Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 5

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 5
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 financial condition. Litigation
may also impact Cara’s ability to consummate a potential strategic transaction or the ultimate value its stockholders receive in
any such transaction.

  The following disclosure replaces under the subsection titled “ Background              

At this same meeting, the Cara Board
established a committee of the Cara Board comprised solely of independent directors for the purposes of reviewing and evaluating possible
strategic transactions and alternatives that may be available to Cara (Transaction Committee). The Transaction Committee was empowered
to review and evaluate possible strategic transactions and alternatives that may be available to Cara. In addition, the Transaction Committee
was authorized and empowered to select and retain, in the Transaction Committee’s sole discretion and at Cara’s expense, consultants
or advisors, including legal and financial advisors, to advise it with respect to any potential strategic transaction, including but not
limited to Piper Sandler. The Transaction Committee was not formed to address any actual or perceived conflict of interest of any director
or officer of Cara. Martin Vogelbaum and Jeffrey Ives, each of whom the Cara Board determined is an independent director, were designated
as members of the Transaction Committee. The members of the Transaction Committee were not paid additional compensation in connection
with their service on the Transaction Committee. The Cara Board did not condition the execution by Cara of a transaction on the affirmative
recommendation of the Transaction Committee. Following this meeting of the Cara Board, members of the Transaction Committee met from
time to time with representatives of Cara management and representatives of Piper Sandler to provide direction regarding the strategic
review process. The Transaction Committee has not been disbanded as of the date of this proxy statement/prospectus.

  The following disclosure amends and supplements the subsection titled “ Selected Public Companies  

Selected Public Companies Analysis

Piper Sandler reviewed certain financial
and other data for selected companies with publicly traded securities which Piper Sandler deemed to be comparable to Tvardi for purposes
of this analysis (each, a Tvardi Public Company Comparable). The Tvardi Public Company Comparables were selected, among other reasons,
because such companies (i) had (a) a lead asset focused on idiopathic pulmonary fibrosis (IPF), (b) a single clinical-stage
asset in Phase 2 (ready or ongoing) for inflammation & immunology indication(s), or (c) a single clinical-stage asset
in Phase 2 (ready or ongoing) for solid tumor indication(s) without a technology platform that could generate multiple assets
and excluding cell therapies, (ii)