Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 872

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 872
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810, $14,156, and $12,844, respectively. The intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $476, $118, and $965, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company granted 167,056, 158,327 and 118,553 stock options, respectively, to employees and non-employee members of the Board of Directors. There were no options granted to nonemployee consultants during the years ended December 31, 2023, 2022 and 2021. The fair values of the stock options granted to those groups were estimated using the Black-Scholes option valuation model with the following ranges of assumptions (see Note 2, Summary of Significant Accounting Policies — Stock-Based Compensation ):

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TABLE OF CONTENTS

CARA THERAPEUTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except share and per share data)

| ​                                                      
 ​                                                      | ​ 
 ​ | ​ 
 ​ | Year Ended December 31, 
                    2023 | ​ | ​ |          2022 | ​ | ​ |          2021 | ​ 
 ​ |
|:-------------------------------------------------------|:--|:--|------------------------:|:--|:--|--------------:|:--|:--|--------------:|:--|
| Risk-free interest rate                                | ​ | ​ |           3.38% – 4.65% | ​ | ​ | 1.70% – 4.21% | ​ | ​ | 0.66% – 1.41% | ​ |
| Expected volatility                                    | ​ | ​ |           76.3% – 81.3% | ​ | ​ | 77.7% – 81.9% | ​ | ​ | 71.6% – 83.5% | ​ |
| Expected dividend yield                                | ​ | ​ |                      0% | ​ | ​ |            0% | ​ | ​ |            0% | ​ |
| Expected life of employee and Board options (in years) | ​ | ​ |                    6.25 | ​ | ​ |          6.25 | ​ | ​ |