Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 838

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 838
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 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. |

| ● | 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. |

/s/ Deloitte & Touche LLP Houston, Texas December 18, 2024
We have served as the Company’s auditor since 2022.

F-87

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

| ​                                                                                                                                                                                                                                                                                              
 ​                                                                                                                                                                                                                                                                                              
 ​                                                                                                                                                                                                                                                                                              
 Assets                                                                                                                                                                                                                                                                                         
 Current assets:                                                                                                                                                                                                                                                                                | ​ 
 ​ | ​                  
 As of December 31, 
 2023               
 ​                  
 ​                  |       ​ | ​ | ​    
 2022 
 ​    
 ​    |       ​ |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:-------------------|--------:|:--|:-----|--------:|
| Cash and cash equivalents                                                                                                                                                                                                                                                                      | ​ | $                  |  22,919 | ​ | $    |  21,489 |
| Short-term investments                                                                                                                                                                                                                                                                         | ​ |                    |       — | ​ |      |  22,250 |
| Prepaid expenses and other current assets                                                                                                                                                                                                                                                      | ​ |                    |   3,239 | ​ |      |     370 |
| Total current assets                                                                                                                                                                                                                                                                           | ​ |                    |  26,158 | ​ |      |  44,109 |
| Property and equipment, net                                                                                                                                                                                                                                                                    | ​ |                    |     116 | ​ |      |     147 |
| Intangible assets, net                                                                                                                                                                                                                                                                         | ​ |                    |     448 | ​ |      |     511 |
| Operating lease right-of-use assets                                                                                                                                                                                                                                                            | ​ |                    |     262 | ​ |      |     313 |
| Other non-current assets                                                                                                                                                                                                                                                                       | ​ |                    |      17 | ​ |      |