Farrell Simon
About Farrell Simon
Farrell Simon is Chief Commercial Officer at Trevi Therapeutics (TRVI), serving in the role since February 2023, after joining Trevi in September 2020; he holds both an MBA and Pharm.D. from the University of Florida and previously led commercial and strategy roles at Pfizer and Procter & Gamble . Company performance during his tenure included strong total shareholder return (TSR) through 2024, reflecting significant equity value creation for investors . He contributed directly to commercialization planning and payer/prescriber dynamics for Haduvio across idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC) indications, including public discussion of scheduling risk and market access strategy .
| Metric | 2023 | 2024 |
|---|---|---|
| Total Shareholder Return – $100 initial value | $69.43 | $213.47 |
| Net Income (Loss) ($MM) | $(29.07) | $(47.91) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trevi Therapeutics | Chief Commercial Officer | Feb 2023–Present | Leads commercial strategy and launch planning for Haduvio; active in market access/scheduling risk communications |
| Trevi Therapeutics | SVP, Head of Commercial & Strategy | Feb 2022–Feb 2023 | Built integrated commercial strategy pre-launch; cross-functional leadership |
| Trevi Therapeutics | VP, Head of US Marketing | Sep 2020–Feb 2022 | Established US marketing capabilities ahead of pivotal data |
| Pfizer Inc. | Senior Director, Chief of Staff to Biopharma Group President | Jan 2018–Sep 2020 | Member of biopharma executive leadership team; enterprise commercial coordination |
| Procter & Gamble | General management, marketing, medical affairs | Not disclosed | Brand and medical affairs foundation for later biopharma leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Simon Cancer Foundation | Founder & CEO | Not disclosed | Philanthropic leadership |
| Greater New Haven Chamber of Commerce | Board of Directors | Current | Regional economic development engagement |
| University of Florida – Business School & College of Pharmacy | Advisory Board Member | Previously held | Academic advisory roles |
Fixed Compensation
- Base salary, target bonus %, and actual bonus for Simon are not disclosed in the proxy; company policy targets executive base salaries at ~50th percentile and sets annual bonuses against weighted corporate goals (2024 corporate performance score 110%) .
- Trevi generally uses stock options (not RSUs/SARs) for executives, granting time-based and performance-based options; the company had no RSUs outstanding as of March 31, 2025 .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting Dates |
|---|---|---|---|---|---|
| RIVER trial success (RCC Phase 2a) tied to Simon’s performance-based stock option (120,000 sh grant, Feb 15, 2024) | Not disclosed | Successful results certified by Comp Committee | Trial met primary endpoint; committee certified RIVER metrics Mar 10, 2025 | 38,400 shares vested from the performance option | Certified Mar 10, 2025 |
| CORAL trial success (IPF chronic cough Phase 2b) | Not disclosed | Successful results certification | Not yet certified as of Mar 10, 2025 | Eligible for additional vesting upon CORAL success | Not disclosed |
- Standard executive time-based option vesting schedule is 25% at 1-year post grant; remaining 75% monthly over 36 months .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total shares owned (post-transactions) | 76,900 shares as of March 10, 2025 |
| Ownership as % of shares outstanding | ~0.076% of 101,744,767 outstanding (Apr 23, 2025) |
| Insider sale activity (selling pressure) | Sold 81,313 shares on Mar 10, 2025 at $6.7276–$7.1498 per share; exercised options totaling 112,563 shares at strikes $0.511–$3.91; remaining direct holdings 76,900 shares |
| 10b5-1 Plan | Transactions conducted under a Rule 10b5-1 trading plan, per media summary referencing SEC filing |
| Hedging/pledging | Company Insider Trading Policy prohibits short sales and hedging/derivative transactions; pledging not disclosed |
| Ownership guidelines | No formal executive stock ownership guidelines |
Insider Transactions Detail (Mar 10, 2025):
| Date | Type | Shares | Price | After-Ownership |
|---|---|---|---|---|
| 03/10/2025 | Option exercise | 17,500 | $3.21 | 63,150 |
| 03/10/2025 | Option exercise | 63,813 | $3.91 | 126,963 |
| 03/10/2025 | Option exercise | 31,250 | $0.511 | 158,213 |
| 03/10/2025 | Sale | 76,963 | $6.7276 | 81,250 |
| 03/10/2025 | Sale | 4,350 | $7.1498 | 76,900 |
Employment Terms
| Term | Details |
|---|---|
| Employment nature | At-will; executives sign standard non-compete, non-solicit, confidentiality, assignment-of-inventions agreements |
| Non-compete & non-solicit | Non-compete and non-solicit during employment and for 1–2 years post-termination |
| Severance (no change-in-control) | CCO as officer covered under Separation Benefits Plan: 6 months base salary + COBRA premium contributions if terminated without cause or resigns for good reason |
| Severance (change-in-control within 12 months) | 12 months base salary (lump sum); 1.0× target bonus (lump sum); COBRA premium contributions; 100% acceleration of time-based equity awards (performance-based awards excluded) |
| Clawback & award governance | Equity awards subject to clawback policy; no automatic vesting on change in control; repricing prohibited without stockholder approval; options/SARs must be at or above fair market value at grant |
Compensation Structure Notes (Company-wide context applicable to CCO)
- Equity mix: Trevi primarily uses stock options with time-based and performance-based vesting; as of March 31, 2025, no RSUs were outstanding .
- Annual bonuses: Corporate goals with weighted metrics evaluated by the compensation committee; 2024 corporate performance score set at 110% .
- Market positioning: Base salaries targeted at ~50th percentile; equity compensation between the 50th–75th percentile versus peer group; Alpine Rewards engaged as independent compensation consultant .
- Equity plan: 2019 Stock Incentive Plan amended in April 2025 to add 6,000,000 shares and remove evergreen, reflecting sustained use of equity incentives while limiting automatic dilution .
Investment Implications
- Alignment: Performance-based option vesting tied to clinical milestones (RIVER, CORAL) directly links Simon’s compensation to value-creating data readouts; vesting of 38,400 shares upon RIVER certification underscores pay-for-performance structure .
- Selling pressure: March 2025 option exercises and sales reduced near-term ownership but were conducted under a 10b5-1 plan, tempering concerns about discretionary timing; Simon retains 76,900 shares, maintaining skin-in-the-game .
- Retention risk: Change-in-control and severance protections (12 months base and 1.0× target bonus in CIC; 6 months severance otherwise) plus 1–2 year restrictive covenants support retention and orderly transitions, with balanced shareholder safeguards via clawback and no automatic CIC vesting .
- Dilution and incentive capacity: 2025 equity plan amendment adds capacity for future awards and removes evergreen, aligning with stockholder oversight; continued emphasis on options (over RSUs) suggests higher at-risk equity tied to performance and tenure .
- Execution credibility: Public commentary from Simon on scheduling and market strategy, combined with company-level TSR improvements in 2024, supports confidence in commercial execution; further vesting potential hinges on CORAL outcomes .