Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 142

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 142
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, 2024 was driven by interest income earned on our cash equivalents. The $1.3 million of interest income for the year ended December 31, 2023 includes interest earned on our cash equivalents, previously outstanding short-term investments, as well as the accretion of the discount on our short-term investments, which fully matured during the year ended December 31, 2023.

Other Income (Expense), Net

Other income (expense), net of $2.0 million for the year ended December 31, 2024 was primarily attributable to a $1.8 million remeasurement of our Convertible Notes, for which we have elected the fair value option, as well as $0.2 million in interest accrued on the Convertible Notes and $0.1 million of debt issuance costs incurred. There were no financial instruments requiring valuation or interest expense for the year ended December 31, 2023.

Legacy Tvardi’s Liquidity and Capital Resources

Sources of Liquidity

Since inception, we have not generated any revenue from product sales or any other sources and has incurred significant operating losses. We have not yet commercialized any products and do not expect to generate revenue from sales of any product candidates for several years, if ever. To date, we have financed our operations primarily through the (i) issuance and sale of our Convertible Notes in December 2024 for gross proceeds of $28.3 million (ii) the issuance and sale of preferred stock and historical convertible debt (which converted into preferred stock in 2018 and 2021) for total gross proceeds of $83.4 million, and (iii) as discussed above in “—Recent Developments,” Legacy Tvardi’s Merger with Cara in April 2025. To date we have devoted substantially all of our efforts and financial resources to developing our product candidates, organizing and staffing our company, business planning, raising capital, establishing our intellectual property portfolio and performing research and development of our product candidates, signaling and biology, medicinal chemistry and clinical insights to discover and develop novel therapies for the treatment of fibrosis-driven diseases. As of March 31, 2025, Legacy Tvardi had $11.4 million in cash and cash equivalents and $10.9 million in short-term investments. In April 2025, Legacy Tvardi received approximately $23.8 million of Cara’s cash and cash equivalents in connection with the closing of the Merger.

See “—Recent Developments” above for further