Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 7

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 7
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 members of the Transaction Committee met from
time to time with representatives of Cara management and representatives of Piper Sandler to provide direction regarding the strategic
review process. The Transaction Committee has not been disbanded as of the date of this proxy statement/prospectus.

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| 8. | The following disclosure amends and supplements the subsection titled “Selected Public Companies 
 Analysis” on pages 168 and 169 of the proxy statement/prospectus:                                |

Selected Public Companies Analysis

Piper Sandler reviewed certain financial
and other data for selected companies with publicly traded securities which Piper Sandler deemed to be comparable to Tvardi for purposes
of this analysis (each, a Tvardi Public Company Comparable). The Tvardi Public Company Comparables were selected, among other reasons,
because such companies (i) had (a) a lead asset focused on idiopathic pulmonary fibrosis (IPF), (b) a single clinical-stage
asset in Phase 2 (ready or ongoing) for inflammation & immunology indication(s), or (c) a single clinical-stage asset
in Phase 2 (ready or ongoing) for solid tumor indication(s) without a technology platform that could generate multiple assets
and excluding cell therapies, (ii) had an asset in development for no more than three indications, and (iii) were U.S.-based
or U.S.-exchange-listed companies. None of the Tvardi Public Company Comparables reviewed is identical to Tvardi, and certain of the Tvardi
Public Company Comparables have financial and operating characteristics that are materially different from those of Tvardi.

The analyses necessarily involve complex
considerations and judgments concerning differences in financial and operational characteristics of the Tvardi Public Company Comparables
as well as other factors that could affect the Tvardi Public Company Comparables differently from how they would affect Tvardi.

Set forth below are the Tvardi Public
Company Comparables, including information with respect to each such company’s diluted market capitalization, enterprise value and development status:

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Tvardi Public Company Comparables

($ in millions)

|                                               |     |  Diluted |     |        |     |       |     | Enterprise |     | Development 
 Status      |     |                |     |          |     |           |
| Company                                       |     |   Market 
     Cap1 |     |   Cash |     |  Debt |     |     Value