Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 162

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 162
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 as an initial public offering or sale of Legacy Tvardi in light of prevailing market conditions; and • the analysis of initial public offerings and the market performance of similar companies in the biopharmaceutical industry. The assumptions underlying these valuations represented management’s best estimate, which involved inherent uncertainties and the application of management’s judgment. As a result, if Legacy Tvardi had used significantly different assumptions or estimates prior, the fair value of its common stock and its stock-based compensation expense could have been materially different. Following the Merger and the establishment of a public trading market for our common stock, it is no longer necessary for our board of directors to estimate the fair value of our common stock in connection with our accounting for stock options and other such awards we may grant, as the fair value of our common stock will be determined based on the quoted market price of our common stock. Legacy Tvardi Options Granted The following table summarizes by grant date the number of shares of Legacy Tvardi common stock subject to options granted from January 1, 2023 through immediately prior to the closing of the Merger on April 15, 2025, the per share exercise price of the options, the per share fair value of common stock underlying the options on each grant date and the per share estimated fair value of the options:

| Grant Date       | ​ | ​ | Number of sharessubject to optionsgranted |   |         |   | ​ | ​ | Per share exerciseprice of options |   |      |   | ​ | ​ | Per share fairvalue of commonstock |   |         |   | ​ | ​ | Per share estimatedfair value of options |   |      |   | ​ |
|:-----------------|:--|:--|:------------------------------------------|:--|--------:|:--|:--|:--|:-----------------------------------|:--|-----:|:--|:--|:--|:-----------------------------------|:--|--------:|:--|:--|:--|:-----------------------------------------|:--|-----:|:--|:--|
| January 12, 2023 | ​ | ​ | ​                                         | ​ | 607,129 | ​ | ​ | ​ | ​                                  | $ | 0.82 | ​ | ​ | ​ | ​                                  | $ |    0.82 | ​ | ​ | ​ | ​                                        | $ | 0.52 | ​ | ​ |
| June 27