Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 22

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 22
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757
shares of common stock at the closing market trading price on April 16, 2025. The $12.8 million change in fair value when comparing the $23.1 million at the time of conversion to the $35.9 million recorded value of the Convertible
Notes immediately prior to the conversion date was recorded to the Company’s condensed consolidated statements of operations and
comprehensive loss as a gain within other income, net during the second quarter of 2025. For the nine months ended September 30, 2025,
the net change in fair value recorded
to the Company’s condensed consolidated statements of operations and comprehensive loss within other income, net was $7.8 million.

The following table presents the changes in the
fair value of the Level 3 Convertible Notes (in thousands):

| ​                                                                
 ​                                                                | ​ | ​       
 Amounts |       ​ |
|:-----------------------------------------------------------------|:--|:--------|--------:|
| Balance as of December 31, 2024                                  | ​ | $       |  30,259 |
| Interest accrued during the three months ended March 31, 2025    | ​ | ​       |     558 |
| Change in fair value of the Convertible Notes                    | ​ |         |   4,942 |
| Balance as of March 31, 2025                                     | ​ |         |  35,759 |
| Interest accrued during the three months ended June 30, 2025 (1) | ​ | ​       |      93 |
| Balance immediately prior to the date of conversion              | ​ | ​       |  35,852 |
| Change in fair value of the Convertible Notes                    | ​ | ​       | -12,752 |
| Conversion of the Convertible Notes                              | ​ |         | -23,100 |
| Balance as of June 30, 2025 and thereafter                       | ​ | $       |       — |

| (1) | Includes interest accrued from April 1, 2025 until closing of the Merger. |

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Table of Contents

5. PrepaidExpenses and Other Current Assets

Prepaid expenses and other current assets consisted
of the following as of September 30, 2025 and December 31, 2024 (in thousands):

| ​                                               
 ​                                               | ​ 
 ​ | ​    
 ​    
 2025 |                   ​ 
 As of September