Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 313

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 313
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 information from the Cara Projections should be evaluated, if at all, in conjunction with the historical financial statements and other information regarding Cara included in this proxy statement/prospectus.

The Cara Projections reflect estimates and assumptions made by Cara senior management related to the estimated cash expenditures and receipts of Cara from November 2024 to March 2025 and assumed a closing date of the Merger of March 31, 2025. The Cara Projections, while presented with numerical specificity, necessarily were based on numerous variables, estimates and assumptions that are inherently uncertain and also reflect general business, economic, market and financial conditions and other matters, all of which are difficult to predict and many of which are beyond Cara’s control. Modeling and forecasting the future in the biopharmaceutical industry, in particular, is highly speculative.

The Cara Projections were developed solely using the information available to Cara management at the time they were created and reflect assumptions as to certain business decisions that are subject to change. Important factors that may affect actual results include the risk factors described in Cara’s annual report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. In particular, the Cara Projections should not be utilized as public guidance. For a description of these and other risks related to the Cara Projections, see “ Risk Factors — Risks Related to the Merger ”.

None of Cara, Tvardi, the combined company or their respective affiliates, advisors, officers, directors or other representatives can provide any assurance that actual results will not differ from the Cara Projections and none of them undertakes any obligation to update, or otherwise revise or reconcile, the Cara Projections to reflect circumstances existing after the date the Cara Projections were prepared or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cara Projections are shown to be in error. Except as required by applicable securities laws, Cara does not intend

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to make publicly available any update or other revision to the Cara Projections, even in the event that any or all assumptions are shown to be in error. None of Cara or Tvardi or their respective affiliates, advisors, officers, directors or other representatives has made or makes any representation to any stockholder or other that forecasted results will be achieved. Neither Cara nor Tvardi has made any representation regarding the Cara Pro