Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 32

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 32
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, which is expected to be recognized over a weighted-average
period of 2.87 years.

11.Income Taxes

For the three and nine months ended September 30,
2025 and 2024, there was no current or deferred income tax expense or benefit due to the Company’s current year losses and
full valuation allowance. As of September 30, 2025, the Company evaluated all available evidence and concluded that a valuation allowance
is still required against its net deferred tax assets because it is more likely than not they will not be realized in the foreseeable
future.

On July 4, 2025, the One Big Beautiful Bill Act
(OBBBA) was signed into law. The OBBBA introduced multiple U.S. federal income tax changes such as deductibility of domestic research
and development expenses, deductibility of certain property additions and limitations on interest expense deductions. The Company has
considered the impact of these provisions on its condensed consolidated financial statements for the period ended September 30, 2025,
however, the changes in tax law did not result in a change in the Company’s tax provision.

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Table of Contents

12.Net Loss Per Share

Basic and diluted net loss per share attributable
to common stockholders was calculated as follows (dollar amounts in thousands):

| ​                                                                             
 ​                                                                             
 ​                                                                             
 Numerator:                                                                    | ​ 
 ​ | ​                                        
 For the Three Months Ended September 30, 
 2025                                     
 ​                                        |         ​ | ​ | ​    
 2024 
 ​    |         ​ | ​ 
 ​ | ​                                       
 For the Nine Months Ended September 30, 
 2025                                    
 ​                                       |         ​ | ​ | ​    
 2024 
 ​    |         ​ |
|:------------------------------------------------------------------------------|:--|:-----------------------------------------|----------:|:--|:-----|----------:|:--|:----------------------------------------|----------:|:--|:-----|----------:|
| Net loss for basic net loss per share attributable to common stockholders     | ​ | $                                        |    -5,527 | ​ | $    |    -5,513 | ​ | $                                       |   -10,939 | ​ | $    |   -16,690 |
| Reversal of fair market value remeasurement net gain on Convertible Notes (1) | ​ | ​                                        |         — | ​ | ​    |         — | ​ |