Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 556

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 556
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    | ​ |   | % change |
| Non-cash interest expense on liability related to sales of future royalties and milestones | ​ | $                           | -604 |   | N/A      | ​ | $    | — |   | N/A      |

We recognized $0.6 million of non-cash interest expense on the liability related to sales of future royalties and milestones for the year ended December 31, 2023, which represented imputed interest on the carrying value of the liability to HCR in the fourth quarter of 2023 and the amortization of the related issuance costs associated with the HCR Agreement. There was no non-cash interest expense on liability recognized during the year ended December 31, 2022 as the HCR Agreement was entered into in November 2023 (see “— Royalty Purchase and Sale Agreement” above). Benefit from Income Taxes Cara has not exchanged its R&D tax credit for cash for the three and nine months ended September 30, 2024, and was not eligible to exchange its R&D tax credit for cash for the three and nine months ended September 30, 2023, therefore there was no benefit from income taxes for each of the three and nine months ended September 30, 2024 and 2023.

304

Cara opted not to exchange its R&D tax credit for the year ended December 31, 2023, and was not eligible to exchange its R&D tax credit for cash during the year ended December 31, 2022, therefore there was no benefit from income taxes for each of the years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, Cara recorded $0.7 million within income tax receivable which related to the 2020 R&D credit. Cara recognized a full valuation allowance against deferred tax assets at September 30, 2024 and December 31, 2023 and 2022. The tax benefit related to the exercise of stock options is recognized as a deferred tax asset that is offset by a corresponding valuation allowance. As such, Cara’s effective tax rate is zero for each of the three and nine months ended September 30, 2024 and 2023 and the years ended December 31, 2023 an 2022. Capital Requirements, Liquidity, and Capital Resources Short-Term and Long-Term Cash Requirements Cara’s primary uses of capital have been third-party clinical R&D services,