Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 166

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 166
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 its financial resources and stability on a stand-alone basis are sufficient to satisfy their requirements for doing or continuing to do business with Tvardi.

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Tvardi’s suppliers and any future collaborators
may need assurances that its financial resources and stability on a stand-alone basis are sufficient to satisfy their requirements for
doing or continuing to do business with Tvardi. If these parties are not satisfied with its financial resources and stability, it could
have a material adverse effect on Tvardi’s ability to develop its drug candidates, enter into licenses or other agreements and on
its business, financial condition or results of operations.

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Risks Related to Managing Tvardi’s Business and Operations

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Tvardi may encounter difficulties in managing its growth, which could adversely affect its operations.

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As of September 30, 2025, Tvardi had 12 full-time
employees. As Tvardi’s clinical development and commercialization plans and strategies develop, it will need to expand its managerial,
clinical, regulatory, sales, marketing, financial, development, manufacturing and legal capabilities or contract with third parties to
provide these capabilities for Tvardi. As Tvardi’s operations expand, Tvardi expects that it will need to manage additional relationships
with various strategic collaborators, suppliers and other third parties. Tvardi’s future growth would impose significant added responsibilities
on members of management, including:

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| ● | identifying, recruiting, integrating, retaining and motivating additional employees; |

| ● | managing Tvardi’s development and commercialization efforts effectively, including the clinical and FDA review process for TTI-101, TTI-109 and any other product candidates, while complying with Tvardi’s contractual obligations to contractors and other third parties; and |

| ● | improving Tvardi’s operational, financial and management controls, reporting systems and procedures. |

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Tvardi’s ability to continue to develop and,
if approved, commercialize its product candidates will depend, in part, on its ability to effectively manage its future growth. Tvardi’s
management may also have to divert a

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disproportionate amount of its attention away from day-to-day activities
in order to devote a substantial amount of time to managing these growth activities.

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If Tvardi is not able to effectively expand its
organization by hiring new employees and expanding its groups of consultants and contractors, Tvardi may not be able to successfully implement
the tasks necessary to