Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 6

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 6
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 had an asset in development for no more than three indications, and (iii) were U. S.-based
or U. S.-exchange-listed companies. None of the Tvardi Public Company Comparables reviewed is identical to Tvardi, and certain of the Tvardi
Public Company Comparables have financial and operating characteristics that are materially different from those of Tvardi.

The analyses necessarily involve complex
considerations and judgments concerning differences in financial and operational characteristics of the Tvardi Public Company Comparables
as well as other factors that could affect the Tvardi Public Company Comparables differently from how they would affect Tvardi.

Set forth below are the Tvardi Public
Company Comparables, including information with respect to each such company’s diluted market capitalization, enterprise value
and development status:

Tvardi
Public Company Comparables

($ in
millions)

                                                      Diluted                             Enterprise      Development                                    
                                                                                                          Status                                         
  Company                                              Market        Cash       Debt         Value 2      Asset            Indication          Phase     
                                                        Cap 1                                             Name                                           
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Selected                                                                                                                                               
  Pliant Therapeutics, Inc.                            $848.0      $404.5      $30.0          $473.4      Bexotegrast      IPF                 Phase 2b  
  Trevi Therapeutics, Inc. 3                           $542.1      $117.0       $0.0          $425.1      Haduvio          IPF                 Phase 2b  
  Contineum                                            $368.5      $213.9       $0.0          $154.6      PIPE-791         IPF                 Phase     
  Aileron Therapeutics Inc.                             $71.9       $17.7       $0.0           $54.2      LTI-03           IPF                 Phase 1b  
  Vicore Pharma Holding 4                              $168.1      $115.7       $0.0           $52.4      Buloxibutid      IPF                 Phase 2b  
  Selected                                                                                                                                               
  Upstream Bio, Inc. 5                               $1,106.3      $489.4       $0.0          $616.9      Verekitug        Severe Asthma       Phase 2   
  Dianthus Therapeutics,