Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 301

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 301
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:--|:--|:---------------|:--|-----:|:--|:--|:--|:--------|:--|-----:|:--|:--|
| Implied Value Per Share of Tvardi Common Stock | ​ | ​ | ​       | $ | 2.13 | ​ | ​ | ​ | ​              | $ | 3.60 | ​ | ​ | ​ | ​      | $ | 4.57 | ​ | ​ | ​ | ​    | $ | 4.72 | ​ | ​ | ​ | ​              | $ | 5.00 | ​ | ​ | ​ | ​       | $ | 8.69 | ​ | ​ |
| Implied Value Per Share of Cara Common Stock   | ​ | ​ | ​       | $ | 0.44 | ​ | ​ | ​ | ​              | $ | 0.73 | ​ | ​ | ​ | ​      | $ | 0.93 | ​ | ​ | ​ | ​    | $ | 0.96 | ​ | ​ | ​ | ​              | $ | 1.02 | ​ | ​ | ​ | ​       | $ | 1.77 | ​ | ​ |

Piper Sandler then compared the range of implied values per share of Cara common stock set forth in the table above to the Cara Deal Value Per Share ($0.77), the Cara Liquidation Value Per Share ($0.53), the Cara Intrinsic Value Per Share ($0.42), and the Cara Nasdaq Closing Price Per Share ($0.26).

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TABLE OF CONTENTS

#### Other Information
Piper Sandler also noted for the Cara Board the following additional information that was not relied upon by Piper Sandler in rendering the Piper Sandler Opinion, but which was provided to the Cara Board for informational purposes.

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### Historical Trading Analysis
. Piper Sandler provided the historical closing prices for the shares of Cara common stock over the one-year period ended December 16, 2024, which reflected low and high closing prices during such period, ranging from $0.24 to $1.23 per share of Cara common stock, respectively.

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#### Selected Precedent M&A Transactions
. Piper Sandler considered certain financial terms of certain M&A transactions entered into since January 1, 2020 involving target companies that Piper Sandler deemed relevant. The illustrative M&A transactions were selected because they involved target companies that were