Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 78

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 78
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,
and, like the Demands, challenged the disclosures (under New York state law) in the Proxy Statement/Prospectus.

Cara and the other named defendants deny that they
violated any laws or breached any duties to stockholders of Cara, and they believe that no supplemental disclosure was required to the
Proxy Statement/Prospectus under any applicable law, rule or regulation. Nevertheless, solely to eliminate the burden and expense of litigation
and to avoid any possible disruption to the Merger that could result from such litigation, Cara filed certain supplemental disclosures
on March 24, 2025 to moot the disclosure claims alleged in the Demands and the Complaints. On April 15, 2025, the Merger closed. Thereafter,
counsel for the purported stockholders (that sent the Demands or filed the Complaints) reached out to counsel for Tvardi to discuss a
potential mootness fee in connection with the supplemental disclosures filed by Cara. On August 15, 2025, Tvardi resolved the fee demand
and the matter is now closed.

Other Proceedings

From time to time, Tvardi may be subject to legal
proceedings and claims arising in the ordinary course of its business. Tvardi is not currently a party or aware of any proceedings that
it believes will have, individually or in the aggregate, a material adverse effect on Tvardi’s business, financial condition or
results of operations.

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Item 1A. Risk Factors

You should carefully consider the risks described below, as well as the other information in this Quarterly Report on Form 10-Q, including the unaudited condensed consolidated financial statements and related notes and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in Tvardi’s other public filings in evaluating Tvardi’s business. The occurrence of any of the events or developments described below could harm Tvardi’s business, financial condition, results of operations and growth prospects. In such an event, the market price of Tvardi’s common stock could decline. Additional risks and uncertainties not presently known to Tvardi or that Tvardi currently deems immaterial also may impair Tvardi’s business operations and the market price of Tvardi’s common stock.

Summary Risk Factors

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| ● | Tvardi has a limited operating history, which may make it difficult to evaluate Tvardi’s prospects and likelihood of success. |

| ● | Tvardi has not