Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 412

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 412
---
 the assets to be acquired and the liabilities to be assumed by it in connection with the Asset Disposition. The Asset Disposition is subject to certain conditions to closing, including either (i) the consummation of the Merger concurrently with the Asset Disposition or (ii) the receipt of the requisite stockholder approval needed to approve the Asset Disposition in the event that the Merger is terminated.

Cara’s future operations are highly dependent on the success of the Merger and the Asset Disposition, and there can be no assurances that the Merger and Asset Disposition will be successfully consummated. There can be no assurance that any transaction,

<div align='center'>223</div>

including the Merger and the Asset Disposition. will be completed on terms favorable to Cara and its stockholders. If these transactions are unsuccessful, the Cara Board may decide to pursue a dissolution and liquidation of Cara. Corporate History Cara was incorporated and commenced operations in 2004, and its primary activities to date have been organizing and staffing the company, developing its lead product and product candidates, including conducting preclinical studies and clinical trials of difelikefalin-based product candidates and raising capital. To date, Cara has financed its operations primarily through sales of its equity and debt securities, sales of its royalties from ex-U.S. sales of its commercial product, and payments from license agreements. Cara’s Product Portfolio

| Product                                    |   | Indication                  |   | Status                                                                                        |   | Next      
 Milestone |   | Commercialization Rights                           |
| KORSUVA (difelikefalin) injection/Kapruvia | ​ | Pruritus CKD – Hemodialysis | ​ | Approved in the U.S. (08/2021)                                                                | ​ | ​         | ​ | CSL Vifor (Worldwide excl. Japan and South Korea)* |
| ​                                          | ​ | ​                           | ​ | Approved in EU incl. UK (04/2022)                                                             | ​ | ​         | ​ | Maruishi (Japan)                                   |
| ​                                          | ​ | ​                           | ​ | Approved in Japan (09/2023)                                                                   | ​ | ​         | ​ | CKDP (South Korea)                                 |
| ​                                          | ​ | ​                           | ​ | Other approvals: Switzerland, Canada, Singapore, Australia, Kuwait, Israel, UAE, Saudi Arabia | ​ | ​         | ​ | ​                                                  |

| * | Cara is party to