Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 52

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 52
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 in its internal control over financial reporting. If Tvardi fails to remediate these material weaknesses, or if it experiences additional material weaknesses in the future or otherwise fails to maintain effective internal control over financial reporting in the future, Tvardi may not be able to accurately or timely report its financial condition or results of operations, which may adversely affect investor confidence in Tvardi and, as a result, the value of Tvardi’s common stock following the completion of the Merger.

If Tvardi is unable to adequately address these and other risks it faces, its business may be harmed.

#### Risks Related to the Combined Company
•

Following the Merger, Cara and Tvardi may be unable to successfully integrate their businesses and realize the anticipated benefits of the Merger;

•

The combined company will need to raise additional financing in the future to fund its operations, which may not be available to it on favorable terms or at all;

•

The market price of the combined company’s common stock is expected to be volatile, and the market price of the common stock may drop following the Merger;

•

The combined company will incur costs and demands upon management as a result of complying with the laws, rules and regulations affecting public companies;

•

Cara and Tvardi do not anticipate that the combined company will pay any cash dividends in the foreseeable future;

•

An active trading market for the combined company’s common stock may not develop and its stockholders may not be able to resell their shares of common stock for a profit, if at all;

•

Future sales of shares by existing stockholders could cause the combined company’s stock price to decline;

•

If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about the combined company, its business or its market, its stock price and trading volume could decline; and

•

The unaudited pro forma condensed combined financial statements included in this proxy statement/ prospectus are presented for illustrative purposes only and may not be an indication of the combined company’s financial condition or results of operations following the completion of the Merger.

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TABLE OF CONTENTS

#### Regulatory Approvals
In the United States, Cara must comply with applicable federal and state securities laws and the rules and regulations of Nasdaq in connection with (i) the issuance of shares of Cara common stock to Tvardi’s stockholders in connection with the transactions contemplated by the Merger Agreement and the change of control resulting from the Merger and (ii)