Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 153

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 153
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| ● | 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, the fair value of its common stock and its stock-based compensation expense could have been materially different. For the three months ended March 31, 2025, if there was a 10% increase in the valuation of its common stock at each of the valuation dates listed above and to the underlying exercise price of stock options granted during the year assuming that such options were granted with an exercise price equal to the fair value of common stock, the impact to its stock-based compensation expense would not be material. If there was a 10% decrease in the valuation of its common stock at each of the valuation dates listed above and to the underlying exercise price of stock options granted during the year assuming that such options were granted with an exercise price equal to the fair value of common stock, the impact to its stock-based compensation expense would not be material for the three months ended March 31, 2025. Legacy Tvardi’s estimates of fair value have been reviewed and approved by its board of directors. 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 shares 
 subject to options 
            granted | ​ 
 ​ | ​                  
 ​                  
 Per share exercise 
 price of options   |    ​ 
    ​ | ​ 
 ​ | ​               
 Per share fair  
 value of common 
 stock           |    ​ | ​      
 ​      | ​