Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 43

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 43
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vardi can generate substantial product revenue, it expects to finance its cash needs through equity offerings,
debt financings or other capital sources, including collaborations, licenses or similar arrangements. However, Tvardi may be unable to
raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. If Tvardi does raise additional
capital through public or private equity offerings, the ownership interest of its existing stockholders will be diluted, and the terms
of these securities may include liquidation or other preferences that adversely affect its stockholders’ rights. If Tvardi raises
additional capital through debt financing, it may be subject to covenants or other restrictions limiting its ability to engage in specific
actions, such as incurring additional debt, making capital expenditures or declaring dividends. Any failure to raise capital as and when
needed could have a negative impact on its financial condition and on its ability to pursue its business plans and strategies, including
its

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research and development activities. If Tvardi is unable to raise capital,
Tvardi will need to delay, reduce or terminate planned activities, including its ongoing and planned clinical trials, to reduce costs.

Additionally, Tvardi is subject to risks and uncertainties
as of result of global business, political and macroeconomic events and conditions, including increasing financial market volatility and
uncertainty, inflation, interest rate fluctuations, uncertainty with respect to the federal budget and debt ceiling, as well as the potential
for future potential government shutdowns related thereto, potential instability in the global banking system, cybersecurity events, the
impact of war or military conflict, including regional conflicts around the world, and public health pandemics. Tvardi’s business,
financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy
and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen.

Although, to date, Tvardi’s business has not
been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which its operations
will be impacted in the short and long term, or the ways in which such instability could impact its business and results of operations.
The extent and duration of these market disruptions, other geopolitical tensions, record inflation, tariffs or otherwise, are impossible
to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this Quarterly