Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 732

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 732
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 related to sales of future royalties and milestones, see Note 6(c) | ​ | ​ | ​ | ​ |   37,583 | ​ | ​ |
| ​ | Derecognition of prepaid expenses, See Note 6(e)                                                                       | ​ | ​ | ​ | ​ |   -2,382 | ​ | ​ |
| ​ | Transaction costs of Cara, see Note 6(h)                                                                               | ​ | ​ | ​ | ​ |   -7,900 | ​ | ​ |
| ​ | Compensation expense related to change-in-control, severance, and retention payments, see Note 6(i)                    | ​ | ​ | ​ | ​ |   -3,899 | ​ | ​ |
| ​ | Acceleration of Cara’s RSUs upon closing of the Merger, see Note 6(m)                                                  | ​ | ​ | ​ | ​ |     -135 | ​ | ​ |
| ​ | Total adjustment to derecognize the accumulated deficit of Cara                                                        | ​ | ​ | ​ | $ | -724,666 | ​ | ​ |

426

TABLE OF CONTENTS

6(o)

To reflect an (i) incremental fair value adjustment of $7.3 million on the Convertible Notes, reflecting the 20% discount of the Convertible Notes and accrued interest immediately prior to the conversion and (ii) the issuance of 1,921,436 shares of Cara common stock, pursuant to the terms of the Convertible Notes, described in Note 1. The incremental change in fair value of the Convertible Notes of $7.3 million is adjusted for pro forma purposes through accumulated deficit as of September 30, 2024.

#### 7.
**Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations for the Nine Months Ended September 30, 2024 and for Year Ended December 31, 2023**

**The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

Pro forma notes:**

7(A)

Derived from the unaudited condensed consolidated statement of operations and comprehensive loss of Cara for the nine months ended September 30, 2024

7(B)

Derived from the unaudited condensed statement of operations of Tvardi for the nine months ended September 30, 2024

7(C)

Derived from the audited consolidated statement of operations and comprehensive loss of Cara for year ended December 31, 2023

7(D