Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 303

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 303
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 Projections included in this proxy statement/prospectus.

The Cara Projections were not prepared with a view toward public disclosure or with a view toward compliance with the published guidelines established by the SEC or the American Institute of Certified Public Accountants for preparation or presentation of prospective financial information, or GAAP, but, in the view of Cara management were prepared on a reasonable basis, reflected the best available estimates and judgments at the time of preparation, and presented as of the time of preparation, to the best of Cara management’s knowledge and belief, the expected future financial performance of Cara as a standalone entity. However, this information is not fact and should not be relied upon as being indicative of future results of Cara as a standalone entity, and readers of this proxy statement/prospectus are cautioned not to place undue reliance on the Cara Projections. The information from the Cara Projections should be evaluated, if at all, in conjunction with the historical financial statements and other information regarding Cara included in this proxy statement/prospectus.

The Cara Projections reflect estimates and assumptions made by Cara senior management related to the estimated cash expenditures and receipts of Cara from November 2024 to March 2025 and assumed a closing date of the Merger of March 31, 2025. The Cara Projections, while presented with numerical specificity, necessarily were based on numerous variables, estimates and assumptions that are inherently uncertain and also reflect general business, economic, market and financial conditions and other matters, all of which are difficult to predict and many of which are beyond Cara’s control. Modeling and forecasting the future in the biopharmaceutical industry, in particular, is highly speculative.

The Cara Projections were developed solely using the information available to Cara management at the time they were created and reflect assumptions as to certain business decisions that are subject to change. Important factors that may affect actual results include the risk factors described in Cara’s annual report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. In particular, the Cara Projections should not be utilized as public guidance. For a description of these and other risks related to the Cara Projections, see “Risk Factors — Risks Related to the Merger”.

None of Cara, Tvardi, the combined company or their respective affiliates, advisors, officers, directors or other representatives can provide any assurance that actual results will not differ from the Cara Projections and none of them undertakes any obligation to update