Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 125

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 125
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| ● | import or export licensing requirements; |

| ● | longer accounts receivable collection times; |

| ● | longer lead times for shipping; |

| ● | language barriers for technical training; |

| ● | reduced protection of intellectual property rights in some foreign countries; |

| ● | the existence of additional potentially relevant third-party intellectual property rights; |

| ● | economic weakness, including inflation, or political instability in particular foreign economies and markets; |

| ● | compliance with tax, employment, immigration and labor laws for employees living or traveling abroad; |

| ● | foreign taxes, including withholding of payroll taxes; |

| ● | foreign currency fluctuations, which could result in increased operating expenses and reduced revenue, and other obligations incident to doing business in another country; |

| ● | difficulties staffing and managing foreign operations; |

| ● | workforce uncertainty in countries where labor unrest is more common than in the United States; |

| ● | potential liability under the FCPA or comparable foreign regulations; |

| ● | the interpretation of contractual provisions governed by foreign laws in the event of a contract dispute; |

| ● | production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad; and |

| ● | business interruptions resulting from geopolitical actions, including war and terrorism. |

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Foreign sales of current or future product candidates
could also be adversely affected by the imposition of governmental controls, political and economic instability, trade restrictions and
changes in tariffs.

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Governments outside the United States tend to impose strict price controls, which may adversely affect Tvardi’s revenue, if any.

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In some countries, particularly in the European
Union, the pricing of prescription pharmaceuticals is subject to governmental control. In these countries, pricing negotiations with governmental
authorities can take considerable time after the receipt of marketing approval for a drug. To obtain coverage and reimbursement or pricing
approval in some countries, Tvardi may be required to conduct a clinical trial that compares the cost-effectiveness of its product candidate
to other available therapies. In addition, many countries outside the United States have limited government support programs that provide
for reimbursement of drugs such as Tvardi’s product candidates, with an emphasis on private payors for access to commercial products.
If reimbursement of Tvardi’s products, if approved, is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, Tvardi’s business could be materially harmed.