Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 31

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 31
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 ​ | $                |   9.09 |   |                  6.78 | ​ | $                   | 34,081 |

​

| (1) | Includes 21,665 of exercises of assumed Cara options after the Merger closed. |

| (2) | Includes 83,293 of assumed Cara options that expired 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 the three and nine months ended September 30, 2025 was $0.1 million and $0.2
million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 was less
than $0.1 million. There were no exercises of stock options during the three months ended September 30, 2024.

The following table illustrates the classification
of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):

| ​                              
 ​                              | ​ 
 ​ | ​    
 ​    
 2025 |                                        ​ 
 For the Three Months Ended September 30, | ​ | ​    
 2024 |  ​ | ​ | ​    
 ​    
 2025 |                                       ​ 
 For the Nine Months Ended September 30, | ​ | ​    
 2024 |   ​ |
|:-------------------------------|:--|:-----|-----------------------------------------:|:--|:-----|---:|:--|:-----|----------------------------------------:|:--|:-----|----:|
| Research and development       | ​ | $    |                                       79 | ​ | $    | 29 | ​ | $    |                                     255 | ​ | $    |  86 |
| General and administrative     | ​ |      |                                      260 | ​ |      | 51 | ​ |      |                                     791 | ​ |      | 154 |
| Total stock-based compensation | ​ | $    |                                      339 | ​ | $    | 80 | ​ | $    |                                   1,046 | ​ | $    | 240 |

​

As of September 30, 2025, there was $3.7 million
of total unrecognized compensation cost related to unvested stock options