Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 43

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 43
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 Cara common stock, and the holders of the Convertible Notes are expected to hold approximately 12.54% of the shares of Cara common stock, in each case, on a fully diluted basis. The expected post-Merger equity ownership split percentages are based on the assumed Exchange Ratio of 0.2042 and an amount of Conversion Shares equal to approximately 1,921,436 and are subject to adjustments based on the final Exchange Ratio and final amount of Conversion Shares. For more information, please see the section titled “ Agreements Related to the Merger ” beginning on page 214of this proxy statement/prospectus.

#### Appraisal Rights
Cara stockholders are not entitled to appraisal rights in connection with the Merger.

Tvardi stockholders are entitled to statutory appraisal rights in connection with the Merger under Section 262 of the DGCL. For more information about such rights, please see the provisions of Section 262 of the DGCL attached as Annex C and the section titled “ The Merger Agreement — Appraisal Rights ” beginning on page 206of this proxy statement/prospectus.

### Management Following the Merger
Immediately following the Merger, the executive management team of the combined company is expected to comprise the following individuals with such additional officers as may be added by the combined company:

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TABLE OF CONTENTS

| Name                        | ​ | ​ | Position with the CombinedCompany                     | ​ | ​ | Current Position at Tvardi                            | ​ |
| Imran Alibhai, Ph.D.        | ​ | ​ | Chief Executive Officer and Director                  | ​ | ​ | Chief Executive Officer and Director                  | ​ |
| Dan Conn, J.D., M.B.A.      | ​ | ​ | Chief Financial Officer                               | ​ | ​ | Chief Financial Officer                               | ​ |
| John Kauh, M.D.             | ​ | ​ | Chief Medical Officer                                 | ​ | ​ | Chief Medical Officer                                 | ​ |
| Jeffrey Larson, Ph.D., DABT | ​ | ​ | Senior Vice President, Research & Development         | ​ | ​ | Senior Vice President, Research & Development         | ​ |
| Yixin “Joseph” Chen, Ph.D.  | ​ | ​ | Vice President, Chemistry, Manufacturing and Controls | ​ | ​ | Vice President, Chemistry, Manufacturing and Controls | ​ |

Directors of the Combined Company Following the Merger At the Effective Time, the combined company is expected to initially have