Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 129

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 129
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 shares of our common stock in the aggregate, based on the Exchange Ratio; |

| ● | we acquired approximately $23.9 million in net assets in accordance with the Merger Agreement. |

| ● | Legacy Tvardi’s outstanding Convertible Notes converted into 1,265,757 shares of our common stock in the aggregate, pursuant to the terms of the Convertible Notes. |

| ● | all outstanding and unexercised options to purchase shares of Legacy Tvardi common stock were assumed by the Company and converted into options to purchase shares of our common stock based on the Exchange Ratio. |

Immediately following the Merger, equityholders of Legacy Tvardi prior to the Merger, including the holders of Convertible Notes, owned approximately 84.5% of our outstanding common stock on a fully diluted basis. As discussed above, the Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Legacy Tvardi was deemed to be the accounting acquirer for financial reporting purposes. In addition, on April 15, 2025, immediately prior to the closing of the Merger, Cara (i) effected a 1-for-3 reverse stock split of its common stock and (ii) increased its authorized shares of common stock to 150,000,000.

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Upon the closing of the Merger, our 2025 Equity Incentive Plan (the “2025 Plan”) and 2025 Employee Stock Purchase Plan (the “2025 ESPP”), both approved during a special meeting of Cara’s stockholders on April 1, 2025, also became effective, following the Reverse Stock Split.

As of the effective time of the Merger, there were 935,554 and 93,555 shares of our common stock available for grant under the 2025 Plan and 2025 ESPP, respectively. As of June 30, 2025, there were 537,614 shares of our common stock remaining available to grant under the 2025 Plan. As of June 30, 2025, no offering periods under the 2025 ESPP had been initiated.

Convertible Notes

In December 2024, Legacy Tvardi entered into a note purchase agreement, pursuant to which it issued and sold Convertible Notes in an aggregate principal amount of approximately $28.3 million. The Convertible Notes accrued interest at 8% per annum and had a maturity date of December