Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 728

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 728
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 accordance with the terms of the Merger Agreement and after giving effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2. The estimated number of shares of Cara common stock that Cara expects to issue to Tvardi’s stockholders assumes Cara Net Cash at the Closing is $23.0 million and is determined as follows:

| ​ | Shares of Tvardi common stock outstanding as of September 30, 2024                                        | ​ | ​ | ​ | ​ | 19,197,914 | ​ | ​ |
| ​ | Tvardi stock option exercises subsequent to September 30, 2024                                            | ​ | ​ | ​ | ​ |      5,416 | ​ | ​ |
| ​ | Shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock, see Note 6(k) | ​ | ​ | ​ | ​ | 29,555,538 | ​ | ​ |
| ​ | Total Tvardi common stock outstanding prior to the closing of the Merger                                  | ​ | ​ | ​ | ​ | 48,758,868 | ​ | ​ |
| ​ | Exchange Ratio                                                                                            | ​ | ​ | ​ | ​ |     0.2042 | ​ | ​ |
| ​ | Shares of Tvardi common stock outstanding before the conversion of Tvardi’s Convertible Notes             | ​ | ​ | ​ | ​ |  9,957,011 | ​ | ​ |
| ​ | Shares of Cara common stock issued upon conversion of Tvardi ‘s Convertible Notes, see Note 6(o)          | ​ | ​ | ​ | ​ |  1,921,436 | ​ | ​ |
| ​ | Shares of Cara common stock issued to Tvardi stockholders upon closing of the Merger                      | ​ | ​ | ​ | ​ | 11,878,447 | ​ | ​ |

In addition, in connection with the Merger, Cara will assume all of the outstanding options to acquire Tvardi common stock and such stock options will become exercisable for shares of Cara common stock following the Merger.

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TABLE OF CONTENTS

#### 6.
**Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2024**

**The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

Pro forma notes:**

6(A)

Derived from