Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 10

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 10
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 Equity Value), and (ii) its implied diluted pre-money enterprise value, calculated as the Diluted
Pre-Money Equity Value, plus net debt (calculated as the book value of such company’s debt less its cash and cash equivalents),
plus any preferred stock and minority interests, and less any short-term and long-term investments, as reported in the effective registration
statement of the IPO of each Tvardi IPO Comparable Company (referred to herein as the Diluted Pre-Money Enterprise Value).

The immediately preceding table
also indicates themaximum, 75th percentile, mean, median, 25th percentile and minimum Diluted Pre-Money Equity Values and
Diluted Pre-Money Enterprise Valuesofthe Tvardi IPO Comparable Companies, sorted by: Single Clinical-Stage Asset (Non-Oncology)
IPOs in Phase 2 since 2020, IPOs with Lead Asset Targeting Idiopathic Pulmonary Fibrosis since 2020, and All Selected Companies.

For the Selected IPO analysis, Piper
Sandler calculated a range of implied equity values for Tvardi based on the range of the Diluted Pre-Money Enterprise Values for the Tvardi
IPO Comparable Companies and then adjusted for Tvardi’s net cash and cash equivalents of $6.6 million(as of November 30,
2024).

The resulting range of implied equity
values for Tvardi is shown in the table below.

  ($ in millions)       Implied Equity  
  Maximum                       $477.9  
  75th Percentile               $277.3  
  Mean                          $262.3  
  Median                        $254.2  
  25th Percentile               $201.4  
  Minimum                       $121.5  

  10.      The following disclosure replaces the second paragraph under the subsection titled “ Composition  

Pursuant to the Merger Agreement, each
of the directors and officers of Cara who will not continue as directors or officers of the combined company following the completion
of the Merger shall resign immediately prior to the Effective Time. Following the completion of the Merger, the Combined Company Board
anticipates that it will consist of seven directors and will be comprised of five members designated by Tvardi (Sujal Shah, Michael Wyzga,
Wallace Hall, Shaheen Wirk and Imran Alibhai), one member designated by Cara(Susan Shiff)and one vacancy, to be designated by
Tvardi if prior