Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 142

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 142
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 |   398 | ​ | ​ | ​ | ​    | ​ |   251 | ​ | ​ | ​ | ​      | ​ |    147 | ​ | ​ | ​ | ​       | ​ | 58.6%    | ​ | ​ | ​ | ​                       | ​ |   648 | ​ | ​ | ​ | ​    | ​ |    362 | ​ | ​ | ​ | ​      | ​ |    286 | ​ | ​ | ​ | ​       | ​ | 79.0%    | ​ | ​ |
| Total research and developmentexpenses               | ​ | ​ | ​                         | $ | 5,806 | ​ | ​ | ​ | ​    | $ | 6,531 | ​ | ​ | ​ | ​      | $ |   -725 | ​ | ​ | ​ | ​       | ​ | (11.1)%  | ​ | ​ | ​ | ​                       | $ | 8,917 | ​ | ​ | ​ | ​    | $ | 10,252 | ​ | ​ | ​ | ​      | $ | -1,335 | ​ | ​ | ​ | ​       | ​ | (13.0)%  | ​ | ​ |

Research and development expenses were $5.8 million for the three months ended June 30, 2025, compared to $6.5 million for the three months ended June 30, 2024. The decrease of $0.7 million was primarily driven by costs associated with our product candidate TTI-101, including decreases of $0.6 million and $2.1 million related to our HCC trial and metastatic breast cancer (“mBC”) trial, respectively, as well as a $0.1 million decrease in pre-clinical CMC costs. The decrease in our HCC trial was attributable to the changes in patient enrollments and estimated study costs, while the decrease in our mBC trial was due to the discontinuation of the trial in January 2024 and a related true-up recorded during the three months ended June 30, 2025 due to the negotiation of wind-down costs. These decreases in costs were partially offset by a $1.5 million increase in costs related to our IPF trial, due to the timing of patient enrollment. As of June 30, 2025, the IPF trial is fully enrolled. The increase of $0.4 million related to our product candidate