Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 719

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 719
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| Basic and Diluted                                                                                  | ​ | ​ | ​                         | ​ | 4,512,422 | ​ | ​ | ​ | ​                                                                     | ​ |       ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​                     | ​ |        ​ | ​ | ​ | ​ | ​                           | ​ | 19,134,096 | ​ | ​ | ​ | ​                                                          | ​ |    ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​                       | ​ |       ​ | ​ | ​ | ​ | ​                                               | ​ |       ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​                | ​ | 14,161,956 | ​ | ​ | ​ | 7(h) | ​ |

See accompanying Notes to the Unaudited Pro Forma Condensed Combined Financial Information. 419

TABLE OF CONTENTS

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION 1. Description of the Merger Transaction On December 17, 2024, Cara, Tvardi and Merger Sub entered into the Merger Agreement pursuant to which Merger Sub will merge with and into Tvardi, with Tvardi surviving as a wholly owned subsidiary of Cara. Subject to the terms and conditions of the Merger Agreement, at the Closing: a) each outstanding share of Tvardi common stock, after giving effect to the conversion of Tvardi’s preferred stock into common stock, will be converted into the right to receive a number of shares of Cara common stock, based on the Exchange Ratio; b) the outstanding Convertible Notes will be converted into 1,921,436 shares of Cara common stock, in accordance with the terms discussed below; and c) each outstanding and unexercised option to