Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 366

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 366
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 ​ | ​     | $ | 30,259 | ​ | ​ |
| Total financial liabilities | ​ | ​ | ​                                              | $ |      — | ​ | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​       | $ | 30,259 | ​ | ​ | ​ | ​     | $ | 30,259 | ​ | ​ |

There were no transfers between Levels during the periods presented. The unrealized loss on the Company’s short-term investments for the three and six months ended June 30, 2025 was not material. Convertible Notes In December 2024, Legacy Tvardi entered into a note purchase agreement to issue and sell convertible notes (the Convertible Notes) in an aggregate principal amount of $28.3 million. The Convertible Notes accrued interest at 8% per annum and had a maturity date of December 31, 2026 (the Maturity Date). As

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further discussed in Note 3, Merger Agreement , the Company completed its Merger with Cara in April 2025. Upon the closing of the Merger, the Convertible Notes converted into 1,265,757 shares of the Company’s common stock, $0.001 par value per share, in the aggregate. The fair value of the Convertible Notes as of December 31, 2024 was estimated based on significant inputs not observable in the market, which represented Level 3 measurements within the fair value hierarchy. The Convertible Notes were valued using a scenario-based valuation analysis requiring a probability of inputs including the probability of occurrence of events that would trigger conversion of the Convertible Notes and the expected timing of such events. In addition to the estimated probabilities of the occurrence of events that would trigger conversion, the following table presents the other assumptions, estimates, and contractual features incorporated into the valuation of the Convertible Notes as of December 31, 2024:

| ​                                                    | ​ | ​ | As ofDecember 31,2024 |   |        |   | ​ |
| Time to Qualified/non-Qualified financing (in years) | ​ | ​ | ​                     | ​ |   0.25 | ​ | ​ |
| Time to IPO (in years)                               | ​ | ​ | ​                     | ​ |   0.25 | ​ | ​ |
| Time to reverse merger (in years)                    | ​ | ​ | ​                     | ​ |