Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 67

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 67
---
 trial stages, and NDA approval by the
FDA. Tvardi is obligated to pay BCM royalties in the amount of a low-single-digit percent of net sales of BCM1 Licensed Products
or BCM2 Licensed Products during the term, which expire, on a country-by-country basis, on the later of (i) the date of expiration
of BCM Patent Rights or Licensed Patent Rights, whichever is the last to expire, or, (ii) if no BCM Patent Rights or Licensed Patent
Rights are issued in such country, the tenth anniversary the first commercial sale of the BCM1 Licensed Products or BCM2 Licensed Products
in such country. License fees are expensed as incurred within research and development within Tvardi’s condensed consolidated statements
of operations

<div align='center'>39</div>

Table of Contents

and comprehensive loss. Under the BCM First Agreement, the full amount
of $50,000 in annual maintenance fees had already been paid as of September 30, 2025, and thus no accrual was needed. As a result, Tvardi
had $12,500 remaining in prepaid expenses as of September 30, 2025. As of December 31, 2024, the full amount of $50,000 in annual
maintenance fees had already been paid and thus no accrual was needed. No royalty fees have been incurred to date.

Other Capital Requirements and Additional Royalty Obligations

Tvardi enters into agreements in the normal course
of business with various third-party providers for the provision of research and development services, which include preclinical studies
and clinical trial services with CROs and the manufacturing of product candidates for use in its preclinical studies and clinical trials
with CDMOs. These agreements may include certain provisions for purchase obligations and termination obligations that could require payments
for the cancellation of committed purchase obligations or for early termination of the agreements. The amount of the cancellation or termination
payments vary and are based on the timing of the cancellation or termination and the specific terms of the agreement. These obligations
and commitments are not presented separately.

In addition to Tvardi’s obligation to make
potential royalty payments under the BCM First Agreement and BCM Second Agreement discussed above, pursuant to Legacy Tvardi’s founder
restricted stock purchase agreements with each of its founders, David J. Tweardy, M.D. and Ron DePinho, M.D., Tvardi is also obligated
to pay royalties to each such founder in an amount equal to 1%