Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 824

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 824
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|:--|-------:|:--|:--|-------:|
| Research and development   | ​ | $                       |  5,973 | ​ | $ |  7,222 | ​ | $ |  7,126 |
| General and administrative | ​ |                         |  5,634 | ​ |   |  6,426 | ​ |   |  9,569 |
| Total stock option expense | ​ | $                       | 11,607 | ​ | $ | 13,648 | ​ | $ | 16,695 |

The following were excluded from the table above as they are not related to stock options: compensation expense for i) the vesting of certain employees’ restricted stock units for$ 476,$ 765and$ 1,201in R&D expense for the years ended December 31, 2023, 2022 and 2021, respectively, and$ 1,146,$ 2,693and$ 2,324in G&A expense for the years ended December 31, 2023, 2022 and 2021, respectively; and ii) compensation expense relating to the Board of Directors’ restricted stock units for$ 501,$ 628and$ 565in G&A expense for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, 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$ 20,263, which is expected to be realized over a weighted average period ofyears. 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 recognition of stock-based compensation expense because the Company currently has net operating losses and has a full valuation allowance against its deferred tax assets. Accordingly,noamounts related to excess tax benefits have been reported in cash flows from operations for the years ended December 31, 2023, 2022 and 2021.

Stock Award Modifications

In November 2021, the Company and the former President and CEO mutually agreed to a transition from CEO to a consulting role through June 30, 2022, if not terminated earlier per the terms of the consulting agreement. As a result, the Company modified the terms of its former CEO’s outstanding Stock Awards to (1