Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 20

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 20
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| ​                           |   | Level 1                       |        |   | Level 2 |   |   | Level 3 |        |   | Total |        |
| Financial assets:           |   | ​                             |        |   | ​       |   |   | ​       |        |   | ​     |        |
| Cash equivalents:           |   | ​                             |        |   | ​       |   |   | ​       |        |   | ​     |        |
| Money market funds          | ​ | $                             | 31,303 | ​ | $       | — | ​ | $       |      — | ​ | $     | 31,303 |
| Total financial assets      | ​ | $                             | 31,303 | ​ | $       | — | ​ | $       |      — | ​ | $     | 31,303 |
| ​                           | ​ | ​                             |      ​ | ​ | ​       | ​ | ​ | ​       |      ​ | ​ | ​     |      ​ |
| Financial liabilities:      | ​ | ​                             |      ​ | ​ | ​       | ​ | ​ | ​       |      ​ | ​ | ​     |      ​ |
| Convertible Notes           | ​ | $                             |      — | ​ | $       | — | ​ | $       | 30,259 | ​ | $     | 30,259 |
| Total financial liabilities | ​ | $                             |      — | ​ | $       | — | ​ | $       | 30,259 | ​ | $     | 30,259 |

There were no transfers between Levels during the
periods presented.

The unrealized loss on the Company’s short-term
investments for the three and nine months ended September 30, 2025 was not material.

Convertible Notes

In December 2024, Legacy Tvardi entered into
a note purchase agreement to issue and sell convertible notes (the Convertible Notes) in an aggregate principal amount of $28.3 million.
The Convertible Notes accrued interest at 8% per annum and had a maturity date of December 31, 2026 (the Maturity Date). As further discussed
in Note 3, Merger Agreement, the Company completed its Merger with Cara in April 2025. Upon the closing of