Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 154

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 154
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 ​                     
 Per share estimated   
 fair value of options |    ​ 
    ​ |
|:-----------------|:--|-------------------:|:--|:-------------------|-----:|:--|:----------------|-----:|:-------|:----------------------|-----:|
| January 12, 2023 |   |            607,129 | ​ | $                  | 0.82 | ​ | $               | 0.82 | ​      | $                     | 0.52 |
| June 27, 2023    |   |             60,000 | ​ | $                  | 0.82 | ​ | $               | 0.82 | (1)  ​ | $                     | 0.52 |
| June 27, 2023    |   |             20,000 | ​ | $                  | 0.82 | ​ | $               | 0.82 | (1)​   | $                     | 0.53 |
| January 31, 2024 |   |             25,000 | ​ | $                  | 0.92 | ​ | $               | 0.92 |        | $                     | 0.62 |

| (1) | At the time of the options grants on June 27, 2023, Legacy Tvardi’s board of directors determined that the fair value of its common stock of $0.82 per share, calculated by its third-party valuation as of June 30, 2022, reasonably reflected the per share fair value of its common stock as of the grant date. Legacy Tvardi applied the fair value of common stock from its retrospective fair value assessment to determine the fair value of the June 27, 2023 awards, noting an immaterial incremental stock-based compensation expense to be recorded for accounting purposes of approximately $2,000. |

**87

Recently Issued and Adopted Accounting Pronouncements

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 of Legacy Tvardi’s audited financial statements and unaudited condensed financial statements, both as included elsewhere in this prospectus.

Quantitative and Qualitative Disclosures About Market Risks

Interest Rate Risk

As of March 31, 2025 and December 31, 2024, Legacy Tvardi had $22.3 million in cash, cash equivalents and short-term investments and