Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 59

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 59
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to the discontinuation of the trial in January 2024 and a related true-up recorded during the second quarter of 2025 due to the negotiation
of wind-down costs. These decreases in costs were partially offset by a $0.9 million increase in costs related to Tvardi’s IPF trial,
due to the timing of patient enrollment prior to the trial ending in the second quarter of 2025.

The increase of $2.5 million related to Tvardi’s
product candidate TTI-109 was primarily driven by the healthy volunteer study, which began in the third quarter of 2025, as well as related
CMC costs.

The increase of personnel costs of $0.2 million
was primarily related to increases in compensation across the research and development functions. The $0.2 million increase in consultant
fees and other costs was primarily related to other research and development costs such as costs to maintain intellectual property and
prepare regulatory filings.

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Table of Contents

General and Administrative Expenses

General and administrative expenses for the three and
nine months ended September 30, 2025 and 2024 were comprised of the following (in thousands, except percentages):

| ​                                         | ​ |                  ​ |     ​ | ​ |    ​ |   ​ | ​ | ​      |     ​ | ​ |       ​ | ​ |                 ​ |     ​ | ​ |    ​ |     ​ | ​ | ​      |     ​ | ​ |       ​ | ​ |
| ​                                         | ​ | Three Months Ended |       |   |      |     | ​ | ​      |     ​ | ​ |       ​ |   | Nine Months Ended |       |   |      |       | ​ | ​      |     ​ | ​ |       ​ |   |
| ​                                         | ​ |      September 30, |       |   |      |     | ​ | Change |       |   |         |   |     September 30, |       |   |      |       | ​ | Change |       |   |         |   |
| ​                                         |   |               2025 |       |   | 2024 |     |   | Amount |       |   | Percent |   |              2025 |       |   | 2024 |       |   | Amount |       |   | Percent |   |
| Personnel costs                           |   |                  $ | 1,012 |   |    $ |