANK OF AMERICA CORP /DE/ Institution	+$6.8M +739.3K shares	$16.8M 1.8M shares

Biggest Sellers

Institution	Net Sold	Current Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$15.8M −1.7M shares	$5.7M 626.5K shares
S Siren, L.L.C. Institution	−$12.8M −1.4M shares	$23.2M 2.5M shares
Octagon Capital Advisors LP Hedge Fund•Sector	−$7.8M −857.0K shares	$25.8M 2.8M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$7.2M −786.7K shares	$8.6M 941.9K shares
MAI Wealth Advisors RIA/Wealth	−$6.9M −749.1K shares	$901.2K 98.5K shares
R ROYAL BANK OF CANADA Institution	−$6.0M −655.2K shares	$1.5M 169.0K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	−$3.6M −650.0K shares	Sold Off 0 shares
BARCLAYS PLC Institution	−$2.7M −298.6K shares	$2.0M 216.9K shares
L Longwood Capital Partners LLC Institution	−$2.7M −493.7K shares	Sold Off 0 shares
T Tejara Capital Ltd Institution	−$2.6M −289.2K shares	$340.4K 37.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TRVI in Q3 2025

New Positions: 29
New Value: $19.0M
Exited Positions: 23
Exited Value: $10.1M

New Positions

Institution	Position Value
P PEREGRINE CAPITAL MANAGEMENT LLC Long Only Manager	$5.7M 620.5K shares
StemPoint Capital LP Hedge Fund•Long/Short	$3.2M 350.7K shares
V Velan Capital Investment Management LP Institution	$1.9M 205.0K shares
S Swiss National Bank Institution	$1.5M 161.7K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$1.1M 116.5K shares
NAN FUNG TRINITY Ltd RIA/Wealth	$819.6K 89.6K shares
S SEI INVESTMENTS CO Institution	$785.1K 85.8K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$670.6K 73.3K shares
Optimize Financial Inc RIA/Wealth	$554.5K 60.6K shares
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$503.3K 55.0K shares

Exited Positions

Institution	Previous Position
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$3.6M 650.0K shares
L Longwood Capital Partners LLC Institution	$2.7M 493.7K shares
AMERIPRISE FINANCIAL INC Institution	$847.1K 154.9K shares
Y Y-Intercept Ltd Institution	$475.0K 86.8K shares
Polar Securities Inc. Hedge Fund•Multi-Strategy	$406.4K 74.3K shares
X XTX Topco Ltd Institution	$353.3K 64.6K shares
LEUCADIA NATIONAL CORP Institution	$300.6K 55.0K shares
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	$246.0K 45.0K shares
O OMERS ADMINISTRATION Corp Institution	$191.5K 35.0K shares
Trexquant Investment LP Hedge Fund•Quant	$185.8K 34.0K shares

Options Activity

Institutions with the largest Call and Put options positions in TRVI as of Q3 2025

Call Positions: 6
Call Value: $5.8M
Put Positions: 5
Put Value: $11.2M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.8M 4.1K contracts
S SPHERA FUNDS MANAGEMENT LTD. Institution	$1.2M 1.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$409.9K 448.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$219.6K 240.0 contracts
J JANE STREET GROUP, LLC Institution	$166.5K 182.0 contracts
PFS Partners, LLC RIA/Wealth	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.6M 7.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.1M 2.3K contracts
J JANE STREET GROUP, LLC Institution	$1.9M 2.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$640.5K 700.0 contracts
L LMR Partners LLP Institution	- - contracts

Most Committed Institutions

Institutions with TRVI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A ACORN CAPITAL ADVISORS, LLC Venture Capital	Anthony Michael Gallo CCO	9.96% $19.6M	1.76% 2.1M shares	Q4 2024 Held for 11 months	$197.0M
Pivotal bioVenture Partners Investment Advisor LLC RIA/Wealth	Tiffany Catherine Mcghee CEO	6.65% $11.5M	1.03% 1.3M shares	Q2 2025 Held for 5 months	$173.0M
NEA Management Company, LLC Venture Capital	Mohamad Hassan Makhzoumi CEO	6.64% $121.0M	10.86% 13.2M shares	Q2 2019 Held for 6y 5m	$1.8B
MPM Oncology Impact Management LP Institution	Christian Albrecht Wulf Von Schimmelmann Managing Partner	5.10% $31.2M	2.80% 3.4M shares	Q1 2024 Held for 1y 8m	$610.9M
Octagon Capital Advisors LP Hedge Fund•Sector	Ting (Nmn) Jia Founder	4.04% $25.8M	2.31% 2.8M shares	Q1 2025 Held for 8 months	$637.4M
Vivo Capital, LLC Venture Capital	Jack Bech Nielsen Managing Partner	3.75% $46.6M	4.18% 5.1M shares	Q3 2024 Held for 1y 2m	$1.2B
A Artia Global Partners LP Hedge Fund•Long/Short	Onusa Nmn Chantanapongwanij Managing Partner	3.22% $18.3M	1.64% 2.0M shares	Q2 2025 Held for 5 months	$568.3M
Frazier Life Sciences Management, L.P. Venture Capital	James Newman Topper Managing Partner	2.81% $93.9M	8.42% 10.3M shares	Q2 2022 Held for 3y 5m	$3.3B
Affinity Asset Advisors, LLC Hedge Fund•Long/Short	Jonathan Bo-Shing Chu Founder	2.61% $25.6M	2.30% 2.8M shares	Q1 2025 Held for 8 months	$983.0M
Logos Global Management LP Hedge Fund•Long/Short	Graham Gordon Walmsley Managing Partner	2.04% $20.1M	1.81% 2.2M shares	Q1 2024 Held for 1y 8m	$987.5M

Hedge Fund Spotlight

Discover hedge funds investing in TRVI

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Trevi Therapeutics, Inc.

Market Value: $391.7K
Shares Held: 42.8K
Portfolio Weight: 0.00%
Owned Since: 2024-Q4

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