Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 148

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 148
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:--|:-----------------|---------:|:--|:-----|-------:|:--|:-----|------------------------:|:--|:-----|--------:|
| Net cash used in operating activities                | ​ | $                |  -13,557 | ​ | $    | -6,817 | ​ | $    |                 -18,305 | ​ | $    | -21,040 |
| Net cash (used in) provided by investing activities  | ​ |                  |  -20,433 | ​ |      |      — | ​ |      |                       — | ​ |      |  22,468 |
| Net cash (used in) provided by financing activities  | ​ |                  |   23,024 | ​ |      |      5 | ​ |      |                  27,000 | ​ |      |       2 |
| Net (decrease) increase in cash and cash equivalents | ​ | $                |  -10,966 | ​ | $    | -6,812 | ​ | $    |                   8,695 | ​ | $    |   1,430 |

Operating Activities Net cash used in operating activities was $13.6 million for the six months ended June 30, 2025, reflecting a net loss of $5.4 million, non-cash changes of $6.5 million, and changes in operating assets and liabilities of $1.6 million. The changes of $6.5 million in non-cash expenses were primarily driven by $7.8 million related to the net change in fair value of our Convertible Notes, partially offset by $0.7 million related to stock-based compensation expense and $0.7 million in interest accrued on our Convertible Notes during the six months ended June 30, 2025. The net changes in operating assets and liabilities of $1.6 million were primarily driven by a $1.7 million increase in prepaid expenses and other current assets, attributable to payments for pre-clinical activities and prepaid insurance, partially offset by a $0.1 million increase in accounts payable and accrued expenses, driven by the timing of invoices and payments. Net cash used in operating activities was $6.8 million for the six months ended June 30, 2024, reflecting a net loss of $11.2 million, partially offset by net changes in operating assets and liabilities of $4.1 million and non-cash changes for depreciation