Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 301

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 301
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b            | ​ | ​ | 10/28/2020      | ​ |
| ​ | Pliant Therapeutics, Inc.                                | ​ | ​ | IPF                                    | ​ | ​ | Phase 2a            | ​ | ​ | 06/02/2020      | ​ |

For each Tvardi IPO Comparable Company, Piper Sandler reviewed (i) its implied diluted pre-money equity value, based on the offering price of such Tvardi IPO Comparable Company’s shares in its IPO and the number of such Tvardi IPO Comparable Company’s diluted shares outstanding prior to its IPO, excluding any shares being issued in such Tvardi IPO Comparable Company’s IPO (using the treasury stock method) (referred to herein as the Diluted Pre-Money Equity Value), and (ii) its implied diluted pre-money enterprise value, calculated as the Diluted Pre-Money Equity Value, plus net debt (calculated as the book value of such company’s debt less its cash and cash equivalents), plus any preferred stock and minority interests, and less any short-term and long-term investments, as reported in the effective registration statement of the IPO of each Tvardi IPO Comparable Company (referred to herein as the Diluted Pre-Money Enterprise Value). The analysis indicated the following maximum, 75th percentile, mean, median, 25th percentile and minimum Diluted Pre-Money Equity Values and Diluted Pre-Money Enterprise Values for the Tvardi IPO Comparable Companies:

| ($ in millions) | ​ | ​ | DilutedPre-MoneyEquity Value |   |       |   | ​ | ​ | DilutedPre-MoneyEnterprise Value |   |       |   | ​ |
|:----------------|:--|:--|:-----------------------------|:--|------:|:--|:--|:--|:---------------------------------|:--|------:|:--|:--|
| Maximum         | ​ | ​ | ​                            | $ | 693.0 | ​ | ​ | ​ | ​                                | $ | 471.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                            | $ | 421.7 | ​ | ​ | ​ | ​                                | $ | 271.3 | ​ | ​ |
| Mean            | ​ | ​ | ​                            | $ | 348.9 | ​ | ​ | ​ | ​                                | $ | 256.3 | ​ | ​ |