Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 145

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 145
---
 by the timing of invoices and payments. The $5.5 million in non-cash expenses was primarily driven by $4.9 million related to the change in fair value of Legacy Tvardi’s Convertible Notes, and $0.6 million in interest accrued on its Convertible Notes during the first quarter of 2025. Net cash used in operating activities was $4.1 million for the three months ended March 31, 2024, reflecting a net loss of $4.2 million and net changes in operating assets and liabilities of less than $0.1 million, partially offset by non-cash changes for depreciation and amortization, stock-based compensation expense, and non-cash lease expense of $0.1 million. The net changes in operating assets and liabilities of less than $1.0 million was primarily driven by (i) a $0.2 million decrease in prepaid expenses and other current assets, attributable to the timing of patient enrollments, partially offset by (ii) a $0.3 million decrease in accounts payable and accrued expenses, driven by the timing of invoices and payments. Net cash used in operating activities was $18.3 million for the year ended December 31, 2024, reflecting a net loss of $29.4 million, net of changes in operating assets and liabilities of $8.6 million, and non-cash changes of $2.5 million. The net changes in operating assets and liabilities of $8.6 million was primarily driven by (i) a $3.2 million decrease in prepaid expenses and other current assets, attributable to the timing of patient enrollments and (ii) a $5.6 million increase in accounts payable and accrued expenses, driven by the timing of invoices and payments. The $2.5 million in non-cash expenses was primarily driven by $1.8 million related to the change in fair value of Legacy Tvardi’s Convertible Notes, $0.2 million in interest accrued on its Convertible Notes, $0.3 million in stock-based compensation, and $0.1 million in depreciation and amortization. Net cash used in operating activities was $21.0 million for the year ended December 31, 2023, reflecting a net loss of $17.3 million and net changes in operating assets and liabilities of $4.0 million, partially offset by non-cash changes for depreciation and amortization, stock-based compensation expense, non-cash lease expense and accretion of discounts on