TRVITrevi Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$49M; 4.3% YoY
Market cap: $1.9B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$596K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	−$32M	−$30M	−$34M	−$52M	−$49M	4.3%
Net income	−$34M	−$29M	−$29M	−$48M	−$43M	11%
Operating cash flow	−$29M	−$28M	−$32M	−$38M	−$42M	10%
Capex	—	$159K	$137K	$35K	$12K	66%
Stock-based comp	$3M	$2M	$2M	$4M	$5M	45%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 7, 2026	New Enterprise Associates 16, L.P.	SCHEDULE 13D/A	2.1%	Passive
Feb 13, 2026	New Enterprise Associates 16, L.P.	SCHEDULE 13D/A	10.4%	Passive
Aug 11, 2025	New Enterprise Associates 16, L.P.	SCHEDULE 13D/A	12.0%	Passive
Mar 20, 2025	New Enterprise Associates 16, L.P.	SCHEDULE 13D/A	32.5%	Passive
Nov 8, 2024	New Enterprise Associates 16, L.P.	SC 13D/A	18.7%	Passive
May 21, 2024	New Enterprise Associates 16, L.P.	SC 13D/A	20.3%	Passive
Apr 25, 2022	New Enterprise Associates 16, L.P.	SC 13D/A	42.5%	Passive
Nov 2, 2021	New Enterprise Associates 16, L.P.	SC 13D/A	36.1%	Passive
Apr 16, 2020	New Enterprise Associates 16, L.P.	SC 13D/A	33.3%	Passive
May 20, 2019	New Enterprise Associates 16, L.P.	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $596K · 4
Net: −$596K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$15M	649	—
FY2024	$3M	$5M	213	—
FY2023	$2M	$1M	69	—