Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 341

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 341
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4                           |   |     |   | ​ | ​ | 2023 |   |     |   | ​ 
 ​ |
|:-------------------------------|:--|:--|:-------------------------------|:--|----:|:--|:--|:--|:-----|:--|----:|:--|:--|
| Research and development       | ​ | ​ | ​                              | $ | 169 | ​ | ​ | ​ | ​    | $ | 111 | ​ | ​ |
| General and administrative     | ​ | ​ | ​                              | ​ | 150 | ​ | ​ | ​ | ​    | ​ | 203 | ​ | ​ |
| Total stock-based compensation | ​ | ​ | ​                              | $ | 319 | ​ | ​ | ​ | ​    | $ | 314 | ​ | ​ |

F-25

TABLE OF CONTENTS

12. Income Taxes During the years ended December 31, 2024 and 2023, the Company did not record a provision for income taxes because it has incurred net operating losses since inception and maintains a full valuation allowance against its deferred tax assets. The Company’s entire pre-tax loss for the years ended December 31, 2024 and 2023 were from U.S. operations and resulted in no tax expense or benefit. A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

| ​                                         
 ​                                         | ​ 
 ​ | ​ 
 ​ | For the Year EndedDecember 31, 
 2024                           |   |        |   | ​ | ​ | 2023 |   |        |   | ​ 
 ​ |
|:------------------------------------------|:--|:--|:-------------------------------|:--|-------:|:--|:--|:--|:-----|:--|-------:|:--|:--|
| Income tax at U.S. federal statutory rate | ​ | ​ | ​                              | $ | -6,173 | ​ | ​ | ​ | ​    | $ | -3,643 | ​ | ​ |
| State taxes, net of federal benefit       | ​ | ​ | ​                              | ​ |      — | ​ | ​ | ​ | ​    | ​ |      — | ​ | ​ |
| Valuation allowance                       | ​ | ​ | ​                              | ​ |  5,