Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 51

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 51
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 fees on the anniversary of the agreement, which range from $30,000 to $50,000.
Tvardi is also required to pay BCM royalties in the amount of a low-single-digit percent of net sales of BCM2 Licensed Products during
the term, which expires, on a country-by-country basis, on the later (i) of the date of expiration of the last to expire of the Licensed
Patent Rights, or, (ii) if no Licensed Patent Rights issued in such country, the tenth anniversary of the first commercial sale of
the BCM2 Licensed Product in such country. Tvardi currently expects the Licensed Patent Rights to expire July 18, 2034. Upon the
achievement of additional specified development and regulatory milestones, Tvardi is required to pay BCM one-time milestone payments of
up to $1,225,000 in the aggregate for the first BCM2

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Licensed Product to achieve such milestones. Further, in connection
with the initiation of the Phase 3 clinical trial, Tvardi would expect to incur approximately $300,000 in costs. Tvardi is additionally
required to pay BCM a tiered low-double-digit percentage of sublicensing revenue obtained in connection with any sublicense granted
by Tvardi under the Licensed Patent Rights.

Tvardi may terminate the BCM Second Agreement at
its convenience following a specified notice period upon advance written notice to BCM. The BCM Second Agreement may also be terminated
by BCM for Tvardi’s default or failure to perform any of terms of the BCM Second Agreement, following a specified notice and cure
period. Additionally, BCM may terminate the BCM Second Agreement if Tvardi undergoes specified bankruptcy or insolvency events, following
the expiration of a specified period. The NIH may terminate its license to BCM if Tvardi fails to fulfill certain obligations. Upon expiration
of the term of the BCM Second Agreement in a given country, the license grant from BCM to Tvardi will be fully paid and perpetual in such
country.

The BCM Second Agreement was amended in June 2019
to amend Legacy Tvardi’s diligence and insurance obligations. Legacy Tvardi entered into a second amendment in April 2023 to
further amend its diligence obligations and to terminate the obligation to pay annual maintenance fees until the first anniversary of
the achievement of certain patent milestones and annually thereafter.

Under the BCM Second Agreement, no payments were
made or incurred during the three and nine