Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 354

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 354
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   |   -15,000 | ​ |                  | 0.09 |   |                       | ​ |                     |       |
| Outstanding as of March 31, 2025                 |   | 5,415,213 | ​ | $                | 0.43 |   |                  5.82 | ​ | $                   | 2,899 |
| Options exercisable as of March 31, 2025         |   | 4,775,534 | ​ | $                | 0.39 |   |                  5.61 | ​ | $                   | 2,747 |
| Vested and expected to vest as of March 31, 2025 |   | 5,415,213 | ​ | $                | 0.43 |   |                  5.82 | ​ | $                   | 2,899 |

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during each of the three months ended March 31, 2025 and 2024 was less than $ million.

The following table illustrates the classification of stock-based compensation in the condensed statements of operations and comprehensive loss (in thousands):

| ​                              
 ​                              | ​ 
 ​ | ​                                    
 For the Three Months Ended March 31, |    ​ 
 2025 | ​ | ​ |    ​ 
 2024 |
|:-------------------------------|:--|:-------------------------------------|-----:|:--|:--|-----:|
| Research and development       | ​ | $                                    |   29 | ​ | $ |   29 |
| General and administrative     | ​ |                                      |   51 | ​ |   |   52 |
| Total stock-based compensation | ​ | $                                    |   80 | ​ | $ |   81 |

As of March 31, 2025, there was $ million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of years.

12. Income Taxes For the three months ended March 31, 2025 and 2024, there was nocurrent or deferred income tax expense or benefit due to the Company’s current year losses and full valuation allowance. As of March 31,