Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 341

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 341
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56% | ​ | ​ |

194

TABLE OF CONTENTS

| ​                        | ​ | ​ | ​             | ​ |      ​ | ​ | ​ | ​ | Post-Merger Ownership |   |        |   |   |   |                      |   |        |   |   |   |                             |   |        |   | ​ |
| Cara Net Cash at Closing 
 ($ in millions)          | ​ | ​ | ExchangeRatio |   |        |   | ​ | ​ | Cara EquityHolders    |   |        |   | ​ | ​ | Tvardi EquityHolders |   |        |   | ​ | ​ | Holders ofConvertible Notes |   |        |   | ​ |
| $23.0 million            | ​ | ​ | ​             | ​ | 0.2042 | ​ | ​ | ​ | ​                     | ​ | 15.25% | ​ | ​ | ​ | ​                    | ​ | 72.21% | ​ | ​ | ​ | ​                           | ​ | 12.54% | ​ | ​ |
| $23.5 million            | ​ | ​ | ​             | ​ | 0.2024 | ​ | ​ | ​ | ​                     | ​ | 15.36% | ​ | ​ | ​ | ​                    | ​ | 72.12% | ​ | ​ | ​ | ​                           | ​ | 12.52% | ​ | ​ |
| $24.0 million            | ​ | ​ | ​             | ​ | 0.2001 | ​ | ​ | ​ | ​                     | ​ | 15.51% | ​ | ​ | ​ | ​                    | ​ | 71.99% | ​ | ​ | ​ | ​                           | ​ | 12.50% | ​ | ​ |
| $24.5 million            | ​ | ​ | ​             | ​ | 0.1979 | ​ | ​ | ​ | ​                     | ​ | 15.66% | ​ | ​ | ​ | ​                    | ​ | 71.86% | ​ | ​ | ​ | ​                           | ​ | 12.48% | ​ | ​ |
| $25.0 million            | ​ | ​ | ​             | ​ | 0.1957 | ​ | ​ | ​ | ​                     | ​ | 15.81% | ​ | ​ | ​ | ​                    |