Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 41

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 41
---
 operations principally through the
issuance and sale of its preferred stock and convertible debt. Legacy Tvardi has received $28.3 million from the sale and issuance of
its Convertible Notes (as defined below) in December 2024 and $83.4 million from the issuance and sale of its preferred stock
and historical convertible debt, which was converted into preferred stock, in 2018 and 2021.

As of September 30, 2025, Tvardi had $21.4
million in cash and cash equivalents and $15.0 million in short-term investments. As further discussed below, in April 2025, Legacy
Tvardi completed its Merger (as defined below) with Cara Therapeutics, Inc. (Cara), through which Legacy Tvardi acquired approximately
$23.9 million in net assets. Tvardi has incurred net losses since inception. As of September 30, 2025 and December 31, 2024,
its accumulated deficit was $103.2 million and $92.2 million, respectively. For the three and nine months ended September 30,
2025, Tvardi reported net losses of $5.5 million and $10.9 million, respectively. For the three and nine months ended September 30, 2024,
Legacy Tvardi reported net losses of $5.5 million and $16.7 million, respectively. Tvardi’s net loss may fluctuate significantly
from quarter-to-quarter and year-to-year, depending on the timing of its clinical development activities and other research and development
activities. Tvardi expects to continue to incur significant operating losses for the foreseeable future and may never become profitable.
Losses are expected to continue as Tvardi continues to invest in research and development activities. The assessment of Tvardi’s
ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Given the inherent uncertainties
in the forecast, Tvardi considered both quantitative and qualitative factors that are known or reasonably knowable as of the date that
these condensed consolidated financial statements are issued and concluded that there are conditions present in the aggregate that raise
substantial doubt about Tvardi’s ability to continue as a going concern. Tvardi has based this estimate on assumptions

<div align='center'>25</div>

Table of Contents

that may prove to be wrong, and it could exhaust its capital resources
sooner than it expects. See the subsection titled