Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 129

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 129
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, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this prospectus. Recent Developments Reverse Merger On December 17, 2024, we entered into the Merger Agreement, pursuant to which, on April 15, 2025, Merger Sub merged with and into Legacy Tvardi, with Legacy Tvardi surviving as a wholly-owned subsidiary of Cara. Upon completion of the Merger, Cara changed its name to Tvardi Therapeutics, Inc., and Legacy Tvardi’s business continued as the business of the Company. Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger:

| ● | each then-outstanding share of Legacy Tvardi’s common stock (including the shares of common stock issuable upon conversion of all shares of Legacy Tvardi’s then-outstanding preferred stock), $0.001 par value per share, converted into 6,539,404 shares of our common stock in the aggregate, based on the Exchange Ratio; |

| ● | Legacy Tvardi received approximately $23.8 million in cash and cash equivalents in accordance with the Merger Agreement. |

| ● | Legacy Tvardi’s then-outstanding Convertible Notes converted into 1,265,757 shares of our common stock, pursuant to the terms of the Convertible Notes. |

| ● | all outstanding and unexercised options to purchase shares of Legacy Tvardi common stock were assumed by the Company and converted into options to purchase shares of our common stock based on the Exchange Ratio. |

**Immediately following the Merger, equityholders of Legacy Tvardi owned approximately 84.5% of our outstanding common stock on a fully diluted basis. As discussed above, the Merger will be accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Legacy Tvardi is deemed to be the accounting acquirer for financial reporting purposes. In addition, on April 15, 2025, immediately prior to the closing of the Merger, Cara (i) effected a 1-for-3 reverse stock split of its common stock and (ii) increased its authorized shares of common stock to 150,000,000.

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Upon the closing of the Merger, our 2025 Equity Incentive Plan (the “2025 Plan”) and 2025 Employee Stock Purchase Plan (the “2025 ES