Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 378

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 378
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 ​                            | $ | 17,037 | ​ | ​ |
| Options exercisable as of June 30, 2025(3)      | ​ | ​ | ​                | ​ |   760,787 | ​ | ​ | ​ | ​                             | $ |  49.61 | ​ | ​ | ​ | ​                                                   | ​ | 4.88 | ​ | ​ | ​ | ​                            | $ | 13,512 | ​ | ​ |
| Vested and expected to vest as of June 30, 2025 | ​ | ​ | ​                | ​ | 1,216,642 | ​ | ​ | ​ | ​                             | $ |  36.86 | ​ | ​ | ​ | ​                                                   | ​ | 6.60 | ​ | ​ | ​ | ​                            | $ | 17,037 | ​ | ​ |

(1) Includes 17,665 of exercises of assumed Cara options after the Merger closed. (2) Includes 375 of forfeitures of assumed Cara options after the Merger closed. (3) Includes 82,918 of assumed Cara options that were forfeited/expired in July 2025, 90 days after the Merger closed. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during each of the three and six months ended June 30, 2025 was $0.1 million. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 was less than $0.1 million. There were no exercises of stock options during the three months ended June 30, 2024. The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands):

| ​                              
 ​                              | ​ 
 ​ | ​ 
 ​ | For the Three MonthsEnded June 30, 
 2025                               |   |     |   | ​ | ​ | 2024 |   |    |   | ​ 
 ​ | ​ 
 ​ | For the Six MonthsEnded June 30, 
 2025                             |   |     |   | ​ | ​ | 2024 |   |     |   | ​ 
 ​ |
|