James Cassella
About James Cassella
James Cassella, Ph.D., age 70, is Trevi Therapeutics’ Chief Development Officer (appointed September 30, 2024) and previously served on Trevi’s Board from February 2020 to September 2024. He holds a Ph.D. in Physiological Psychology from Dartmouth, completed a postdoctoral fellowship at Yale School of Medicine (Psychiatry), and earned a B.A. in Psychology from the University of New Haven . During his recent tenure as an executive/director, Trevi reported strong equity performance and advancing clinical milestones; the company’s $100 TSR proxy tracking measure rose from $69.43 (2023) to $213.47 (2024), while net losses widened as R&D accelerated (-$29.07M to -$47.91M) . In 2025, Trevi announced positive Phase 2b CORAL topline IPF chronic cough results and Phase 2a RIVER RCC results, solidifying validation of Haduvio across chronic cough conditions .
Pay vs Performance (context)
| Metric | 2023 | 2024 |
|---|---|---|
| Value of $100 Investment (TSR) ($) | 69.43 | 213.47 |
| Net Income (Loss) ($M) | (29.07) | (47.91) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sun Pharmaceutical Industries Inc. | Chief Development Officer | Mar 2023 – Sep 2024 | Led development functions; integration of Concert acquisition assets |
| Concert Pharmaceuticals, Inc. | Chief Development Officer | Feb 2015 – Mar 2023 | Advanced pipeline leading to acquisition by Sun Pharma in Mar 2023 |
| Alexza Pharmaceuticals, Inc. | EVP, R&D and Chief Scientific Officer | Jul 2012 – Jan 2015 | Directed R&D; earlier SVP R&D Jun 2004–Jul 2012 |
| Neurogen Corporation | Various management roles incl. SVP Clinical R&D | Apr 1989 – Apr 2004 | Built clinical development capabilities across CNS assets |
| Trevi Therapeutics, Inc. | Director | Feb 2020 – Sep 2024 | Board service through key Haduvio development phases |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary (Annualized) ($) | — | 480,000 |
| Base Salary Paid ($) | — | 120,000 (prorated from Sep 30 start) |
| Target Bonus (%) | — | 40% |
| Actual Bonus Paid ($) | — | 53,666 (prorated; company score 110%) |
| Director Cash Fees ($) | — | 37,500 (served as director until 9/30/2024) |
Notes: Target bonuses set annually; 2024 bonuses determined at 110% corporate score by the Compensation Committee .
Performance Compensation
Equity awards to James Cassella (options)
| Grant Date | Award Type | Shares | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| Jun 12, 2024 | Director Stock Option | 30,000 | 2.77 | 6/12/2034 | 50% at earlier of 1st anniversary or next annual meeting; remainder at 2nd anniversary/meeting, subject to service |
| Sep 29, 2024 | Employee Stock Option (CDO appointment) | 400,000 | 3.34 | 9/29/2034 | 25% at 1-year; 75% monthly over next 36 months |
| Feb 2025 | Employee Stock Option (annual) | 257,500 | Not disclosed | Not disclosed | 25% at 1-year; 75% monthly over next 36 months |
General vesting practice: 25% at first anniversary, remainder vests monthly thereafter (unless specified otherwise); pre-2017 grants accelerate on change in control, but current plan features no automatic CIC vesting absent termination .
Company performance metrics linked to PSOs (program context)
| Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|
| RIVER (RCC Phase 2a) outcome certification | Successful reduction in 24-hour cough frequency | Achieved (57% placebo-adjusted; p<0.0001) | Triggered 80% of RIVER-linked PSOs for certain executives | Good: 54,400 shares; Delfini: 38,400 shares vested |
| CORAL (IPF Phase 2b) outcome | Stat. significant reduction vs placebo | Achieved across all doses; up to 60.2% reduction at 108 mg BID (p<0.0001) | Enables remaining 102,000 (Good) and 72,000 (Delfini) PSOs upon certification | Contingent on formal certification |
Note: Cassella did not receive 2024 PSOs; his awards were time-based as detailed above .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 123,684 shares; less than 1% of outstanding |
| Vested vs Unvested Options (12/31/2024) | Exercisable: 93,684 (23,684 @ $5.50; 20,000 @ $2.25; 20,000 @ $2.27; 30,000 @ $2.27). Unexercisable: 430,000 (30,000 director grant; 400,000 CDO grant) |
| RSUs Outstanding (Company) | None outstanding as of March 31, 2025 |
| Ownership Guidelines | No formal executive stock ownership guidelines disclosed |
| Hedging/Pledging | Hedging/derivatives prohibited under Insider Trading Policy; short sales prohibited. No pledging practices disclosed |
| Clawback | Awards subject to company clawback policy under Amended Plan |
| Repricing Protection | No re-pricing of options/SARs without shareholder approval |
Employment Terms
| Term | Detail |
|---|---|
| Start Date & Role | Appointed Chief Development Officer on September 30, 2024 |
| Agreement Type | At-will employment via offer letter; base salary set by Board/Comp Committee; annual bonus eligibility |
| Non-Compete / Non-Solicit | Standard agreements signed; non-compete and non-solicit during employment and for 1–2 years post-termination; confidentiality indefinite |
| Severance (non-CIC) | 6 months of base salary + employer-share COBRA premiums (if elected) upon involuntary termination without cause or resignation for good reason |
| Change-of-Control (CIC) | Double-trigger: upon qualifying termination within 12 months after CIC, 12 months base salary (lump sum) + 1.0x target bonus (lump sum) + COBRA premiums during CIC severance period + acceleration of all time-based equity (performance-based awards do not auto-accelerate) |
| Equity Plan Features | No automatic vesting solely on CIC; material amendments require shareholder approval; clawback applies |
Director Compensation (2024)
| Component | Amount |
|---|---|
| Fees earned or paid in cash ($) | 37,500 |
| Option awards ($, grant date fair value) | 68,246 |
| Total ($) | 105,746 |
Compensation Committee & Peer Benchmarking
- Alpine Rewards LLC engaged mid-2023 as independent compensation consultant; no conflicts disclosed .
- Committee targets executive base salaries near the 50th percentile, equity compensation between the 50th–75th percentile, considering company capitalization and responsibilities; bonuses and equity awards benchmarked to a biopharma peer group reviewed annually .
Performance & Track Record (operational context)
- Positive trial readouts: Phase 2a RIVER (RCC) showed 57% placebo-adjusted reduction in 24-hour cough frequency (p<0.0001); Phase 2b CORAL (IPF chronic cough) achieved statistically significant reductions across all doses (up to -60.2% vs baseline; p<0.0001) with favorable safety .
- 2025 NDA-supportive DDI study concluded Haduvio has no clinically meaningful PK interactions with IPF antifibrotics (pirfenidone, nintedanib); no dose adjustments required .
- Cash runway extended via December 2024 ($50M) and June 2025 (~$115M) offerings; liquidity supports Phase 3 IPF program initiation in 1H26, non-IPF ILD trial, and RCC Phase 2b planning .
Investment Implications
- Alignment: Cassella’s compensation skews to multi-year time-based options (25% cliff + 36-month monthly vesting), reducing near-term selling pressure and aligning with Phase 3/registration timelines; CIC terms are double-trigger with time-based acceleration upon termination in CIC, not automatic vesting on transaction close .
- Retention: Non-compete/non-solicit up to two years and severance protections (6 months non-CIC; 12 months CIC + 1.0x target bonus) support retention through key catalysts (End-of-Phase 2, Phase 3 initiation) .
- Pay-for-performance: Company program incorporates PSOs tied to clinical outcomes (RIVER, CORAL), though Cassella’s 2024 grants were time-based; strong clinical data reduces execution risk but net losses remain significant as R&D scales .
- Governance and trading signals: Prohibition on hedging and option re-pricing, clawback policy coverage, and absence of pledging are positives; lack of formal ownership guidelines is neutral. Upcoming Phase 3 design alignment and continued catalyst execution are critical to sustaining TSR momentum .