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

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 13
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 long-term if the maturity date is in excess of one year from the balance sheet date.

The Company’s short-term investments are carried
at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’
equity (deficit). Realized gains and losses and declines in fair value due to credit-related factors are based on the specific identification
method and would be included within the non-operating section of the condensed consolidated statements of operations and comprehensive
loss, as needed. The Company recorded interest income on short-term investments, inclusive of accretion of its discounts on its short-term
investments, of $0.1 million and $0.5 million during the three and nine months ended September 30, 2025, respectively,
which is classified as interest income in the condensed consolidated statements of operations and comprehensive loss. There was no interest
income on short-term investments for the three and nine months ended September 30, 2024.

At each balance sheet date, the Company assesses
available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses
should be recognized within the non-operating section of the condensed consolidated statement of operations and comprehensive loss. The
Company evaluates whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery
of its amortized cost basis. The credit-related portion of unrealized losses, and any subsequent improvements, would be recorded in the
condensed consolidated statement of operations and comprehensive loss accordingly. The portion that is not credit-related is treated in
accordance with other unrealized losses as a component of accumulated other comprehensive income (loss) in stockholders’ equity
(deficit). There have been no impairment or credit losses recognized during any of the periods presented.

Deferred Offering Costs

The Company capitalizes certain legal, professional
accounting and other third-party fees that are directly associated with in process equity financings as deferred offering costs until
such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds from
the offering, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity (deficit) as a reduction
of additional paid-in-capital generated as a result of the offering. The Company recorded deferred offering costs of $2.8 million as of
December 31, 202