Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 428

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 428
---
12% - 4.34 | % | 3.38% - 4.65 | % | 1.70% - 4.21 | % |
| Expected volatility                                    |   |            89.6% - 89.8 | % | 76.3% - 81.3 | % | 77.7% - 81.9 | % |
| Expected dividend yield                                |   |                       0 | % |            0 | % |            0 | % |
| Expected life of employee and Board options (in years) |   |                    6.25 |   |         6.25 |   |         6.25 | ​ |

The weighted average grant date fair value of options granted to employees and non-employee members of the Board of Directors for their Board service during the years ended December 31, 2024, 2023 and 2022 was $, $, and $, respectively.

During the years ended December 31, 2024, 2023 and 2022, the Company recognized compensation expense relating to stock options as follows:

| ​                          
 ​                          | ​ 
 ​ 
 ​ | ​                       
 Year Ended December 31, |     ​ 
  2024 | ​ | ​ |      ​ 
   2023 | ​ | ​ |      ​ 
   2022 |
|:---------------------------|:--|:------------------------|------:|:--|:--|-------:|:--|:--|-------:|
| Research and development   | ​ | $                       | 1,016 | ​ | $ |  5,973 | ​ | $ |  7,222 |
| General and administrative | ​ |                         | 5,274 | ​ |   |  5,634 | ​ |   |  6,426 |
| Total stock option expense | ​ | $                       | 6,290 | ​ | $ | 11,607 | ​ | $ | 13,648 |

As of December 31, 2024, the total compensation expense relating to unvested options granted to employees and non-employee members of the Board of Directors that had not yet been recognized was $, which is expected to be realized over a weighted average period of years. The Company will issue shares upon exercise of options from common stock reserved.

The Company does not expect to realize any tax benefits from its stock option activity or the