Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 147

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 147
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 | ​ | ​       | ​ | 69.5%   | ​ | ​ |

Research and Development Expenses Research and development expenses for the years ended December 31, 2024 and 2023 were comprised of the following (in thousands, except percentages):

| ​                                                    
 ​                                                    | ​ 
 ​ | ​ 
 ​ | Year EndedDecember 31, 
 2024                   |   |        |   | ​ | ​ | 2023 |   |        |   | ​ 
 ​ | ​ 
 ​ | Change 
 Amount |   |        |   | ​ | ​ | Percent |   |         |   | ​ 
 ​ |
|:-----------------------------------------------------|:--|:--|:-----------------------|:--|-------:|:--|:--|:--|:-----|:--|-------:|:--|:--|:--|:-------|:--|-------:|:--|:--|:--|:--------|:--|:--------|:--|:--|
| Direct research and development expenses by program: | ​ | ​ | ​                      | ​ |      ​ | ​ | ​ | ​ | ​    | ​ |      ​ | ​ | ​ | ​ | ​      | ​ |      ​ | ​ | ​ | ​ | ​       | ​ | ​       | ​ | ​ |
| TTI-101:                                             | ​ | ​ | ​                      | ​ |      ​ | ​ | ​ | ​ | ​    | ​ |      ​ | ​ | ​ | ​ | ​      | ​ |      ​ | ​ | ​ | ​ | ​       | ​ | ​       | ​ | ​ |
| HCC                                                  | ​ | ​ | ​                      | $ |  8,583 | ​ | ​ | ​ | ​    | $ |  2,127 | ​ | ​ | ​ | ​      | $ |  6,456 | ​ | ​ | ​ | ​       | ​ | 303.5%  | ​ | ​ |
| IPF                                                  | ​ | ​ | ​                      | ​ |  6,703 | ​ | ​ | ​ | ​    | ​ |  3,210 | ​ | ​ | ​ | ​      | ​ |  3,493 | ​ | ​ | ​ | ​       | ​ | 108.8%  | ​ | ​ |
| mBC                                                  | ​ | ​ | ​