Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 326

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 326
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value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during each of the years ended December 31, 2024 and 2023 was less than $ million.

The weighted-average grant-date fair value of options granted during the years ended December 31, 2024 and 2023 was $ and $, respectively.

As of December 31, 2024, there was $ million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of years.

The following table illustrates the classification of stock-based compensation in the statements of operations (in thousands):

| ​                              
 ​                              | ​ 
 ​ |                  ​ 
 For the Year Ended |   ​ | ​ |    ​ |   ​ |
|:-------------------------------|:--|-------------------:|----:|:--|-----:|----:|
| ​                              | ​ |       December 31, |     |   |      |     |
| ​                              |   |               2024 |     |   | 2023 |     |
| Research and development       | ​ |                  $ | 169 | ​ |    $ | 111 |
| General and administrative     | ​ |                    | 150 | ​ |      | 203 |
| Total stock-based compensation | ​ |                  $ | 319 | ​ |    $ | 314 |

12.Income Taxes

During the years ended December 31, 2024 and 2023, the Company did not record a provision for income taxes because it has incurred net operating losses since inception and maintains a full valuation allowance against its deferred tax assets. The Company’s entire pre-tax loss for the years ended December 31, 2024 and 2023 were from U.S. operations and resulted in tax expense or benefit.

A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

| ​                                         
 ​                                         | ​ 
 ​ |                  ​ 
 For the Year Ended |      ​ | ​ |    ​ |      ​ |
|:------------------------------------------|:--|-------------------:|-------:|:--|-----:|-------:|
| ​                                         | ​ |       December 31, |        |   |      |        |
| ​                                         |   |               2024 |        |   | 2023 |        |
| Income tax at U.S