Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 178

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 178
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 therefore qualifies as a smaller reporting company under the rules of the SEC. As a smaller reporting company,
Tvardi is able to take advantage of reduced disclosure requirements, such as simplified executive compensation disclosures and reduced
financial statement disclosure requirements in its SEC filings. Decreased disclosures in Tvardi’s SEC filings due to its status
as a smaller reporting company may make it harder for investors to analyze its results of operations and financial prospects. Tvardi cannot
predict if investors will find its common stock less attractive if it relies on these exemptions. If some investors find its common stock
less attractive as a result, there may be a less active trading market for its common stock and its stock price may be more volatile.
Tvardi may take advantage of the reporting exemptions applicable to a smaller reporting company until it is no longer a smaller reporting
company, which status would end once it has a public float greater than $250 million. In that event, Tvardi could still be a smaller reporting
company if its annual revenues were below $100 million and it has a public float of less than $700 million.

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Changes in tax laws may materially adversely affect Tvardi’s business, prospects, financial condition and operating results.

New tax laws, statutes, rules, regulations or ordinances
could be enacted at any time, which could adversely affect Tvardi’s business, prospects, financial condition and operating results.
Further, existing tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to
Tvardi. For example, the legislation commonly referred to as OBBBA, enacted in 2025, the Coronavirus Aid, Relief, and Economic Security
Act enacted in 2020, and the Tax Cuts and Jobs Act enacted in 2017, and the IRA enacted many significant changes to the U.S. tax laws.
Future guidance from the Internal Revenue Service and other tax authorities with respect to such legislation may affect Tvardi, and certain
aspects of such legislation could be

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repealed or modified in future legislation. Such tax law changes could
have a material adverse impact on Tvardi. In addition, it is uncertain if and to what extent various states will conform to newly enacted
federal tax legislation. While it is too early to assess the overall impact of these changes, as these and other tax laws and related
regulations are revised, enacted, and implemented, Tvardi’s financial condition