Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 62

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 62
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 Tvardi’s Convertible
Notes recorded during the second quarter of 2025, partially offset by a $4.9 million remeasurement loss recorded during the first quarter
of 2025, as well as $0.7 million in interest accrued on the Convertible Notes during those respective periods. See “—Recent
Developments” above for

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Table of Contents

further discussion of the Convertible Notes. There were no financial
instruments requiring valuation or interest expense for the nine months ended September 30, 2024.

Liquidity and Capital Resources

Sources of Liquidity

Since inception, Tvardi has not generated any revenue
from product sales or any other sources and has incurred significant operating losses. Tvardi has not yet commercialized any products
and does not expect to generate revenue from sales of any product candidates for several years, if ever. To date, Tvardi has financed
its operations primarily through the (i) issuance and sale of its Convertible Notes in December 2024 for gross proceeds
of $28.3 million (ii) the issuance and sale of preferred stock and historical convertible debt (which converted into preferred stock
in 2018 and 2021) for total gross proceeds of $83.4 million, and (iii) as discussed above in “—Recent Developments,”
its Merger with Cara in April 2025. To date, Tvardi has devoted substantially all of its efforts and financial resources to developing
its product candidates, organizing and staffing its company, business planning, raising capital, establishing its intellectual property
portfolio and performing research and development of its product candidates, signaling and biology, medicinal chemistry and clinical insights
to discover and develop novel therapies for the treatment of fibrosis-driven diseases. As of September 30, 2025, Tvardi had $21.4
million in cash and cash equivalents and $15.0 million in short-term investments. In April 2025, Tvardi acquired approximately $23.9
million of net assets in connection with the closing of the Merger.

See “—Recent Developments” above
for further discussion of the Merger and Convertible Notes.

Funding Requirements

Tvardi’s primary uses of cash are to fund
its operations, which consist primarily of research and development costs related to the development of its product candidates, and, to
a lesser extent, general and administrative costs. Tvardi