Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 92

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 92
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 approved as products and there can be no assurance that any of Tvardi’s future clinical trials
will ultimately be successful or support further clinical development of TTI-101, TTI-109 or any of Tvardi’s other product candidates.
Product candidates that appear promising in the early phases of development may fail to reach the market for several reasons, including:

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| ● | later stage clinical trials may show the product candidates to be less effective than expected or to have unacceptable side effects or toxicities; |

| ● | failure to establish clinical endpoints that applicable regulatory authorities would consider clinically meaningful; |

| ● | failure to receive the necessary regulatory approvals; |

| ● | development of competing products in the same indication; |

| ● | manufacturing costs, formulation issues, pricing or reimbursement issues or other factors that make a product candidate uneconomical; and |

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| ● | the proprietary rights of others and their competing products and technologies that may prevent one of Tvardi’s product candidates from being commercialized. |

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Moreover, clinical data are often susceptible to
varying interpretations and analyses, and many companies that have believed their product candidates performed satisfactorily in clinical
trials have nonetheless failed to obtain marketing approval of their products. Additionally, some of Tvardi’s clinical trials are
open-label, where both the patient and investigator know whether the patient is receiving the investigational product candidate or either
an existing approved drug or placebo. Most typically, open-label clinical trials test only the investigational product candidate and sometimes
do so at different dose levels. Open-label clinical trials are subject to various limitations that may exaggerate any therapeutic effect
as patients in open-label clinical trials are aware when they are receiving treatment. In addition, open-label clinical trials may be
subject to an “investigator bias,” where those assessing and reviewing the physiological outcomes of the clinical trials are
aware of which patients have received treatment and may interpret the information of the treated group more favorably given this knowledge.
Therefore, it is possible that positive results observed in open-label clinical trials will not be replicated in later placebo-controlled
clinical trials.

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In addition, the standards that the FDA and comparable
foreign regulatory authorities use when regulating Tvardi require judgment and can change, which makes it difficult to predict with certainty
how they will be applied. Although Tvardi is initially focusing its efforts on development of small molecule drug products, it may in
the future pursue development of other products,