Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 731

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 731
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 of Cara, these direct and incremental costs are treated as a reduction of the net proceeds received within additional paid-in capital. 6(k) To reflect the automatic conversion, on a one-to-one basis, of all outstanding shares of Tvardi convertible preferred stock, with a carrying amount of $85.5 million, into 29,555,538 shares of Tvardi common stock immediately prior to the Merger. Tvardi convertible preferred stock outstanding immediately prior to the Closing was comprised of the following:

| Tvardi Convertible Preferred Stock                                                                                           | ​ | ​ | ​ | ​ |          ​ | ​ | ​ |
| Series A Preferred Stock                                                                                                     | ​ | ​ | ​ | ​ |  9,499,999 | ​ | ​ |
| Series B Preferred Stock                                                                                                     | ​ | ​ | ​ | ​ | 20,055,539 | ​ | ​ |
| Total shares of Tvardi convertible preferred stock converted to shares ofTvardi common stock immediately prior to the merger | ​ | ​ | ​ | ​ | 29,555,538 | ​ | ​ |

6(l) To reflect the proposed Reverse Stock Split for Cara, at an assumed ratio of 1-for-2. 6(m) To reflect the accelerated vesting of 40,330 of Cara’s RSUs, after giving effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2, upon the Closing pursuant to the terms of the Merger Agreement, an increase in compensation expenses of approximately $0.1 million and a decrease in additional paid-in capital of $0.1 million. 6(n) To reflect the recapitalization of Tvardi, pursuant to the Merger Agreement, through the contribution of 48,758,868 shares of Tvardi common stock (see Note 5), and the issuance of 11,878,447 shares of Cara common stock, reflecting the Exchange Ratio of 0.2042 and including the issuance of common stock upon the conversion of the Convertible Notes, and to reflect the derecognition of the accumulated deficit of Cara which is reversed to additional paid-in capital. The derecognition of accumulated deficit of Cara of $724.7 million is determined as follows (in thousands):

| ​ | Accumulated deficit of Cara as of September 30, 2024                                                                   | ​ | ​ | ​ | $ | -747,933 | ​ | ​ |
| ​ | Gain in connection with extinguishment of liability