Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 52

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 52
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 by agreement among Tvardi, Cara and Merger Sub, without recirculation or resolicitation of this proxy statement/prospectus.

#### Anticipated Accounting Treatment
The Merger will be treated by Cara as a reverse recapitalization under accounting principles generally accepted in the United States of America (GAAP). For accounting purposes, Tvardi is considered to be the accounting acquirer in this transaction. The treatment as an in-substance reverse recapitalization is based on the assessment that as a result of, and following, Cara’s discontinuation of its research and development activities, Asset Disposition, and settlement of its other remaining operating assets and liabilities, on the Closing Date, Cara is expected to have nominal operations and nominal pre-combination assets which are expected to primarily be cash, cash equivalents, and marketable securities.

#### Description of Cara and Tvardi Common Stock
Both Cara and Tvardi are incorporated under the laws of the State of Delaware and, accordingly, the rights of the stockholders of each are currently, and will continue to be, governed by the DGCL. If the Merger is completed, Tvardi stockholders will become Cara stockholders, and their rights will be governed by the DGCL, the amended and restated bylaws of Cara and the amended and restated certificate of incorporation of Cara, as may be amended by the Reverse Stock Split Proposal and the Authorized Share Proposal if approved by the Cara stockholders at the Cara special meeting. The rights of Cara stockholders contained in Cara’s amended and restated certificate of incorporation, and amended and restated bylaws differ from the rights of Tvardi stockholders under Tvardi’s current amended and restated certificate of incorporation and bylaws, as more fully described under the section titled “ Comparison of Rights of Holders of Cara Stock and Tvardi Stock ” beginning on page 394of this proxy statement/prospectus.

#### Cara Stockholder Meeting
The Cara special meeting will be held exclusively online via audio-only webcast on April 1, 2025 at 10:00 a.m. Eastern Time, unless postponed or adjourned to a later date. The Cara special meeting can be accessed by visiting www.virtualshareholdermeeting.com/CARA2025SM, where you will be able to vote your shares and submit questions during the Cara special meeting webcast by logging in to the website listed above using the 16-digit control number included in your proxy card. Online check-in will begin at 9:45