Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 342

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 342
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735 | ​ | ​ | ​ | ​    | ​ |  3,604 | ​ | ​ |
| Other                                     | ​ | ​ | ​                              | ​ |    438 | ​ | ​ | ​ | ​    | ​ |     39 | ​ | ​ |
| Total income tax                          | ​ | ​ | ​                              | $ |      — | ​ | ​ | ​ | ​    | $ |      — | ​ | ​ |

The Company’s significant components of deferred tax assets are as follows (in thousands):

| ​                                                  
 ​                                                  | ​ 
 ​ | ​ 
 ​ | As of December 31, 
 2024               |   |         |   | ​ | ​ | 2023 |   |         |   | ​ 
 ​ |
|:---------------------------------------------------|:--|:--|:-------------------|:--|--------:|:--|:--|:--|:-----|:--|--------:|:--|:--|
| Federal net operating loss carryforwards           | ​ | ​ | ​                  | $ |   9,903 | ​ | ​ | ​ | ​    | $ |   7,235 | ​ | ​ |
| Capitalized research and development expense       | ​ | ​ | ​                  | ​ |   8,652 | ​ | ​ | ​ | ​    | ​ |   5,665 | ​ | ​ |
| Tax credits                                        | ​ | ​ | ​                  | ​ |     417 | ​ | ​ | ​ | ​    | ​ |     417 | ​ | ​ |
| Other                                              | ​ | ​ | ​                  | ​ |     180 | ​ | ​ | ​ | ​    | ​ |     100 | ​ | ​ |
| Net deferred tax assets before valuation allowance | ​ | ​ | ​                  | ​ |  19,152 | ​ | ​ | ​ | ​    | ​ |  13,417 | ​ | ​ |
| Valuation allowance                                | ​ | ​ | ​                  | ​ | -19,152 | ​ | ​ | ​ | ​    | ​ | -13,417 | ​ | ​ |
| Net deferred tax assets after valuation allowance  | ​ | ​ | ​                  | $ |       — | ​ | ​ | ​ | ​    | $ |       — | ​ | ​ |

As of December 31, 2024 and 2023, the Company