Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 136

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 136
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. For a patent filed March 16, 2013, or later, a petition for post-grant review can be filed by a third party
in a nine-month window from issuance of the patent. A petition for inter partes review can be filed immediately following the issuance
of a patent if the patent has an effective filing date prior to March 16, 2013. A petition for inter partes review can be filed
after the nine-month period for filing a post-grant review petition has expired for a patent with an effective filing date of March 16,
2013, or later. Post-grant review proceedings can be brought on any ground of invalidity, whereas inter partes review proceedings
can only raise an invalidity challenge based on published prior art and patents. These adversarial actions at the USPTO review patent
claims without the presumption of validity afforded to U.S. patents in lawsuits in U.S. federal courts and use a lower burden of proof
than used in litigation in U.S. federal courts. Therefore, it is generally considered easier for a competitor or third party to have a
U.S. patent invalidated in a USPTO post-grant review or inter partes review proceeding than invalidated in a litigation in a U.S.
federal court. If any of Tvardi’s own or in-licensed patents are challenged by a third party in such a USPTO proceeding, there is
no guarantee that Tvardi will be successful in defending the patent, which may result in a loss of the challenged patent right to Tvardi.

​

The degree of future protection for Tvardi’s
proprietary rights is uncertain because legal means afford only limited protection and may not adequately protect its rights or permit
Tvardi to gain or keep its competitive advantage. For example:

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| ● | Tvardi may not be able to generate sufficient data to support full patent applications that protect the entire breadth of developments in one or more of Tvardi’s programs; |

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| ● | it is possible that one or more of the patent applications in Tvardi’s patent portfolio will not become an issued patent or, if issued, that the patent(s) claims will have sufficient scope to protect its technology, provide Tvardi with commercially viable patent protection or provide it with any competitive advantages; |

| ● | if the pending applications in Tvardi’s patent portfolio issue as patents, they may be challenged by third parties as invalid or un