Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 305

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 305
---
 the prepaid and accrued research and development expenses included the following, among others:

•

We tested the design and implementation of relevant controls over the Company’s review of associated journal entries.

•

We evaluated the Company’s accounting policy for prepaid and accrued research and development liabilities, including the estimation approach for the expenses, for reasonableness.

•

We evaluated the Company’s judgments, including but not limited to, patient enrollment, using the evidence obtained to determine the prepaid and accrued research and development liabilities.

•

We confirmed the monthly patient enrollment directly with the CROs.

•

For a sample of agreements and contracts, we agreed inputs utilized in the estimate of prepaid and accrued research and development liabilities to the underlying contract, corresponding invoices incurred during the period and evidence of payment to test the Company’s disbursements made to third-party service providers.

•

We compared invoices received by the Company subsequent to December 31, 2024, to the accrued research and development expenses related to CROs recognized by the Company.

/s/ Deloitte & Touche LLP

Houston, Texas

April 1, 2025 
 We have served as the Company’s auditor since 2022.

<div align='center'>F-3</div>

TABLE OF CONTENTS

Tvardi Therapeutics, Inc. Balance Sheets
(Amounts in thousands, except share and per share amounts)

| ​                                                                                                                                                                                                                                                                                           
 ​                                                                                                                                                                                                                                                                                           
 Assets                                                                                                                                                                                                                                                                                      
 Current assets:                                                                                                                                                                                                                                                                             | ​ 
 ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ | As of December 31, 
 2024               
 ​                  
 ​                  | ​ 
 ​ |       ​ 
       ​ | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | 2023 
 ​    
 ​    | ​ 
 ​ |       ​ 
       ​ | ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|:-------------------|:--|--------:|:--|:--|:--|:-----|:--|--------:|:--|:--|
| Cash and cash equivalents                                                                                                                                                                                                                                                                   | ​ | ​ | ​                  | $ |  31,614 | ​ | ​ | ​ | ​    | $ |  22,919 | ​ | ​ |
| Prepaid expenses and other current assets                                                                                                                                                                                                                                                   | ​ | ​ | ​                  | ​ |      72 | ​ | ​ | ​ | ​    | ​