Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 3

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 3
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 replaces the first paragraph under the question titled “[w]ho will be 
 the directors of Cara following the Merger?” on page 4 of the proxy statement/prospectus:      |

A: At the Effective Time, the board
of directors of the combined company (Combined Company Board) will consist of seven directors and will be comprised of five members designated
by Tvardi (Sujal Shah, Michael Wyzga, Wallace Hall, Shaheen Wirk and Imran Alibhai), one member designated by Cara (Susan Shiff)
and one vacancy, to be designated by Tvardi if prior to the closing of the Merger or by the combined company if following the consummation
of the Merger. The Combined Company Board will have an audit committee, a compensation committee and a nominating and corporate governance
committee, in accordance with the rules of Nasdaq. All of Cara’s current directors other than Ms. Shiff are expected
to resign from their positions as directors of Cara, effective upon the Effective Time. For a more complete description of the Combined
Company Board, please see the section titled “Management Following the Merger” beginning on page 360 of this proxy statement/prospectus.

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| 2. | The following disclosure replaces the first paragraph under the subsection titled “Directors 
 of the Combined Company Following the Merger” on page 20 of the proxy statement/prospectus:  |

At the Effective Time, the combined
company is expected to initially have a seven-member board of directors, comprised of five members designated by Tvardi (Sujal Shah, Michael
Wyzga, Wallace Hall, Shaheen Wirk and Imran Alibhai), one member designated by Cara (Susan Shiff) and one vacancy, to be designated
by Tvardi if prior to the closing of the Merger or by the combined company if following the consummation of the Merger, until their respective
successors are duly elected or appointed and qualified or their earlier death, resignation or removal. If the one remaining director is
not identified prior to the Effective Time, the Combined Company Board anticipates reducing the size of the Combined Company Board to
six directors.

| 3. | The following new disclosure under a section titled “Legal Proceedings” is added to page 25                
 of the proxy statement/prospectus immediately after the section titled “Anticipated Accounting Treatment”: |

Legal Proceedings

Two lawsuits were