Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 45

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 45
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mation of the Merger; the RSUs will be net settled and the options will remain outstanding in accordance with their terms, except that the post-termination exercise period shall not exceed 90 days and the exercise price and the number of shares underlying such options will be adjusted based on the Reverse Stock Split. The compensation arrangements with Cara’s officers and directors are discussed in greater detail in the section titled “ The Merger — Interests of the Cara Directors and Executive Officers in the Merger ” beginning on page 178of this proxy statement/prospectus. Additionally, as described elsewhere in this proxy statement/ prospectus, including in the section captioned “ Management Following the Merger ” beginning on page 360of this proxy statement/prospectus, one of Cara’s directors is expected to remain a director of the combined company upon the closing of the Merger. As described elsewhere in this proxy statement/prospectus, including in the section titled “ The Merger — Management Following the Merger ,” certain of Tvardi’s directors and executive officers are expected to become directors and executive officers of the combined company upon the closing of the Merger.

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TABLE OF CONTENTS

Cara’s executive officers and directors, and Tvardi’s executive officers, directors and certain affiliated stockholders have entered into the Support Agreements, pursuant to which such directors, officers and certain stockholders, respectively, have agreed, solely in their capacity as stockholders of Cara and Tvardi, respectively, to vote all of their shares of Cara common stock or Tvardi capital stock in favor of, among other things, the adoption and approval, respectively, of the Merger Agreement and the Contemplated Transactions. The Support Agreements are discussed in greater detail in the section titled “ Agreements Related to the Merger ” beginning on page 214of this proxy statement/prospectus.

#### Risk Factors and Risk Factor Summary
Both Cara and Tvardi are subject to various risks associated with their businesses and their industries. In addition, the Merger, including the possibility that the Merger may not be completed, poses a number of risks to each company and its respective stockholders. You should carefully read this proxy statement/ prospectus, including the annexes, and especially consider the material risks discussed below and these and other risks discussed in greater detail under the section titled “ Risk Factors ” beginning on page 27of this proxy statement/prospectus. Cara and Tvardi encourage you to read and consider all of these risks carefully.

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