Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 294

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 294
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 analyses indicated the following maximum, 75th percentile, mean, median, 25th percentile and minimum diluted market capitalization and implied enterprise values of the Tvardi Public Company Comparables:

| ($ in millions) | ​ | ​ | Diluted MarketCapitalizationof the Tvardi PublicCompanyComparables |   |         |   | ​ | ​ | Implied EnterpriseValue of theTvardi PublicCompanyComparables |    |        |   | ​ |
|:----------------|:--|:--|:-------------------------------------------------------------------|:--|--------:|:--|:--|:--|:--------------------------------------------------------------|:---|-------:|:--|:--|
| Maximum         | ​ | ​ | ​                                                                  | $ | 1,106.3 | ​ | ​ | ​ | ​                                                             | $  |  616.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                                                                  | $ |   661.6 | ​ | ​ | ​ | ​                                                             | $  |  437.2 | ​ | ​ |
| Mean            | ​ | ​ | ​                                                                  | $ |   428.2 | ​ | ​ | ​ | ​                                                             | $  |  217.0 | ​ | ​ |
| Median          | ​ | ​ | ​                                                                  | $ |   292.6 | ​ | ​ | ​ | ​                                                             | $  |  108.4 | ​ | ​ |
| 25th Percentile | ​ | ​ | ​                                                                  | $ |   143.3 | ​ | ​ | ​ | ​                                                             | $  |   49.6 | ​ | ​ |
| Minimum         | ​ | ​ | ​                                                                  | $ |    71.9 | ​ | ​ | ​ | ​                                                             | ($ | 115.8) | ​ | ​ |

For the Selected Public Companies Analysis, Piper Sandler calculated a range of implied equity values for Tvardi based on the range of implied enterprise values for the Tvardi Public Company Comparables and then adjusted for Tvardi’s net cash and cash equivalents (as of November 30, 2024). The resulting range of implied equity values for Tvardi is shown in the table below.

| ($ in millions) | ​ | ​ | Implied EquityValue of Tvardi |    |        |   | ​ |
|:----------------|:--|:--|:------------------------------