Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 65

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 65
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vardi’s substantial capital requirements.

Cash Flows

The following table summarizes Tvardi’s cash
flows for the periods indicated (in thousands):

​

| ​                                                   | ​ |                 ​ |       ​ | ​ |    ​ |       ​ | ​ |
| ​                                                   | ​ | Nine Months Ended |         |   |      |         |   |
| ​                                                   | ​ |     September 30, |         |   |      |         | ​ |
| ​                                                   |   |              2025 |         |   | 2024 |         |   |
| Net cash used in operating activities               | ​ |                 $ | -17,814 | ​ |    $ | -13,472 | ​ |
| Net cash used in investing activities               | ​ |                   | -15,084 | ​ |      |       — | ​ |
| Net cash provided by (used in) financing activities | ​ |                   |  22,702 | ​ |      |      -9 | ​ |
| Net decrease in cash and cash equivalents           | ​ |                 $ | -10,196 | ​ |    $ | -13,481 | ​ |

​

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Table of Contents

Operating Activities

Net cash used in operating activities was $17.8
million for the nine months ended September 30, 2025, reflecting a net loss of $10.9 million, non-cash changes of $6.2 million,
and changes in operating assets and liabilities of $0.7 million. The changes of $6.2 million in non-cash expenses were primarily driven
by $7.8 million related to the net change in fair value of Legacy Tvardi’s Convertible Notes, partially offset by $1.0 million related
to stock-based compensation expense and $0.7 million in interest accrued on its Convertible Notes until conversion during the second
quarter of 2025. The net changes in operating assets and liabilities of $0.7 million were primarily driven by a $1.6 million increase
in prepaid expenses and other current assets, attributable to payments for pre-clinical activities and prepaid insurance, partially offset
by a $0.9 million increase in accounts payable and accrued expenses, driven by the timing of invoices and payments.

Net cash used in operating activities was $13.5
million for the nine months ended September 30, 2024, reflecting a net loss of $16.7 million and