Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 416

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 416
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 of products would infringe that patent.

14.Revenue Recognition

The Company has recognized revenue under its license and collaboration agreements from (1) its share of the profits generated by KORSUVA injection sales in the United States during the years ended December 31, 2024, 2023 and 2022; (2) commercial supply revenue from the Company’s sales of commercial product to CSL Vifor during the years ended December 31, 2024, 2023 and 2022; (3) upfront license fees and milestone payments, including development and regulatory milestones, during the years ended December 31, 2023 and 2022; (4) royalty revenue from net sales of Kapruvia in Europe during the years ended December 31, 2023 and 2022; (5) clinical compound sales from certain license agreements during the years ended December 31, 2024 and 2023; and (6) other revenue which represents royalty payments earned by the Company under Vifor Agreement No. 2 and the Maruishi Agreement under the HCR Agreement during the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company has not earned any sales-based milestones under its collaboration agreements.

As of December 31, 2024, the Company had license and collaboration agreements with CSL Vifor, Maruishi and CKDP. The following table provides amounts included in the Company’s Consolidated Statements of Comprehensive Loss as revenue for the years ended December 31, 2024, 2023 and 2022:

| ​                                            
 ​                                            | ​ 
 ​ 
 ​ | ​                       
 Year Ended December 31, |     ​ 
  2024 | ​ | ​ |      ​ 
   2023 | ​ | ​ |      ​ 
   2022 |
|:---------------------------------------------|:--|:------------------------|------:|:--|:--|-------:|:--|:--|-------:|
| Collaborative revenue                        | ​ | ​                       |     ​ | ​ | ​ |      ​ | ​ | ​ |      ​ |
| CSL Vifor (KORSUVA injection profit sharing) | ​ | $                       | 2,086 | ​ | $ | 12,397 | ​ | $ | 16,572 |
| Maruishi                                     | ​ | ​                       |     — | ​ | ​ |    539