Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 75

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 75
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 interest rates would not have a material effect on their fair market value. Tvardi has the ability to hold its investments
until maturity, and therefore, would not expect its operating results or cash flows to be affected to any significant degree by the effect
of a change in market interest rates on its investment portfolio.

Effects of Inflation

Inflation generally affects Tvardi by increasing
the cost of labor and research and development contract costs. Tvardi does not believe inflation has had a material effect on its results
of operations during the periods presented in its unaudited condensed consolidated financial statements included elsewhere within in this
Quarterly Report.

Foreign Currency Exchange Risk

All of Tvardi’s employees and its operations
are currently located in the United States, and expenses are generally denominated in U.S. dollars. As such, Tvardi is not exposed to
financial risks from exchange rate fluctuations between U.S. dollars and other currencies.

​

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Tvardi maintains “disclosure controls and
procedures,” (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended
(the Exchange Act) to provide reasonable assurance that information required to be disclosed by Tvardi in the reports that it files or
submits under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the rules and
forms of the SEC, and (2) accumulated and communicated to Tvardi’s management, including its principal executive officer and
principal financial officer, as appropriate to allow timely decisions regarding required disclosures. Pursuant to Rules 13a-15(e) and
15d-15(e) under the Exchange Act, Tvardi’s management, with the participation of its principal executive officer and principal financial
officer, has evaluated the effectiveness of its disclosure controls and procedures as of September 30, 2025. See below “Material Weakness in Internal Control Over Financial Reporting Related to Legacy Tvardi”.

Based on its evaluation, Tvardi’s principal
executive officer and principal financial officer have concluded that, as of September 30, 2025, Tvardi’s disclosure controls and
procedures were not effective at a reasonable assurance level as a result of material weaknesses that existed in Legacy Tvardi’s
internal control over financial reporting as described below.

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