SCHEDULE 13G/A 0001193125-22-107726 0001863769 XXXXXXXX LIVE 5 Common Stock, $0.001 par value per share 09/30/2025 0001563880 Trevi Therapeutics, Inc. 89532M101 195 Church Street, 16th Floor New Haven CT 06510 Rule 13d-1(c) Frazier Life Sciences Public Fund, L.P. b DE 0.00 8508021.00 0.00 8508021.00 8508021.00 7.0 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLSP, L.P. b DE 0.00 8508021.00 0.00 8508021.00 8508021.00 7.0 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLSP, L.L.C. b DE 0.00 8508021.00 0.00 8508021.00 8508021.00 7.0 OO The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. Frazier Life Sciences X, L.P. b DE 0.00 397309.00 0.00 397309.00 397309.00 0.3 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLS X, L.P. b DE 0.00 397309.00 0.00 397309.00 397309.00 0.3 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLS X, L.L.C. b DE 0.00 397309.00 0.00 397309.00 397309.00 0.3 OO The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. Frazier Life Sciences XI, L.P. b DE 0.00 1354079.00 0.00 1354079.00 1354079.00 1.1 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLS XI, L.P. b DE 0.00 1354079.00 0.00 1354079.00 1354079.00 1.1 PN The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. FHMLS XI, L.L.C. b DE 0.00 1354079.00 0.00 1354079.00 1354079.00 1.1 OO The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. James N. Topper b X1 0.00 397309.00 0.00 397309.00 397309.00 0.3 IN The shares listed in rows 6, 8 and 9 consist of 397,309 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. Patrick J. Heron b X1 0.00 397309.00 0.00 397309.00 397309.00 0.3 IN The shares listed in rows 6, 8 and 9 consist of 397,309 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The percentage listed in row 11 is calculated based on 121,776,855 shares of Common Stock outstanding on July 31, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.. Albert Cha b X1 0.00 0.00 0.00 0.00 0.00 Y 0.0 IN James Brush b X1 0.00 0.00 0.00 0.00 0.00 0.0 IN Daniel Estes b X1 0.00 0.00 0.00 0.00 0.00 0.0 IN Trevi Therapeutics, Inc. 195 Church Street, 16th Floor, New Haven, CT, 06510. The entities and persons filing this statement (collectively, the "Reporting Persons") are: Frazier Life Sciences Public Fund, L.P. ("FLSPF") FHMLSP, L.P. FHMLSP, L.L.C. Frazier Life Sciences XI, L.P. ("FLS XI") FHMLS XI, L.P. FHMLS XI, L.L.C. Frazier Life Sciences X, L.P. ("FLS X") FHMLS X, L.P. FHMLS X, L.L.C. James N. Topper ("Topper") Patrick J. Heron ("Heron") Albert Cha ("Cha") James Brush ("Brush") Daniel Estes ("Estes" and together with Topper, Heron, Cha and Brush, the "Members") The address and principal business office of the Reporting Persons is: c/o Frazier Life Sciences Management, L.P. 1001 Page Mill Rd, Building 4, Suite B Palo Alto, CA 94304 The information contained in row 4 of each Reporting Person's cover page to this Statement is incorporated by reference. Y The information contained in row 9 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference. FLSPF directly holds 8,508,021 shares of Common Stock. FHMLSP, L.P. is the general partner of FLSPF and the general partner of FHMLSP, L.P. is FHMLSP, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPF, and this Statement corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. FLS X directly holds 397,309 shares of Common Stock. FHMLS X, L.P. is the general partner of FLS X and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Heron and Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares of Common Stock held by FLS X. FLS XI directly holds 1,354,079 shares of Common Stock. FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI, and this Statement corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. Consistent with prior reporting, the above referenced beneficial ownership and amounts reflected on the cover pages hereto do not include certain prefunded warrants to acquire shares of Common Stock (the "Warrants"), the exercise of which is subject to certain beneficial ownership limitations. In this regard, (i) FLSPF holds Warrants to purchase 10,331,265 shares of Common Stock, (ii) FLS X holds Warrants to purchase 1,458,294 shares of Common Stock, and (iii) FLS XI holds Warrants to purchase 2,459,389 shares of Common Stock, each of which cannot be exercised, if, upon giving effect to such exercise, the aggregate number of shares of Common Stock beneficially owned by the holder of such Warrant (together with its affiliates or any other persons acting as a group together with such holder) would exceed 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. Except as specifically stated herein, the filing of this Statement shall not be construed as an admission that any Reporting Person or any of the foregoing is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this Statement or a member of a "group" with any other person. The information contained in row 11 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference. The information contained in row 5 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference. The information contained in row 6 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference. The information contained in row 7 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference. The information contained in row 8 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 99.1 Joint Filing Agreement, dated as of May 15, 2025, incorporated by reference into this Statement. Frazier Life Sciences Public Fund, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLSP, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLSP, L.L.C. /s/ Steve R. Bailey 11/14/2025 Frazier Life Sciences X, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLS X, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLS X, L.L.C. /s/ Steve R. Bailey 11/14/2025 Frazier Life Sciences XI, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLS XI, L.P. /s/ Steve R. Bailey 11/14/2025 FHMLS XI, L.L.C. /s/ Steve R. Bailey 11/14/2025 James N. Topper /s/ Steve R. Bailey 11/14/2025 Patrick J. Heron /s/ Steve R. Bailey 11/14/2025 Albert Cha /s/ Steve R. Bailey 11/14/2025 James Brush /s/ Steve R. Bailey 11/14/2025 Daniel Estes /s/ Steve R. Bailey 11/14/2025