Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 168

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 168
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 third parties, and any of them may fail to devote the necessary resources and attention to sell
and market its products effectively. If Tvardi is not successful in commercializing its products, either on its own or through arrangements
with one or more third parties, Tvardi may not be able to generate any future product revenue and it would incur significant additional
losses.

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If Tvardi loses key management personnel, or if Tvardi fails to recruit additional highly skilled personnel, its ability to develop current product candidates or identify and develop new product candidates will be impaired, could result in loss of markets or market share and could make Tvardi less competitive.

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Tvardi’s ability to compete in the highly
competitive biotechnology and biopharmaceutical industries depends upon its ability to attract and retain highly qualified managerial,
scientific and medical personnel. Tvardi is highly dependent on its management, scientific and medical personnel, including key members
of its senior management and executive team. Although Tvardi has employment agreements with its key employees, these employment agreements
provide for at-will employment, which means that any of its employees could leave its employment at any time, with or without notice.
Tvardi does not maintain “key person” insurance for any of its executives or other employees. The loss of the services of
any of Tvardi’s executive officers, other key employees and other scientific and medical advisors, and its inability to find suitable
replacements could result in delays in product development and harm its business. Competition for skilled personnel in its market is intense
and may limit its ability to hire and retain highly qualified personnel on acceptable terms or at all.

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To induce valuable employees to remain in Tvardi,
in addition to salary and cash incentives, Tvardi has provided equity awards that vest over time. The value to employees of equity awards
that vest over time may be significantly affected by movements in its stock price that are beyond its control and may at any time be insufficient
to counteract more lucrative offers from other companies. Despite Tvardi’s efforts to retain valuable employees, members of its
management, scientific and development teams may terminate their employment with Tvardi on short notice. Tvardi’s key employees
are at-will employees, which means that any of its employees could leave its employment at any time, with or without notice. Tvardi does
not maintain “key person” insurance policies on the lives of