Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 304

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 304
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 resulting range of implied values per share of Tvardi common stock by the Exchange Ratio, resulting in a range of implied value per share of Cara common stock. The range of implied value per share of Tvardi common stock and the range of implied value per share of Cara common stock are set forth in the table below.

| ​                                              | ​ | ​ | Minimum |   |      |   | ​ | ​ | 25thPercentile |   |      |   | ​ | ​ | Median |   |      |   | ​ | ​ | Mean |   |      |   | ​ | ​ | 75thPercentile |   |      |   | ​ | ​ | Maximum |   |      |   | ​ |
|:-----------------------------------------------|:--|:--|:--------|:--|-----:|:--|:--|:--|:---------------|:--|-----:|:--|:--|:--|:-------|:--|-----:|:--|:--|:--|:-----|:--|-----:|:--|:--|:--|:---------------|:--|-----:|:--|:--|:--|:--------|:--|-----:|:--|:--|
| Implied Value Per Share of Tvardi Common Stock | ​ | ​ | ​       | $ | 2.13 | ​ | ​ | ​ | ​              | $ | 3.60 | ​ | ​ | ​ | ​      | $ | 4.57 | ​ | ​ | ​ | ​    | $ | 4.72 | ​ | ​ | ​ | ​              | $ | 5.00 | ​ | ​ | ​ | ​       | $ | 8.69 | ​ | ​ |
| Implied Value Per Share of Cara Common Stock   | ​ | ​ | ​       | $ | 0.44 | ​ | ​ | ​ | ​              | $ | 0.73 | ​ | ​ | ​ | ​      | $ | 0.93 | ​ | ​ | ​ | ​    | $ | 0.96 | ​ | ​ | ​ | ​              | $ | 1.02 | ​ | ​ | ​ | ​       | $ | 1.77 | ​ | ​ |

Piper Sandler then compared the range of implied values per share of Cara common stock set forth in the table above to