Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 368

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 368
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|:--|:--|
| Change in fair value of the Convertible Notes                   | ​ | ​ | ​       | ​ |   4,942 | ​ | ​ |
| Balance as of March 31, 2025                                    | ​ | ​ | ​       | ​ |  35,759 | ​ | ​ |
| Interest accrued during the three months ended June 30, 2025(1) | ​ | ​ | ​       | ​ |      93 | ​ | ​ |
| Balance immediately prior to the date of conversion             | ​ | ​ | ​       | ​ |  35,852 | ​ | ​ |
| Change in fair value of the Convertible Notes                   | ​ | ​ | ​       | ​ | -12,752 | ​ | ​ |
| Conversion of the Convertible Notes                             | ​ | ​ | ​       | ​ | -23,100 | ​ | ​ |
| Balance as of June 30, 2025                                     | ​ | ​ | ​       | $ |       — | ​ | ​ |

F-42

TABLE OF CONTENTS

(1) Includes interest accrued from April 1, 2025 until closing of the Merger. 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):

| ​                                               | ​ | ​ | As ofJune 30,2025 |   |       |   | ​ | ​ | As ofDecember 31,2024 |   |    |   | ​ |
|:------------------------------------------------|:--|:--|:------------------|:--|------:|:--|:--|:--|:----------------------|:--|---:|:--|:--|
| Prepaid research and development expenses       | ​ | ​ | ​                 | $ | 1,356 | ​ | ​ | ​ | ​                     | $ | 18 | ​ | ​ |
| Prepaid insurance                               | ​ | ​ | ​                 | ​ |   530 | ​ | ​ | ​ | ​                     | ​ |  — | ​ | ​ |
| Other prepaid expenses                          | ​ | ​ | ​                 | ​ |   250 | ​ | ​ | ​ | ​                     | ​ | 54 | ​ | ​ |
| Total prepaid expenses and other current assets | ​ | ​ | ​