Thomas Sciascia
About Thomas Sciascia
Co-founder of Trevi Therapeutics; Chief Scientific Officer since November 2022 after serving as Chief Medical Officer from March 2011–November 2022. Age 71 (2025), B.S. in Biology from MIT and M.D. from Columbia; board-certified neurologist licensed in Massachusetts . Company TSR rose from $69.43 in 2023 to $213.47 in 2024, with Trevi noting CAP-to-TSR visuals and that, as a pre-commercial biotech, net income is not used in pay decisions . Performance equity for Dr. Sciascia has been tied to successful clinical outcomes (PRISM and CANAL trials), which vested in 2022, indicating pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trevi Therapeutics | Chief Scientific Officer | Nov 2022–present | Scientific leadership; equity incentives linked to clinical milestones |
| Trevi Therapeutics | Chief Medical Officer | Mar 2011–Nov 2022 | Led clinical development; co-founder; options vested upon program success |
| Penwest | SVP Clinical Development & Regulatory; CMO | 2001–2010 | Led clinical and regulatory functions |
| Transkaryotic Therapies (Shire) | Medical Director | 2000–2001 | Medical leadership for biopharma programs |
| Quintiles | Consultant | 1997–2000 | Advisory to pharma/biotech clients |
External Roles
| Organization | Role | Year | Scope |
|---|---|---|---|
| CPDD 87th Annual Meeting | Poster presenter (Human Abuse Potential study) | 2025 | Represents Trevi; abuse liability assessment for nalbuphine ER |
Fixed Compensation
Summary Compensation Table (SCT) – amounts awarded/earned:
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salary ($) | 378,788 | 391,458 | 424,677 |
| Bonus ($) | 113,050 | 130,772 | 117,600 |
| Option awards ($) (GRANT-DATE FV) | 217,898 | 46,820 | 425,699 |
| All other comp ($) | 7,808 | 8,245 | 9,149 |
| Total ($) | 717,544 | 577,295 | 977,125 |
Annual base salary rate:
| Metric | 2022 | 2023 |
|---|---|---|
| Annual Base Salary ($) | 393,300 | 420,000 |
Target bonus (as % of base salary):
| Metric | 2023 |
|---|---|
| Target Bonus % | 40% |
Notes:
- 2023 bonuses were based on corporate performance goals across development, strategic, and financial objectives; awards paid in Feb 2024 .
- Trevi emphasizes a mix of cash and equity with committee oversight and periodic grants; no automatic option awards .
Performance Compensation
Annual cash incentive structure (2023):
| Metric | Weighting | Target | Actual | Payout Type | Vesting |
|---|---|---|---|---|---|
| Corporate performance goals (development, strategic, financial) | Designated (undisclosed) | 40% of base salary | $117,600 | Cash bonus | N/A |
Performance-based stock options:
| Grant | Metric | Target/Condition | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Feb 2021 perf. option (37,500 sh) | PRISM & CANAL trial successes | Full vest upon positive trial results | Achieved; fully vested in 2022 | Option vesting | Fully vested Sept 19, 2022 |
| Feb 2024 perf. option (100,000 sh) | IPF chronic cough Phase 2b and RCC Phase 2a results | Vests based on timing/success of trials | In process (company described design and metrics) | Option vesting | Performance-based schedule |
Time-based options (typical):
- 25% at 1-year anniversary; remainder monthly over 36 months .
Equity Ownership & Alignment
Beneficial ownership:
| As-of Date | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Apr 28, 2023 | 549,415 | <1% | Includes 204,657 owned shares + 344,758 options exercisable within 60 days |
| Apr 24, 2024 | 642,159 | <1% | Trevi outstanding shares: 70,435,093 |
Outstanding equity awards (selected entries; Dec 31, 2023):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Notes |
|---|---|---|---|---|---|
| Jan 22, 2024 (older) | 11,289 | — | 3.23 | 1/22/2024 | Prior grant |
| Jun 10, 2024 (older) | 59,354 | — | 2.19 | 6/10/2024 | Prior grant |
| Nov 24, 2024 (older) | 48,001 | — | 1.43 | 11/24/2024 | Prior grant |
| May 14, 2025 (older) | 2,631 | — | 1.43 | 5/14/2025 | Prior grant |
| Dec 19, 2027 | 7,895 | — | 3.33 | 12/19/2027 | Prior grant |
| Jun 2, 2029 | 50,000 | — | 10.12 | 6/2/2029 | Time-based vesting |
| Feb 12, 2030 | 57,500 | 2,500 | 5.50 | 2/12/2030 | Time-based vesting |
| Feb 16, 2031 | 35,416 | 14,584 | 3.21 | 2/16/2031 | Time-based vesting |
| Feb 16, 2031 (perf.) | 37,500 | — | 3.21 | 2/16/2031 | Fully vested based on PRISM/CANAL |
| Feb 10, 2032 | 50,416 | 59,584 | 0.51 | 2/10/2032 | Time-based vesting |
| Feb 15, 2033 | — | 187,500 | 2.67 | 2/15/2033 | Time-based: 25% at 1 year, monthly thereafter to 2027 |
Policy alignment:
- Anti-hedging: short sales and derivative/hedging transactions prohibited for employees, officers, directors and certain related persons .
- Equity ownership guidelines: Trevi states no formal executive ownership guidelines .
- Pledging: Not disclosed in proxy materials reviewed; no reference found in cited documents (noted absence).
Insider transactions:
- Form 4 analysis could not be retrieved due to a data access error; recommend monitoring SEC Form 4s for “SCIASCIA THOMAS” for vesting-related sales (F/M codes) and transaction pressure near monthly vest dates. Attempt documented; no transaction data included here.
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | At-will; agreement dated Dec 2012; eligible for annual bonus at Board’s discretion |
| Separation Benefits Plan (2019) | Applies to CEO and officers; supersedes prior agreements |
| Severance (non-CIC) | If terminated without cause or resigns for good reason: 6 months of base salary + employer share of COBRA premiums during severance period |
| Change-in-control (CIC) | If terminated without cause or resigns for good reason within 12 months post-CIC: lump sum equal to 12 months base salary; COBRA premiums during CIC severance; target annual bonus (1.0x for other executives), and full acceleration of time-based equity awards (performance awards excluded) |
| Non-compete & non-solicit | Post-termination non-compete and non-solicit for 1–2 years; confidentiality obligations indefinite |
Performance & Track Record
- Performance-equity linkage: 2021 performance options vested fully upon successful PRISM and CANAL trial outcomes in 2022, aligning compensation with clinical execution .
- Scientific leadership: As CSO, Sciascia contributes to abuse liability and safety assessments; public remarks emphasize consistent adverse event profile across studies and low abuse signals—supporting the development narrative for nalbuphine ER .
- Pre-commercial metrics: Trevi’s pay-versus-performance disclosure emphasizes TSR and CAP visuals; company states net income is not used in determining executive compensation .
Compensation Structure Analysis
- Increased equity mix: Significant option grant in 2023 (187,500 sh, time-based) increased at-risk equity exposure for Sciascia .
- Continued use of options: No RSUs disclosed; Trevi uses options with time- and performance-based vesting and does not automatically award options under employment agreements .
- Performance metric rigor: 2021 options tied to pivotal clinical results; 2024 perf options tied to IPF chronic cough Phase 2b and RCC Phase 2a success—explicitly milestone-based .
Investment Implications
- Alignment: Compensation is clearly tethered to clinical milestones (2021 perf options fully vested upon trial success); ongoing 2024 performance grants maintain alignment with value-creation events .
- Retention and CIC: Non-CIC severance is modest (6 months base), but CIC terms include 12 months base, 1.0x target bonus, and acceleration of time-based equity—reducing retention risk through transaction and potentially creating near-term liquidity events post-CIC .
- Selling pressure: Large 2023 grant (187,500 sh) vests monthly through 2027, which can create steady supply from option exercises; monitor Form 4s for M/F codes and open-market S sales to gauge pressure .
- Ownership: Beneficial ownership <1% but with substantial vested/unvested options; no formal ownership guidelines and hedging prohibited—alignment via options rather than stock ownership multiples .
- Governance: Compensation committee oversight and annual reviews; say-on-pay proposal newly introduced in 2025 (no historical approval percentages disclosed), with board recommending annual frequency .