Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 66

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 66
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 net changes in operating assets
and liabilities of $2.8 million, partially offset by non-cash charges for depreciation and amortization, stock-based compensation expense,
and non-cash lease expense of $0.4 million. The net change in operating assets and liabilities of $2.8 million was primarily driven by
(i) a $2.0 million decrease in prepaid expenses and other current assets, attributable to the timing of patient enrollments, and
(ii) a $0.9 million increase in accounts payable and accrued expenses, driven by the timing of invoices and payments.

Investing Activities

Net cash used in investing activities was $15.1
million for the nine months ended September 30, 2025, attributable to purchases of short-term investments of $31.5 million,
partially offset by maturities of short-term investments of $16.4 million.

There was no net cash provided by investing activities
for the nine months ended September 30, 2024.

Financing Activities

The net cash provided by financing activities for
the nine months ended September 30, 2025 was primarily due to approximately $25.0 million of cash acquired in connection with
the Merger and proceeds of $0.5 million from the exercise of stock options, partially offset by payments of $2.8 million related to Merger
transaction costs.

The net cash used in financing activities for the
nine months ended September 30, 2024 was due to the payments of deferred offering costs, partially offset by proceeds from the
exercise of stock options.

Contractual Obligations and Commitments

Lease Obligations

Tvardi leases space under one operating lease agreement
for corporate office space in Sugar Land, Texas, which expires in August 2027. As of September 30, 2025, Tvardi had future operating
lease liabilities of $0.2 million, of which $0.1 million is included within operating lease liabilities, current portion on its condensed
consolidated balance sheet.

License Agreements

As discussed above, Tvardi has license agreements
with BCM for exclusive use of patent rights of TTI-101. The license agreements contain terms for annual maintenance fees, milestone payments
and net revenue royalties. Annual maintenance fees range from $30,000 to $50,000 per year, per license. Potential milestone payments
are up to $1,225,000 in the aggregate per license. Milestones include new drug filings, clinical