Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 354

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 354
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 may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares. No offering periods under the 2025 ESPP had been initiated as of June 30, 2025. Fair Value Inputs The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically had been a private company prior to the Merger and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so after the Merger until such time as it has adequate historical data regarding the volatility of its own publicly traded stock price. The expected option term is calculated based on the simplified method for awards with service-based conditions, which uses the midpoint between the vesting date and the contractual term, as the Company does not have sufficient historical data to develop an estimate based on participant behavior. The risk-free interest rate is determined by reference to the U.S. Treasury yield

<div align='center'>F-44</div>

curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted. For options granted after the Merger in April 2025, the Company’s closing stock price on the grant date was used.

| ​                                    | ​ |                          ​ |             ​ | ​ | ​ |    ​ | ​ |                        ​ |             ​ | ​ |    ​ |     ​ | ​ |
| ​                                    | ​ | For the Three Months Ended |               |   |   |      | ​ | For the Six Months Ended |               |   |      |       |   |
| ​                                    | ​ |                   June 30, |               |   |   |      | ​ |                 June 30, |               |   |      |       |   |
| ​                                    |   |                       2025 |               |   | ​ | 2024 |   |                     2025 |               |   | 2024 |       |   |
| Per share fair value of common stock | ​ |                          $ |         17.