Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 296

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 296
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 Sandler’s industry knowledge and judgment. (4) Protara Therapeutics, Inc. is in Phase 2 for its lead program, as per its website, despite also having a Phase 3-ready program. For each Tvardi Public Company Comparable, Piper Sandler reviewed its current (i) diluted market capitalization, calculated as the aggregate value of such Tvardi Public Company Comparable’s outstanding equity securities (determined using the treasury stock method and taking into account any outstanding in-the-money options, in-the-money warrants, restricted stock units and other potentially dilutive securities), based on the closing stock price of its common stock as of December 16, 2024, and (ii) implied enterprise value. The implied enterprise values were calculated as diluted market capitalization, as described in the immediately preceding sentence, plus such Tvardi Public Company Comparable’s net debt (equal to the book value of such company’s debt less its cash and cash equivalents), plus its preferred stock and minority interests, and less its short-term and long-term investments, in each case, as of such company’s most recent reported quarter-end. The analyses indicated the following maximum, 75th percentile, mean, median, 25th percentile and minimum diluted market capitalization and implied enterprise values of the Tvardi Public Company Comparables:

| ($ in millions) | ​ | ​ | Diluted MarketCapitalizationof the Tvardi PublicCompanyComparables |   |         |   | ​ | ​ | Implied EnterpriseValue of theTvardi PublicCompanyComparables |    |        |   | ​ |
|:----------------|:--|:--|:-------------------------------------------------------------------|:--|--------:|:--|:--|:--|:--------------------------------------------------------------|:---|-------:|:--|:--|
| Maximum         | ​ | ​ | ​                                                                  | $ | 1,106.3 | ​ | ​ | ​ | ​                                                             | $  |  616.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                                                                  | $ |   661.6 | ​ | ​ | ​ | ​                                                             | $  |  437.2 | ​ | ​ |
| Mean            | ​ | ​ | ​                                                                  | $ |   428.2 | ​ | ​ | ​ | ​                                                             | $  |  217.0 | ​ | ​ |
| Median          | ​ | ​ | ​                                                                  | $ |   292