Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 299

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 299
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 in the effective registration statement of the IPO of each Tvardi IPO Comparable Company (referred to herein as the Diluted Pre-Money Enterprise Value). The analysis indicated the following maximum, 75th percentile, mean, median, 25th percentile and minimum Diluted Pre-Money Equity Values and Diluted Pre-Money Enterprise Values for the Tvardi IPO Comparable Companies:

| ($ in millions) | ​ | ​ | DilutedPre-MoneyEquity Value |   |       |   | ​ | ​ | DilutedPre-MoneyEnterprise Value |   |       |   | ​ |
|:----------------|:--|:--|:-----------------------------|:--|------:|:--|:--|:--|:---------------------------------|:--|------:|:--|:--|
| Maximum         | ​ | ​ | ​                            | $ | 693.0 | ​ | ​ | ​ | ​                                | $ | 471.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                            | $ | 421.7 | ​ | ​ | ​ | ​                                | $ | 271.3 | ​ | ​ |
| Mean            | ​ | ​ | ​                            | $ | 348.9 | ​ | ​ | ​ | ​                                | $ | 256.3 | ​ | ​ |
| Median          | ​ | ​ | ​                            | $ | 314.6 | ​ | ​ | ​ | ​                                | $ | 248.2 | ​ | ​ |
| 25th Percentile | ​ | ​ | ​                            | $ | 266.8 | ​ | ​ | ​ | ​                                | $ | 195.4 | ​ | ​ |
| Minimum         | ​ | ​ | ​                            | $ | 150.8 | ​ | ​ | ​ | ​                                | $ | 115.5 | ​ | ​ |

For the Selected IPO analysis, Piper Sandler calculated a range of implied equity values for Tvardi based on the range of the Diluted Pre-Money Enterprise Values for the Tvardi IPO Comparable Companies and then adjusted for Tvardi’s net cash and cash equivalents (as of November 30, 2024).

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The resulting range of implied equity values for Tvardi is shown in the table below.

| ($ in millions) | ​ | ​ | Implied EquityValue of Tvardi |   |