Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 870

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 870
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MENTS
(amounts in thousands, except share and per share data)

| ​                                                      
 ​                                                      | ​ 
 ​ | ​ 
 ​ | Year Ended December 31, 
                    2023 | ​ | ​ |          2022 | ​ | ​ |          2021 | ​ 
 ​ |
|:-------------------------------------------------------|:--|:--|------------------------:|:--|:--|--------------:|:--|:--|--------------:|:--|
| Risk-free interest rate                                | ​ | ​ |           3.38% – 4.65% | ​ | ​ | 1.70% – 4.21% | ​ | ​ | 0.66% – 1.41% | ​ |
| Expected volatility                                    | ​ | ​ |           76.3% – 81.3% | ​ | ​ | 77.7% – 81.9% | ​ | ​ | 71.6% – 83.5% | ​ |
| Expected dividend yield                                | ​ | ​ |                      0% | ​ | ​ |            0% | ​ | ​ |            0% | ​ |
| Expected life of employee and Board options (in years) | ​ | ​ |                    6.25 | ​ | ​ |          6.25 | ​ | ​ |          6.25 | ​ |

The weighted average grant date fair value of options granted to employees and non-employee members of the Board of Directors for their Board service during the years ended December 31, 2023, 2022 and 2021 was $5.75, $7.25, and $12.00, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recognized compensation expense relating to stock options as follows:

| ​                          
 ​                          | ​ 
 ​ | ​ 
 ​ | Year Ended December 31, 
 2023                    |   |        |   | ​ | ​ | 2022 |   |        |   | ​ | ​ | 2021 |   |        |   | ​ 
 ​ |
|:---------------------------|:--|:--|:------------------------|:--|-------:|:--|:--|:--|:-----|:--|-------:|:--