Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 90

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 90
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 results and inform next steps.

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Before Tvardi can generate any revenue from sales
of its product candidates, TTI-101, TTI-109 or any of its other product candidates, it must undergo additional preclinical and clinical
development, regulatory review and approval in one or more jurisdictions. In addition, if one or more of its product candidates are approved,
it must ensure access to sufficient commercial manufacturing capacity and conduct significant marketing efforts in connection with any
commercial launch. These efforts will require substantial investment, and Tvardi may not have the financial resources to continue development
of its product candidates.

​

Tvardi may experience setbacks that could delay
or prevent regulatory approval of the extent of regulatory protection for or its ability to commercialize, its product candidates, including:

​

| ● | negative or inconclusive results from preclinical studies or clinical trials or the clinical trials of others for product candidates similar to Tvardi’s, leading to a decision or requirement to conduct additional preclinical testing or clinical trials or abandon a program; |

| ● | undesirable product-related side effects experienced by subjects in Tvardi’s clinical trials or by individuals using drugs or therapeutics similar to its product candidates; |

| ● | poor efficacy of Tvardi’s product candidates during clinical trials; |

| ● | delays in submitting IND applications or comparable foreign applications or delays or failure in obtaining the necessary approvals from FDA or other comparable foreign regulatory authorities to commence a clinical trial, or a suspension or termination of a clinical trial once commenced; |

| ● | conditions imposed by the FDA or comparable foreign regulatory authorities regarding the scope or design of Tvardi’s clinical trials; |

| ● | delays in enrolling subjects in clinical trials, including due to operational challenges or competition with other clinical trials; |

| ● | high drop-out rates or screening failures of subjects from clinical trials; |

| ● | inadequate supply or quality of product candidates or other materials necessary for the conduct of Tvardi’s clinical trials; |

| ● | greater than anticipated clinical trial costs; |

| ● | inability to compete with other therapies; |

| ● | failure to secure or maintain orphan designation in some jurisdictions; |

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| ● | unfavorable FDA or other regulatory agency inspection and review of a clinical trial site; |

| ● | failure of its third-party contractors or investigators to comply with regulatory requirements or otherwise meet their contractual obligations in a timely manner, or at all; |

| ● | delays and changes in