Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 355

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 355
---
04 | ​ | ​ |  n/a | ​ |                        $ |         17.04 | ​ |    $ |  4.62 | ​ |
| Expected volatility                  | ​ |                            | 67.87 - 68.86 | % | ​ |  n/a | ​ |                          | 67.87 - 68.86 | % |      | 73.79 | % |
| Expected dividends                   | ​ |                            |             — | % | ​ |  n/a | ​ |                          |             — | % |      |     — | % |
| Expected term (in years)             | ​ |                            |   5.50 - 6.25 | ​ | ​ |  n/a | ​ |                        ​ |   5.50 - 6.25 | ​ |      |  5.94 | ​ |
| Risk-free rate                       | ​ |                            |           4.0 | % | ​ |  n/a | ​ |                          |           4.0 | % |      |   3.9 | % |

Stock Options

The Company granted397,940stock options during the three months ended June 30, 2025. The Company granted3,352stock options during the six months ended June 30, 2024. There werenostock options granted during the three months ended March 31, 2025 or during the three months ended June 30, 2024.

The weighted-average grant date fair value per share of options granted to employees, non-employee members of the Company’s Board of Directors and consultants during the three months ended June 30, 2025 was$ 11.14. The weighted-average grant date fair value per share of options granted to one employee during the six months ended June 30, 2024 was$ 4.62. Forfeitures of stock options are recorded as incurred.

Both the stock option grant detail above and the option activity below reflect the retroactive application of the Exchange Ratio as discussed in Note 3,Merger Agreement.

F-45

The following table summarizes option activity during the six months ended June 30, 2025:

| ​                                               
 ​                                               
 ​                                               
 ​                                               | ​ 
 ​ 
 ​ |         ​ 
         ​ 
 Number of 
   Options | ​ 
 ​ 
 ​ | ​                
 Weighted-        
 Average Exercise 
 Price            |      ​ | ​ 
 ​ 
 ​ |                     ​