Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 184

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 184
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 controls and procedures are designed to reasonably assure
that information required to be disclosed by Tvardi in reports Tvardi files or submits under the Exchange Act is accumulated and communicated
to management, recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Tvardi
believes that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include
the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override
of the controls. Accordingly, because of the inherent limitations in Tvardi’s control system, misstatements or insufficient disclosures
due to error or fraud may occur and not be detected.

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Tvardi’s issuance of additional capital stock in connection with financings, acquisitions, investments, its stock incentive plans or otherwise will dilute all other stockholders.

Tvardi expects to issue additional capital stock
in the future that will result in dilution to all other stockholders. Tvardi expects to grant equity awards to employees, directors, and
consultants under its stock incentive plans. As part of its business strategy, Tvardi may acquire or make investments in complementary
companies, products or technologies and issue equity securities to pay for any such acquisition or investment. Any

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such issuances of additional capital stock may cause stockholders to
experience significant dilution of their ownership interests and the per share value of Tvardi’s common stock to decline.

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If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about Tvardi’s business, its stock price and trading volume could decline.

The trading market for Tvardi’s common stock
will depend in part on the research and reports that securities or industry analysts publish about Tvardi or its business. If one or more
of the analysts who covers Tvardi downgrades its stock or publishes inaccurate or unfavorable research about its business, its stock price
may decline. If one or more of these analysts ceases coverage of its company or fails to publish reports on Tvardi regularly, demand for
its stock could decrease, which might cause its stock price and trading volume to decline