Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 311

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 311
---
 ​                      | ​ 
 ​ 
 ​ | ​                             
 Fair Value Measurements as of 
 December 31, 2023             |      ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​     |      ​ |
|:-----------------------|:--|:------------------------------|-------:|:--|:--------|:--|:--|:--------|:--|:--|:------|-------:|
| ​                      |   | Level 1                       |        |   | Level 2 |   |   | Level 3 |   |   | Total |        |
| Financial assets:      |   | ​                             |        |   | ​       |   |   | ​       |   |   | ​     |        |
| Cash equivalents:      |   | ​                             |        |   | ​       |   |   | ​       |   |   | ​     |        |
| Money market funds     | ​ | $                             | 21,762 | ​ | $       | — | ​ | $       | — | ​ | $     | 21,762 |
| Total financial assets | ​ | $                             | 21,762 | ​ | $       | — | ​ | $       | — | ​ | $     | 21,762 |

The Company did not have any Level 3 assets or liabilities as of December 31, 2023. There were transfers between Levels during the periods presented.

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

| ​                                             
 ​                                             
 Balance as of December 31, 2023               | ​ 
 ​ | ​       
 Amounts |      ​ 
      — |
|:----------------------------------------------|:--|:--------|-------:|
| Convertible Notes issuance                    | ​ |         | 28,298 |
| Accrued interest as of December 31, 2024      | ​ |         |    154 |
| Change in fair value of the Convertible Notes | ​ |         |  1,807 |
| Balance as of December 31, 2024               | ​ | $       | 30,259 |

F-16

Valuation of Convertible Notes

In December 2024, the Company issued and sold Convertible Notes (as defined in Note 8, Convertible Notes) in an aggregate principal amount of $ million. The fair value of the Convert