Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 302

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 302
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 make any representation to any Cara stockholder or any other person regarding Cara’s actual performance in the event of an actual liquidation of Cara, as compared to the information contained in the Management Liquidation Analysis or regarding whether the forecasted Distributions would actually be achieved. In light of the foregoing, and considering that the Special Meeting will be held after the Management Liquidation Analysis was prepared, as well as the uncertainties inherent in any forecasted information, Cara stockholders are cautioned not to place unwarranted reliance on such information, and Cara urges all Cara stockholders to review Cara’s most recent SEC filings for a description of Cara’s reported financial results. See “ Where You Can Find More Information.” Certain Cara Unaudited Financial Projections As a matter of course, Cara does not publicly disclose forecasts or internal projections as to future performance, revenues, earnings or other results of operations due to the inherent unpredictability and subjectivity of the underlying assumptions and projections. However, in connection with the Cara Board’s evaluation of the Merger, Cara’s management prepared certain unaudited prospective internal financial projections related to the estimated cash expenditures and receipts of Cara from November 2024 to March 2025, assuming a closing date of the Merger of March 31, 2025, that were provided to the Cara Board in connection with its evaluation of the Merger and to Piper Sandler in connection with its financial analysis and opinion (such projections are referred to hereinafter and in “ The Merger — Opinion of Cara’s Financial Advisor ” as the Cara Projections). The Cara Projections were made

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available to and reviewed by the Cara Board. Piper Sandler utilized the Cara Projections in its financial analysis undertaken in connection with the rendering of its opinion (see “The Merger — Opinion of Cara’s Financial Advisor”). A summary of the Cara Projections is set forth below.

The information set forth below is included solely to give Cara stockholders access to the Cara Projections that were provided to the Cara Board in connection with its evaluation of the Merger and that were utilized by Piper Sandler in connection with its financial analysis and opinion as discussed under the section titled “The Merger — Opinion of Cara’s Financial Advisor.” The Cara Projections included below are not being included herein to influence Cara’s stockholders’ decision whether to vote in favor of any proposal contained in this proxy statement/prospectus. In light of the foregoing factors and the uncertainties inherent in the Cara Projections, stockholders are cautioned not to place undue reliance on the Cara