Company: TVRD
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001104659-25-006051
Chunk: 7

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-24
Form: CORRESP
Chunk 7
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 be terminated upon completion of the Merger and that Tvardi intends to enter into a registration rights agreement with
certain of its investors contingent upon the closing of the Merger.

| 20. | We note that you incorporate certain registrant information into the proxy statement/prospectus by                                        
 reference to documents you previously filed with the Commission. We further note that you incorporate by reference certain future filings 
 you may make with the Commission. However, it does not appear that you meet the aggregate market value requirement of General Instruction 
 I.B.1 of Form S-3, which would permit you to incorporate certain information by reference into Form S-4. Please provide us with           
 an analysis of your eligibility to incorporate by reference or revise your proxy statement/prospectus to include the information required 
 by Item 14 of Form S-4. Refer to General Instruction B.1 of Form S-4. In addition, you should include any other information               
 required by Form S-4 and Schedule 14A that is currently incorporated by reference, including, for example only, any relevant risk         
 factors and compensation disclosures. Regarding compensation disclosures, we note that Item 8(b) of Schedule 14A requires disclosure      
 of the information required by Item 402 of Regulation S-K for the registrant when any compensation plan in which any director, nominee    
 for election as a director or executive officer of the registrant will participate. We further note that you are seeking approval of two  
 equity compensation plans but that you have only included Item 402 disclosure for Tvardi’s named executive officers.                      |

Response:The Company respectfully acknowledges and agrees with the Staff’s comment and has revised the Amended Registration Statement
to include all information required by Form S-4 and Schedule 14A within the filing itself rather than incorporating certain of such
information by reference.

MINTZ

| 21. | Revise Note 4 on page 297 as well as similar disclosure on page 23 to provide an additional                                             
 bullet supporting your merger accounting to describe the extent to which you believe that, following the asset disposition and related  
 transactions and immediately prior to the merger with Tvardi, Cara Therapeutics, Inc. will effectively be a non-operating shell company 
 for accounting purposes.                                                                                                                |

Response:
The Company respectfully acknowledges the Staff’s comment and has revised the disclosure on pages 25 and 422 of the Amended
Registration Statement to address the matters noted in the Staff’s comment.

| 22. | Please file