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

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 25
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 % | 9.50 | % |
| Weighted-average remaining lease term |   |                                     1.83 |   | 2.83 | ​ |   |                                    1.83 |   | 2.83 | ​ |

​

As of September 30, 2025, the maturities of
the Company’s operating lease liabilities were as follows (in thousands):

| ​                                                   
 Year Ended December 31,                             
 2025 (remaining three months)                       | ​ 
 ​ | ​      
 Amount |   ​ 
  32 |
|:----------------------------------------------------|:--|:-------|----:|
| 2026                                                | ​ |        | 129 |
| 2027                                                | ​ |        |  88 |
| Total lease payments                                | ​ |        | 249 |
| Less: imputed interest                              | ​ |        | -21 |
| Present value of lease liabilities                  | ​ |        | 228 |
| Less: operating lease liabilities, current portion  | ​ | $      | 113 |
| Operating lease liabilities, net of current portion | ​ | $      | 115 |

9.Stockholders’ Equity (Deficit)

Redeemable Convertible Preferred Stock

Prior to the conversion upon the closing of the
Merger, Legacy Tvardi issued Series A preferred stock and Series B preferred stock (the Preferred Stock). Prior to the completion
of the Merger, Legacy Tvardi classified the Preferred Stock outside of permanent equity as the shares had redemption features that were
not entirely within the control of Legacy Tvardi. As discussed in Note 3, Merger Agreement, upon the closing of the Merger,
Legacy Tvardi’s Preferred Stock converted into 3,963,910 shares of the Company’s common stock.

Preferred Stock

As of September 30, 2025, the Company had 5,000,000
shares of preferred stock authorized, $0.001 par value, pursuant to its amended and restated certificate of incorporation. However, no
such shares were issued or outstanding
as of September 30, 2025.

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Table of Contents

Common Stock

As discussed in Note 3, Merger Agreement,
the Company completed its Merger with Cara in April 2025. Upon the closing of the Merger, the following shares of common stock were received
by Legacy Tvardi shareholders:

| ● | Legacy Tvard