Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 407

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 407
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 affect any stockholder’s percentage ownership interest in Cara, except to the extent that the Reverse Stock Split results in any of Cara’s stockholders owning a fractional share. Shares of Cara common stock issued pursuant to the Reverse Stock Split will remain fully paid and nonassessable. The Reverse Stock Split does not affect the total proportionate ownership of Cara following the Merger. The Reverse Stock Split will not affect Cara continuing to be subject to the periodic reporting requirements of the Exchange Act.

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TABLE OF CONTENTS

As an example, the following table illustrates the effects of a 1-for-2 to 1-for-4 reverse stock split (without giving effect to the treatment of fractional shares):

| ​                                                               | ​ | ​ | Prior to ReverseStock Split |   |           |   | ​ | ​ | After 1-for-2Reverse StockSplit |   |           |   | ​ | ​ | After 1-for-4Reverse StockSplit |   |           |   | ​ |
| Common stock outstanding                                        | ​ | ​ | ​                           | ​ | 4,571,229 | ​ | ​ | ​ | ​                               | ​ | 2,285,614 | ​ | ​ | ​ | ​                               | ​ | 1,142,807 | ​ | ​ |
| Common stock issuable pursuant to outstanding equity awards﻿(1) | ​ | ​ | ​                           | ​ |   519,275 | ​ | ​ | ​ | ​                               | ​ |   259,637 | ​ | ​ | ​ | ​                               | ​ |   129,818 | ​ | ​ |

**(1) Includes RSUs. All options underlying these awards have an exercise price higher than $5.25 per share, the closing price of Cara common stock on February 12, 2025. In addition, if the reverse stock split is implemented, it will increase the number of Cara stockholders who own “odd lots” of fewer than 100 shares of common stock. Brokerage commission and other costs of transactions in odd lots are generally higher than the costs of transactions of more than 100 shares of common stock. Accordingly, the reverse stock split may not achieve the desired results of increasing marketability and liquidity of Cara common stock that have been described above. After the effective date of the reverse stock split, Cara common stock would have a new committee on uniform securities identification procedures (CUSIP number), a number used to identify Cara common stock. Cara common