Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 443

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 443
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, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden) and fourteen additional countries: Albania, Australia, China, Iceland, Israel, Monaco, New Zealand, North Macedonia, Norway, Russian Federation, Serbia, Switzerland, Turkey and the UK.

Cara relies on trade secret protection for its confidential and proprietary information. Although Cara takes steps to protect its proprietary information and trade secrets, including through contractual means with Cara’s employees and consultants, third parties may independently develop substantially equivalent proprietary information and techniques or otherwise gain access to Cara’s trade secrets or disclose Cara’s technology. Thus, Cara may not be able to adequately protect its trade secrets to prevent harm to its business. It is Cara’s policy to require its employees, consultants, outside scientific collaborators, sponsored researchers and other advisors to execute confidentiality agreements upon the commencement of employment or consulting relationships with Cara. These agreements provide that all confidential information concerning Cara’s business or financial affairs developed or made known to the individual during the course of the individual’s relationship with Cara is to be kept confidential and not disclosed to third parties except in specific circumstances. In the case of employees, the agreements provide that all inventions conceived by the individual, and which are related to Cara’s current or planned business or research and development, or R&D, or made during normal working hours, on Cara’s premises or using Cara’s equipment or proprietary information, are Cara’s exclusive property.

#### Competition
The biotechnology and pharmaceutical industries are characterized by rapidly advancing technologies, intense competition and a strong emphasis on proprietary products. While Cara believes that its technology, knowledge, experience and scientific resources provide it with competitive advantages, Cara faces potential

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competition from many different sources, including large pharmaceutical and biotechnology companies, specialty pharmaceutical and generic drug companies, and medical technology companies. Any product candidates that Cara successfully develops and commercializes will compete with existing therapies and new therapies that may become available in the future.

Cara believes the key competitive factors that will affect the development and commercial success of its product are its safety, efficacy and tolerability profile, reliability, convenience of dosing, price and reimbursement from government and third-party payers. Cara’s commercial opportunity could be reduced or eliminated if its competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that Cara may develop. Cara’s competitors also