Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 574

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 574
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 31, 2023 and 2022, respectively. These changes in commercial supply revenue were related to sales of KORSUVA injection to CSL Vifor, as Cara and CSL Vifor began commercializing KORSUVA injection in the United States in December 2021 and commercial launch began in April 2022. License and milestone fee revenue Cara recognized license and milestone fees revenue of $0.9 million for the year ended December 31, 2023, in conjunction with the regulatory approval of KORSUVA injection in Japan for a milestone payment Cara earned in September 2023 from Maruishi that was allocated to the license and milestone fee performance obligation under the Maruishi Agreement (see Notes 13 and 14 of Cara’s Notes to Consolidated Financial Statements as of December 31, 2023, Collaboration and Licensing Agreements and Revenue Recognition , respectively, included elsewhere in this proxy statement/prospectus). Cara recognized license and milestone fees revenue of $15.0 million for the year ended December 31, 2022, in conjunction with the regulatory milestone payment earned from CSL Vifor for the approval of Kapruvia by the European Commission in April 2022 (see Notes 13 and 14 of Cara’s Notes to Consolidated

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Financial Statements as of December 31, 2023, Collaboration and Licensing Agreements and Revenue Recognition , respectively, included elsewhere in this proxy statement/prospectus). Royalty revenue Cara recognized royalty revenue of approximately $415,000 and $72,000 for the years ended December 31, 2023 and 2022, respectively, which were related to its royalties on the net sales of Kapruvia in Europe prior to October 1, 2023. Beginning on October 1, 2023, royalty revenue will no longer be recognized until Cara has fulfilled its obligations under the HCR Agreement (see “— Royalty Purchase and Sale Agreement ” above). Clinical compound revenue Cara recognized clinical compound revenue of approximately $165,000 for the year ended December 31, 2023, which were related to sales of clinical compound to Maruishi. There was no clinical compound revenue for the year ended December 31, 2022 (see Note 14 of Cara’s Notes to Consolidated Financial Statements as of December 31, 2023, Revenue Recognition , included elsewhere in this proxy statement/prospectus). Other revenue Cara recognized non-cash revenue of approximately $699,