Company: TVRD
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001104659-25-006051
Chunk: 3

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-24
Form: CORRESP
Chunk 3
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 sent you a further revised term          
 sheet on November 2, 2024 that, among other things, modified your net cash closing condition to $18 million. Please clarify whether              
 there were any intervening events between these two deliveries that led to delivery of the further revised term sheet from Tvardi on November 2, 
 2024.                                                                                                                                            |

Response:
The Company respectfully acknowledges the Staff’s comment and has revised the disclosure on page 155 of the Amended Registration
Statement to clarify the events that led to the delivery of the further revised term sheet from Tvardi on November 2, 2024.

| 11. | In addition to your reasons for the Merger, please also disclose Tvardi’s reasons for the Merger. 
 Refer to Item 4(a)(2) of Form S-4.                                                                |

Response:
The Company respectfully acknowledges the Staff’s comment and has revised the disclosure on pages 160, 161 and 162 of the
Amended Registration Statement to add Tvardi’s reasons for the Merger.

| 12. | In the third and fourth bullet points on page 115, you state that, in arriving at the Piper Sandler                                           
 Opinion, Piper Sandler reviewed and analyzed certain information furnished to Piper Sandler by your management, including financial forecasts 
 related to both your business and Tvardi. However, it appears that only your management liquidation analysis is disclosed in the proxy        
 statement/prospectus. Please disclose the other forecasts and projections you provided to Piper Sandler that Piper Sandler used to reach      
 its fairness determination or tell us why you do not believe such disclosure is required.                                                     |

Response:
Cara respectfully acknowledges the Staff’s comment. As noted in the proxy statement/prospectus, Piper Sandler reviewed and analyzed
certain information regarding Cara furnished to Piper Sandler, including management prepared internal financial forecasts with respect
to the estimated monthly cash expenditures and receipts of Cara from November 2024 until a projected closing date of March 31,
2025 (the “Cara Financial Forecasts”). Cara respectfully confirms to the Staff that, as now disclosed on pages 176
and 177 under the section titled “Certain Cara Unaudited Financial Projections” of the Amended Registration Statement, the
material portions of the information in the Cara Financial Forecasts have been added to the proxy statement/prospectus.

MINTZ

Cara respectfully advises the Staff
that only the Cara Financial Forecasts have been added to the