Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 151

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 151
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 its behalf, the employee, consultant or contractor may later claim ownership of the invention. Any disagreement
over ownership of intellectual property could result in Tvardi losing ownership, or exclusive ownership, of the contested intellectual
property, paying monetary damages and/or being enjoined from clinical testing, manufacturing and marketing of the affected product candidate(s).
Even if Tvardi is successful in prosecuting or defending against such claims, litigation could result in substantial costs and be a distraction
to its senior management and scientific personnel.

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Tvardi may be subject to claims by third parties asserting that its employees or it has misappropriated their intellectual property or claiming ownership of what it regards as its own intellectual property.

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Many of Tvardi’s current and former employees,
including its senior management, were previously employed at universities or at other biotechnology or pharmaceutical companies, including
some which may be competitors or potential competitors. Although Tvardi takes commercially reasonable steps to ensure that its employees
do not use the proprietary information, know-how or trade secrets of others in their work for Tvardi, including incorporating such intellectual
property into its product candidates, Tvardi may be subject to claims that it or these employees have misappropriated the intellectual
property of a third party.

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If Tvardi or any of its employees are accused of
misappropriating the proprietary information, know-how or trade secrets of a third party, Tvardi may be forced to defend such claims in
litigation. If Tvardi is found to have misappropriated the intellectual property rights of a third party, Tvardi may be forced to pay
monetary damages, sustain reputational damage, lose key personnel or lose valuable intellectual property rights. Further, it may become
necessary for Tvardi to obtain a license from such third party to commercialize its product candidates. Such a license may not be available
on commercially reasonable terms or at all. Any of the aforementioned could materially affect the commercialization of Tvardi’s
product candidates. Even if Tvardi is successful in defending against such claims, litigation could result in substantial costs and be
a distraction to management.

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If Tvardi is unable to protect the confidentiality of its trade secrets, its business and competitive position would be harmed.

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Tvardi considers proprietary trade secrets or confidential
know-how and unpatented know-how to be important to its business. Tvardi may rely on trade secrets or confidential know-how to protect
its technology, especially where patent protection is believed by