Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 55

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 55
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 of any of Tvardi’s product candidates or potential future product candidates could mean a significant
change in the costs and timing associated with the development of that product candidate or potential future product candidate. For example,
if the FDA or another regulatory authority were to require Tvardi to conduct clinical trials beyond those that it anticipates would be
required for the completion of clinical development of a product candidate or potential future product candidate, or if Tvardi experiences
significant delays in its clinical trials due to slower than expected patient enrollment or other reasons, it would be required to expend
significant additional financial resources and time on the completion of clinical development. Tvardi may never obtain regulatory approval
for any of its product candidates, and, even if Tvardi does, drug commercialization takes several years and millions of dollars in
development costs.

General and Administrative Expenses

General and administrative expenses consist primarily
of personnel costs, including salaries, benefits and stock-based compensation, for personnel in Tvardi’s executive, finance, corporate
and business development and administrative functions. General and administrative expenses also include outside professional services,
such as legal, audit and accounting services, insurance costs and facility-related expenses, which includes direct depreciation costs
and allocated expenses for rent and maintenance of facilities and other operating costs.

Tvardi expects its general and administrative expenses
to increase over the next several years as it continues its research and development activities, prepares for potential commercialization
of its current and future product candidates, as well as expands its operations and continues operating as a public company following
the Merger. These increases will likely include increases related to the hiring of additional personnel and legal, regulatory and other
fees and services associated with maintaining compliance with listing rules and SEC requirements, director and officer insurance
premiums and investor relations costs associated with being a public company.

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Table of Contents

Interest Income

Interest income for the three and nine months
ended September 30, 2025 consisted of interest earned on Tvardi’s cash equivalents as well as interest earned on short-term
investments and the accretion of the discount of its short-term investments. Interest income for the three and nine months ended
September 30, 2024 consisted of interest earned on Legacy Tvardi’s cash equivalents.

Other Income, Net

Other income, net consists of the net changes in
fair value of Legacy Tvardi’s Convertible Notes, for which it elected the fair value option as well as interest accrued