Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 12

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 12
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            ​ | ​ | ​ |
| ​        | ​ | For the Three Months Ended |   |      | ​ | For the Nine Months Ended |   |      | ​ | ​ |                 As of | ​ |        As of |   | ​ |
| ​        | ​ |              September 30, |   |      | ​ |             September 30, |   |      | ​ | ​ |         September 30, | ​ | December 31, |   | ​ |
| ​        |   |                       2025 |   | 2024 |   |                      2025 | ​ | 2024 | ​ | ​ |                  2025 |   |         2024 |   |   |
| ​        |   |    % of operating expenses |   |      |   |   % of operating expenses |   |      | ​ | ​ | % of accounts payable |   |              | ​ |   |
| Vendor A |   |                         35 | % |   64 | % |                        39 | % |   62 | % | ​ |                    75 | % |           43 | % |   |

The Company’s preclinical studies and clinical
trials and testing could be adversely affected by a significant interruption in the supply chain from its significant suppliers.

Cash and Cash Equivalents

The Company considers all highly liquid investments,
with an original maturity of three months or less, to be cash equivalents. Cash equivalents include amounts held in money market
funds in the amount of $18.7 million and $31.3 million as of September 30, 2025 and December 31, 2024, respectively.

The Company recorded interest income on its cash
equivalents of $0.3 million and $0.2 million for the three months ended September 30, 2025
and 2024, respectively, and $0.6 million for each of the nine months ended September 30, 2025 and 2024, on its condensed consolidated
statements of operations and comprehensive loss.

Short-term Investments

The Company invests excess cash in short-term investments
with high credit ratings. These securities consist primarily of U.S. Treasury Notes that are classified as “available-for-sale.”
The Company classifies any investments as

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short-term if the maturity date is less than or equal to one year
from the balance sheet date or as