Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 35

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 35
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 Cara board of directors as defendants,
and, like the Demands, challenged the disclosures (under New York state law) in the Proxy Statement/Prospectus.

Cara and the other named defendants deny that they
violated any laws or breached any duties to stockholders of Cara, and they believe that no supplemental disclosure was required to the
Proxy Statement/Prospectus under any applicable law, rule or regulation. Nevertheless, solely to eliminate the burden and expense of litigation
and to avoid any possible disruption to the Merger that could result from such litigation, Cara filed certain supplemental disclosures
on March 24, 2025 to moot the disclosure claims alleged in the Demands and the Complaints. On April 15, 2025, the Merger closed. Thereafter,
counsel for the purported stockholders (that sent the Demands or filed the Complaints) reached out to counsel for the Company to discuss
a potential mootness fee in connection with the supplemental disclosures filed by Cara. On August 15, 2025, the Company resolved the fee
demand and the matter is now closed.

Contracts

The Company enters into contracts in the normal
course of business with various third parties for preclinical research studies, clinical trials, testing, manufacturing, and other services.
These contracts generally provide for termination upon notice and are cancellable without significant penalty or payment, and do not contain
any minimum purchase commitments.

Guarantees and Indemnifications

In the ordinary course of business, the Company
may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain
matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims
made by third parties. In addition, the Company has entered into indemnification agreements with all members of the Board that will require
the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or

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service as directors. The maximum potential amount of future payments
the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not
incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements
that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any