Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 28

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 28
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 and (ii) a
number of shares equal to three times the Initial Share Reserve. Notwithstanding the foregoing, the Company’s Board of Directors
may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares. No
offering periods under the 2025 ESPP had been initiated as of September 30, 2025.

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Fair Value Inputs

The fair value of stock option grants is estimated
using the Black-Scholes option-pricing model. The Company historically had been a private company prior to the Merger and lacked company-specific
historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility
of a publicly traded set of peer companies and expects to continue to do so after the Merger until such time as it has adequate historical
data regarding the volatility of its own publicly traded stock price. The expected option term is calculated based on the simplified method
for awards with service-based conditions, which uses the midpoint between the vesting date and the contractual term, as the Company does
not have sufficient historical data to develop an estimate based on participant behavior. The risk-free interest rate is determined by
reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected
term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to
pay any cash dividends in the foreseeable future.

The following table presents, on a weighted-average
basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted. For options
granted after the Merger in April 2025, the Company’s closing stock price on the grant date was used.

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| ​                                    | ​ |                          ​ |     ​ | ​ | ​ |    ​ | ​ |                         ​ |             ​ | ​ |    ​ |     ​ | ​ |
| ​                                    | ​ | For the Three Months Ended |       |   |   |      | ​ | For the Nine Months Ended |               |   |      |       |   |
| ​                                    | ​ |              September 30, |       |   |   |      | ​ |             September 30, |               |   |      |       |   |
| ​                                    |   |                       2025 |       |   | ​ | 2024 |