Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 727

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 727
---
 owned immediately prior to the closing of the Merger, after giving effect to the

423

TABLE OF CONTENTS

proposed Reverse Stock Split at an assumed ratio of 1-for-2. For purposes of this unaudited pro forma combined financial information, the estimated number of shares represents 2,285,276 shares of Cara common stock outstanding as of September 30, 2024, 738 RSUs that vested subsequent to September 30, 2024 and 39,592 unvested RSUs outstanding as of the date of this proxy statement/prospectus, which will become vested in full upon the Closing. (2) The estimated preliminary purchase price is based on the closing price on The Nasdaq Capital Market on January 31, 2025, and adjusted to give the effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2. (3) Reflects the estimated acquisition-date fair value of the assumed Cara equity awards attributable to pre-Merger service expected to be outstanding as of the Effective Time. This is included as an adjustment to the unaudited pro forma condensed combined balance sheet by crediting and debiting additional paid-in capital, resulting in no impact to the unaudited pro forma condensed combined financial information. The actual purchase price for the assets of Cara will vary based on, among other things, the net cash calculation prior to the Closing, the Exchange Ratio and the Cara share price at the Closing. As such, the estimated purchase price consideration reflected in the unaudited pro forma condensed combined financial information does not purport to represent what the actual purchase price consideration will be when the Merger is completed. The actual purchase price will fluctuate until the Effective Time, and the final valuation of the purchase price consideration could differ significantly from the current estimate. 5. Shares of Cara Common Stock Issued to Tvardi Stockholders upon the Closing of the Merger At the Closing, (i) all outstanding shares of Tvardi common stock (including shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock) will be exchanged for shares of Cara common stock based on the preliminary estimated Exchange Ratio of 0.2042 and (ii) all outstanding Tvardi Convertible Notes, including interest accrued through the anticipated Closing, will be converted into 1,921,436 shares of Cara common stock. Both the preliminary estimated Exchange Ratio and the conversion of Tvardi Convertible Notes into shares of Cara common stock will be determined in