Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 781

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 781
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 ​ | ​ | ​               | ​ |        — | ​ | ​ | ​ | ​                             | ​ |      — | ​ | ​ |
| Forfeited                               | ​ | ​ | ​               | ​ | -275,941 | ​ | ​ | ​ | ​                             | ​ |  60.96 | ​ | ​ |
| Expired                                 | ​ | ​ | ​               | ​ | -280,993 | ​ | ​ | ​ | ​                             | ​ | 179.04 | ​ | ​ |
| Outstanding, September 30, 2024         | ​ | ​ | ​               | ​ |  354,964 | ​ | ​ | ​ | ​                             | $ | 107.40 | ​ | ​ |
| Options exercisable, September 30, 2024 | ​ | ​ | ​               | ​ |  190,407 | ​ | ​ | ​ | ​                             | ​ |      ​ | ​ | ​ |

The Company does not expect to realize any tax benefits from its stock option activity or the recognition of stock-based compensation expense because the Company currently has net operating losses and has a full valuation allowance against its deferred tax assets. Accordingly, no amounts related to excess tax benefits have been reported in cash flows from operations for each of the three and nine months ended September 30, 2024 and 2023. 16. Income Taxes The Company has recognized a full tax valuation allowance against its deferred tax assets as of September 30, 2024 and December 31, 2023. The tax benefit related to the exercise of stock options is

F-28

TABLE OF CONTENTS

#### CARA THERAPEUTICS, INC.

### NOTES TO CONDENSED FINANCIAL STATEMENTS
<div align='center'>**(amounts in thousands, except share and per share data) 
 (unaudited)**</div>

recognized as a deferred tax asset that is offset by a corresponding valuation allowance. As such, the Company’s effective tax rate is zero for each of the three and nine months ended September 30, 2024 and 2023.

Historically, the Company’s benefit from income taxes related to state R&D tax credits exchanged for cash pursuant to the Connecticut R&D Tax Credit Exchange Program, which permits qualified small businesses engaged in R&D activities within Connecticut to exchange their unused R&D tax credits for a cash amount equal to 65% of the value of the exchanged credits. The Company has not