Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 923

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 923
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’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 the years ended December 31, 2023 and 2022 was less than $0.1 million. The weighted-average grant-date fair value of options granted during the years ended December 31, 2023 and 2022 was $0.52 and $0.37, respectively. As of December 31, 2023, there was $0.7 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.19 years. The following table illustrates the classification of stock-based compensation in the statements of operations and comprehensive loss (in thousands):

| ​                              
 ​                              | ​ 
 ​ | ​ 
 ​ | For the Year EndedDecember 31, 
 2023                           |   |     |   | ​ | ​ | 2022 |   |     |   | ​ 
 ​ |
|:-------------------------------|:--|:--|:-------------------------------|:--|----:|:--|:--|:--|:-----|:--|----:|:--|:--|
| Research and development       | ​ | ​ | ​                              | $ | 111 | ​ | ​ | ​ | ​    | $ |  37 | ​ | ​ |
| General and administrative     | ​ | ​ | ​                              | ​ | 203 | ​ | ​ | ​ | ​    | ​ | 209 | ​ | ​ |
| Total stock-based compensation | ​ | ​ | ​                              | $ | 314 | ​ | ​ | ​ | ​    | $ | 246 | ​ | ​ |

F-110

TABLE OF CONTENTS

11. Income Taxes During the years ended December 31, 2023 and 2022, the Company did not record a provision for income taxes because it has incurred net operating losses since inception and maintains a full valuation allowance against its deferred tax assets. The Company’s entire pre-tax loss for the years ended December 31, 2023 and 2022 were from U.S. operations and resulted in no tax expense or benefit. A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

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