Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 922

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 922
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 expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

| ​                                    
 ​                                    | ​ 
 ​ | ​ 
 ​ | For the Year EndedDecember 31, 
 2023                           |   |       |   | ​ | ​ | 2022 |   |       |   | ​ 
 ​ |
|:-------------------------------------|:--|:--|:-------------------------------|:--|------:|:--|:--|:--|:-----|:--|------:|:--|:--|
| Per share fair value of common stock | ​ | ​ | ​                              | $ |  0.52 | ​ | ​ | ​ | ​    | $ |  0.37 | ​ | ​ |
| Expected volatility                  | ​ | ​ | ​                              | ​ | 67.4% | ​ | ​ | ​ | ​    | ​ | 60.4% | ​ | ​ |
| Expected dividends                   | ​ | ​ | ​                              | ​ |    0% | ​ | ​ | ​ | ​    | ​ |    0% | ​ | ​ |
| Expected term (in years)             | ​ | ​ | ​                              | ​ |   6.1 | ​ | ​ | ​ | ​    | ​ |   6.0 | ​ | ​ |
| Risk-free rate                       | ​ | ​ | ​                              | ​ | 3.56% | ​ | ​ | ​ | ​    | ​ | 2.11% | ​ | ​ |

Stock Options The following table summarizes option activity during the year ended December 31, 2023:

| ​                                                   | ​ | ​ | Number ofOptions |   |           |   | ​ | ​ | Weighted-AverageExercisePrice |   |      |   | ​ | ​ | Weighted-AverageRemainingContractual Term(In Years) |   |      |   | ​ | ​ | Intrinsic Value(In Thousands) |   |       |   | ​ |
|:----------------------------------------------------|:--|:--|:-----------------|:--|----------:|:--|:--|:--|:------------------------------|:--|-----:|:--|:--|:--|:----------------------------------------------------|:--|-----:|:--|: