Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 154

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 154
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vardi’s competitors and other third parties access to the same intellectual property licensed to Tvardi. In-licensing
intellectual property rights could require Tvardi to make substantial licensing and royalty payments. For example, upon commercialization
of certain of its product candidates, if ever, Tvardi is obligated to make certain royalty payments to each of BCM and certain of its
founders. Patents licensed to Tvardi could be put at risk of being invalidated or interpreted narrowly in litigation filed by or against
Tvardi’s licensors or another licensee or in administrative proceedings. If any in-licensed patents are invalidated or held unenforceable,
Tvardi may not be able to prevent competitors or other third parties from developing and commercializing competitive products.

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Disputes may also arise between Tvardi and its current
or future licensors regarding intellectual property subject to a license agreement, including:

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| ● | the scope of rights granted under the license agreement and other interpretation-related issues; |

| ● | Tvardi’s financial or other obligations under the license agreement; |

| ● | whether and the extent to which Tvardi’s technology and processes infringe intellectual property of the licensor that is not subject to the licensing agreement; |

| ● | Tvardi’s right to sublicense patent and other rights to third parties under collaborative development relationships; |

| ● | Tvardi’s diligence obligations with respect to the use of licensed technology in relation to its development and commercialization of its product candidates and what activities satisfy those diligence obligations; |

| ● | the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by Tvardi’s licensors and Tvardi and its partners; and |

| ● | the priority of invention of patented technology. |

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If disputes over intellectual property that Tvardi
has licensed or in the future have licensed prevent or impair Tvardi’s ability to maintain its current licensing arrangements on
acceptable terms, Tvardi may be unable to successfully develop and commercialize the affected product candidates.

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The risks described elsewhere pertaining to Tvardi’s
intellectual property rights also apply to the intellectual property rights that Tvardi may own or in-license now or in the future, and
any failure by Tvardi or its licensors to obtain, maintain, defend and enforce these rights could have an adverse effect on its business.
In some cases Tvardi may not have control over