Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 164

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 164
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in the successful discovery, development and commercialization of product candidates or if a future collaborator terminates its agreement
with Tvardi, Tvardi may not receive any research funding or milestone or royalty payments under such collaboration. All of the risks relating
to product development, regulatory approval and commercialization described in this Quarterly Report also apply to the activities of Tvardi’s
therapeutic collaborators.

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Tvardi faces significant competition in seeking
appropriate collaborators for its product candidates, and the negotiation process is time-consuming and complex. In order for Tvardi to
successfully establish a collaboration for one or more of its product candidates, potential collaborators must view these product candidates
as economically valuable in markets they determine to be attractive in light of the terms that Tvardi is seeking and other available products
for licensing by other companies. Collaborations are complex and time-consuming to negotiate and document. In addition, there have been
a significant number of recent business combinations among large biopharmaceutical companies that have resulted in a reduced number of
potential future collaborators. Tvardi’s ability to reach a definitive agreement for a collaboration will depend, among other things,
upon its assessment of the collaborator’s resources and expertise, the terms and conditions of the proposed collaboration and the
proposed collaborator’s evaluation of a number of factors. If Tvardi is unable to reach agreements with suitable collaborators on
a timely basis, on acceptable terms, or at all, Tvardi may have to curtail the development of a product candidate, reduce or delay its
development program or one or more of Tvardi’s other development programs, delay its potential commercialization or reduce the scope
of any sales or marketing activities, or increase Tvardi’s expenditures and undertake development or commercialization activities
at Tvardi’s own expense. If Tvardi elects to increase its expenditures to fund development or commercialization activities on its
own, Tvardi may need to obtain additional expertise and additional capital, which may not be available to Tvardi on acceptable terms,
or at all. If Tvardi fails to enter into future collaborations or does not have sufficient funds or expertise to undertake the necessary
development and commercialization activities, Tvardi may not be able to further develop its product candidates, bring them to market and
generate revenue from sales of drugs or continue to develop its technology, and its business may be materially and adversely affected.
Even if Tvardi is successful in its efforts to establish new strategic collaborations, the