Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 61

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 61
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The increase of approximately $4.4 million was primarily driven by increases in professional fees of $2.7 million, attributable to increased
legal, accounting and audit fees incurred as a result of the Merger. The remaining increase was attributable to increases in personnel
costs, insurance costs, and rent and other related costs.

Interest Income

Interest income was $0.4 million for the three months
ended September 30, 2025, compared to $0.2 million for the three months ended September 30, 2024. The $0.4 million of interest
income for the three months ended September 30, 2025 includes $0.3 million of interest earned on Tvardi’s cash and cash
equivalents and $0.1 million of interest from its short-term investments, as well as the accretion of the discount on its short-term investments.
The $0.2 million of interest income for the three months ended September 30, 2024 was driven by interest income earned on Legacy
Tvardi’s cash equivalents.

Interest income was $1.1 million for the nine months
ended September 30, 2025, compared to $0.6 million for the nine months ended September 30, 2024. The $1.1 million of interest
income for the nine months ended September 30, 2025 includes $0.6 million of interest earned on Tvardi’s cash and cash
equivalents and $0.5 million of interest from its short-term investments, as well as the accretion of the discount on its short-term investments.
The $0.6 million of interest income for the nine months ended September 30, 2024 was driven by interest income earned on Legacy
Tvardi’s cash equivalents.

Other Income, Net

For the three months ended September 30, 2025 and
2024, there was no other income, net recorded within the condensed consolidated statements of operations and comprehensive loss, as there
were no financial instruments requiring valuation or interest expense for the respective periods. The Convertible Notes were fully converted
during the second quarter of 2025, and there was no remeasurement gain or loss recorded for the three months ended September 30, 2025.

Other income, net of $7.2 million for the nine months
ended September 30, 2025 was primarily attributable to the $12.8 million remeasurement gain on Legacy