Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 561

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 561
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 and continuing disruptions to and volatility in the credit and equity markets in the United States and worldwide, including impacts from global health crises, geopolitical tensions, such as the ongoing conflicts between Russia and Ukraine, conflict in the Middle East, and increasing tensions between China and Taiwan, and government actions implemented as a result of the foregoing, fluctuations in inflation and interest rates, uncertainty and liquidity concerns in the broader financial services industry, and a potential recession in the United States. To the extent that Cara raises additional capital through the future sale of equity or convertible debt, the ownership interest of its stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of Cara’s existing common stockholders. If Cara raises additional funds through the issuance of debt securities, these securities could contain covenants that would restrict Cara’s operations. If Cara raises additional funds through collaboration arrangements in the future, Cara may have to relinquish valuable rights to its technologies, future revenue streams or product candidates or grant licenses on terms that may not be favorable to Cara. Sources of Liquidity Since Cara’s inception to date, Cara has raised an aggregate of $943.8 million to fund its operations, including (1) net proceeds of $447.4 million from the sale of shares of its common stock in five public offerings, including Cara’s initial public offering; as well as the sale of its common stock under its open market sales agreement in 2023; (2) proceeds of $73.3 million from the sale of shares of Cara’s convertible preferred stock and from debt financings prior to its initial public offering; (3) $258.8 million under Cara’s license and supply agreements (including commercial supply sales and royalty payments), primarily with CSL Vifor, Maruishi, CKDP, and an earlier product candidate for which development efforts ceased in 2007; (4) Cara’s share of the profit generated by KORSUVA injection sales of $29.8 million; (5) net proceeds of $98.0 million from the purchase of Cara’s common stock in relation to the license agreements with CSL Vifor; and (6) net proceeds of $36.5 million from the sale of future ex-U.S. royalties and milestones to HCR under Cara’s agreements with CSL Vifor and Maruishi (see Note 12 of Cara’s Notes to Condensed Consolidated Financial Statements as of September 30, 2024, Collaboration and Licensing Agreements , included elsewhere in this