Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 9

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 9
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 the range of implied enterprise values for the Tvardi Public
Company Comparables and then adjusted for Tvardi’s net cash and cash equivalents of $6.6 million (as of November 30,
2024).

The resulting range of implied equity
values for Tvardi is shown in the table below.

| ($ in millions) |     | Implied Equity Value of 
 Tvardi                  |        |   |
|:----------------|:----|:------------------------|-------:|:--|
| Maximum         |     | $                       |  622.9 |   |
| 75th Percentile |     | $                       |  443.2 |   |
| Mean            |     | $                       |  223.0 |   |
| Median          |     | $                       |  114.4 |   |
| 25th Percentile |     | $                       |   55.6 |   |
| Minimum         |     | $                       | (109.8 | ) |

| 9. | The following disclosure amends and supplements the subsection titled “Selected IPO Analysis” 
 on pages 170 and 171 of the proxy statement/prospectus:                                       |

Piper Sandler reviewed certain financial
data of U.S.-listed companies that completed an initial public offering (referred to as an IPO) of common stock since January 1,
2020 (each, a Tvardi IPO Comparable Company), which Piper Sandler judged to be comparable to Tvardi for purposes of this analysis. The
Tvardi IPO Comparable Companies were selected, among other reasons, because, at the time of the IPO, such companies (i) had a single
clinical-stage (non-oncology) asset with an ongoing Phase 2 trial or a completed Phase 1 trial or (B) were development
stage companies (regardless of phase of development) with the lead asset targeting IPF. None of the Tvardi IPO Comparable Companies reviewed
is identical to Tvardi, and certain of the Tvardi IPO Comparable Companies have financial and operating characteristics that are materially
different from those of Tvardi.

The analyses necessarily involve complex
considerations and judgments concerning differences in financial and operational characteristics of the Tvardi IPO Comparable Companies,
as well as other factors that could affect the Tvardi IPO Comparable Companies differently from how they would affect Tvardi.

Set forth below are the Tvardi IPO Comparable
Companies, including information with respect to