Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 48

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 48
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 Notes) in an aggregate principal
amount of approximately $28.3 million. The Convertible Notes accrued interest at 8% per annum and had a maturity date of December 31,
2026 (the Maturity Date).

Upon the closing of the Merger, pursuant to the
terms of the Convertible Notes, the outstanding principal balance of the Convertible Notes and all unpaid accrued interest automatically
converted into 1,265,757 shares of Tvardi common stock in the aggregate. Utilizing the fair value option to account for the Convertible
Notes, Tvardi recorded a gain of $12.8 million during the second quarter of 2025 and a net gain of $7.8 million for the nine months ended
September 30, 2025 in its condensed consolidated statements of operations and comprehensive loss as a result of the net changes in fair
value over the year-to-date 2025 period. There was no change in fair value recorded during the three months ended September 30, 2025 as
the Convertible Notes were fully converted during the second quarter of 2025.

License Agreements

In July 2012 and June 2015, Stem Med Limited
Partnership (StemMed) entered into license agreements with Baylor College of Medicine (BCM) referred to herein as the BCM First Agreement
and BCM Second Agreement, respectively. StemMed assigned the BCM First Agreement and BCM Second Agreement to Legacy Tvardi in connection
with the transfer of all or substantially all of the assets and businesses to which BCM First Agreement and BCM Second Agreement relate
in January 2018 and February 2018, respectively. Under both the BCM First Agreement and BCM Second Agreement, Legacy Tvardi
obtained exclusive, worldwide, sublicense licenses under certain of BCM’s patents and patent applications and additionally in the
case of the BCM First Agreement, certain BCM technology. Under these licenses, Tvardi is permitted to make, have made, use, market, sell,
offer to sell, lease and import products, processes or services that incorporate, utilize or are made with the use such patents and patent
applications or technologies (respectively, the BCM1 Licensed Products and BCM2 Licensed Products) in all fields of use. The licenses,
patents and patent applications and technologies applicable to the BCM First Agreement and BCM Second Agreement are further discussed
below.

First License Agreement with Baylor College of Medicine

Under the BCM First Agreement, Legacy Tvardi obtained
an exclusive, worldwide,