Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 564

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 564
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, and decreases in supportive studies and other general costs associated with oral difelikefalin, partially offset by increases related to Cara’s former oral difelikefalin NP program, which was discontinued due to the clinical trial results announced in June 2024. The decrease in stock compensation expense is primarily related to the reductions in workforce in January 2024 and June 2024, as well as a few additional workforce reductions during the three months ended September 30, 2024, partially offset by performance-based restricted stock units that were achieved in March 2024. The decrease in other R&D operating expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily related to decreases in payroll and related costs, travel costs and other related conference costs.

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TABLE OF CONTENTS

The following table summarizes Cara’s R&D expenses by program for the three and nine months ended September 30, 2024 and 2023:

| ​                                           
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 External research and development expenses: | ​ 
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 ​ | Three Months EndedSeptember 30, 
 2024                            
 Dollar amounts in thousands     
 ​                               | ​ |     ​ | ​ | ​ 
 ​ | ​ 
 ​ | 2023 
 ​    | ​ |      ​ | ​ | ​ 
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 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ | ​        
 % change 
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 ​ | ​     
 ​     
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 ​ | ​ 
 ​ 
 ​ 
 ​ | Nine Months EndedSeptember 30, 
 2024                           
 Dollar amounts in thousands    
 ​                              | ​ |      ​ | ​ | ​ 
 ​ | ​ 
 ​ | 2023 
 ​    | ​ |      ​ | ​ | ​ 
 ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ | ​        
 % change 
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 ​        | ​ 
 ​ 
 ​ | ​    
 ​    
 ​    | ​ 
 ​ 
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 ​ 
 ​ |
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