Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 140

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 140
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 related to our IPF trial, due to changes in patient enrollments and overall changes in trial costs due to estimated clinical trial change orders. The increase of $0.1 million related to our product candidate TTI-109 was primarily related to CMC costs to start production of Active Pharmaceutical Ingredients (“API”). The increase of personnel costs of less than $0.1 million was primarily related to increases in compensation across the research and development functions. The $0.1 million increase in consultant fees and other costs was primarily related to other research and development costs such as costs to maintain intellectual property.

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General and Administrative Expenses General and administrative expenses were $1.2 million for the three months ended March 31, 2025, compared to $0.7 million for the three months ended March 31, 2024. The increase of $0.5 million was primarily driven by increases in professional fees of $0.4 million, attributable to increased accounting and audit fees incurred as a result of the Merger. Interest Income Interest income was $0.3 million for the three months ended March 31, 2025, compared to $0.2 million for the three months ended March 31, 2024. The $0.3 million of interest income for the three months ended March 31, 2025 includes interest earned on our cash equivalents and previously outstanding short-term investments, as well as the accretion of the discount on our short-term investments. The $0.2 million of interest income for the three months ended March 31, 2024 was driven by interest income earned on our cash equivalents. Other Expense Other expense of $5.5 million for the three months ended March 31, 2025 was primarily attributable to a $4.9 million remeasurement of our Convertible Notes, for which we have elected the fair value option, as well as $0.6 million in interest accrued on the Convertible Notes during the three months ended March 31, 2025. There were no financial instruments requiring valuation or interest expense for the three months ended March 31, 2024. Comparison of the Years Ended December 31, 2024 and 2023 The following table sets forth our results of operations for the years ended December 31, 2024 and 2023 (in thousands, except percentages):

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