Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 29

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 29
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 |                      2025 |               |   | 2024 |       |   |
| Per share fair value of common stock | ​ |                          $ | 36.32 | ​ | ​ |  n/a | ​ |                         $ |         17.14 | ​ |    $ |  4.62 | ​ |
| Expected volatility                  | ​ |                            | 67.72 | % | ​ |  n/a | ​ |                           | 67.72 - 68.86 | % |      | 73.79 | % |
| Expected dividends                   | ​ |                            |     — | % | ​ |  n/a | ​ |                           |             — | % |      |     — | % |
| Expected term (in years)             | ​ |                            |  6.25 | ​ | ​ |  n/a | ​ |                         ​ |   5.50 - 6.25 | ​ |      |  5.94 | ​ |
| Risk-free rate                       | ​ |                            |   3.8 | % | ​ |  n/a | ​ |                           |     3.8 - 4.0 | % |      |   3.9 | % |

​

Stock Options

The Company granted 2,000 stock options during the
three months ended September 30, 2025. The Company granted 399,940 stock options during the nine months ended September 30, 2025. The
Company granted 3,352 stock options during the nine months ended September 30, 2024. There were no stock options granted during the three
months ended September 30, 2024.

The weighted-average grant date fair value per share
of options granted to one employee during the three months ended September 30, 2025 was $23.54. The weighted-average grant date fair value
per share of options granted to employees, non-employee members of the Company’s Board of Directors and consultants during the nine
months ended September 30, 2025 was $11.20. The weighted-average grant date fair value per share of options granted to one employee during
the nine months ended September 30, 2024 was $4.62. Forfeitures of stock options are recorded as incurred.

Both the stock option grant detail above and the
option activity below reflect the retroactive application of the Exchange Ratio as discussed in Note 3, Merger Agreement.

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