Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 560

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 560
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 nine months ended September 30, 2024 included negative profit share from negative net sales recorded by CSL Vifor for the second quarter of 2024 primarily due to higher rebates and chargebacks due to price decreases on KORSUVA injection related to the expiration of TDAPA in April 2024. Collaborative revenue for the three and nine months ended September 30, 2023 included $0.5 million that Cara earned in conjunction with the regulatory approval of KORSUVA injection in Japan for a milestone payment Cara earned in September 2023 from Maruishi that was allocated to the R&D services performance obligation under the Maruishi Agreement (see Notes 12 and 13 of Cara’s Notes to Condensed Consolidated Financial Statements as of September 30, 2024, Collaboration and Licensing Agreements and Revenue Recognition , respectively, included elsewhere in this proxy statement/prospectus).

Commercial Supply Revenue

There was no commercial supply revenue recognized for the three months ended September 30, 2024. Cara recognized commercial supply revenue of $1.3 million for the three months ended September 30, 2023, and $0.6 million and $5.8 million for the nine months ended September 30, 2024 and 2023, respectively. This change in commercial supply revenue for both periods was related to Cara’s sales of KORSUVA injection to CSL Vifor, which commercially launched in April 2022.

License and milestone fees revenue

Cara recognized license and milestone fees revenue of $0.9 million for each of the three and nine months ended September 30, 2023, in conjunction with the regulatory approval of KORSUVA injection in Japan for a milestone payment Cara earned in September 2023 from Maruishi that was allocated to the license and milestone fee performance obligation under the Maruishi Agreement (see Notes 12 and 13 of Notes to Cara’s Condensed Consolidated Financial Statements as of September 30, 2024, Collaboration and Licensing Agreements and Revenue Recognition , respectively, included elsewhere in this proxy statement/prospectus).

Royalty revenue

Cara recognized royalty revenue of approximately $167,000 and $415,000 for the three and nine months ended September 30, 2023, respectively, which was related to Cara’s royalties on the net sales of Kapruvia in Europe prior to October 1, 2023. Beginning on October 1, 2023, royalty revenue will no longer