Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 294

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 294
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:|:--|:--------|------:|
| Implied Values Per Share of Tvardi Common Stock |   | NM      | ​ | $          | 0.93 | ​ | $      | 2.00 | ​ | $    | 4.00 | ​ | $          | 8.05 | ​ | $       | 11.37 |
| Implied Values Per Share of Cara Common Stock   |   | NM      | ​ | $          | 0.19 | ​ | $      | 0.41 | ​ | $    | 0.82 | ​ | $          | 1.64 | ​ | $       |  2.32 |

Piper Sandler then compared the range of implied values per share of Cara common stock set forth in the table above to the Cara Deal Value Per Share ($0.77), the Cara Liquidation Value Per Share ($0.53), the Cara Intrinsic Value Per Share ($0.42), and the Cara Nasdaq Closing Price Per Share ($0.26). Selected IPO Analysis Piper Sandler reviewed certain financial data of U.S.-listed companies that completed an initial public offering (referred to as an IPO) of common stock since January 1, 2020 (each, a Tvardi IPO Comparable Company), which Piper Sandler judged to be comparable to Tvardi for purposes of this analysis. The Tvardi IPO Comparable Companies were selected, among other reasons, because, at the time of the IPO, such companies (i) had a single clinical-stage (non-oncology) asset with an ongoing Phase 2 trial or a completed Phase 1 trial or (B) were development stage companies (regardless of phase of development) with the lead asset targeting IPF. None of the Tvardi IPO Comparable Companies reviewed is identical to Tvardi, and certain of the Tvardi IPO Comparable Companies have financial and operating characteristics that are materially different from those of Tvardi. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the Tvardi IPO Comparable Companies, as well as other factors that could affect the Tvardi IPO Comparable Companies differently from how they would affect Tvardi.

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Set forth below are the Tvardi IPO Comparable Companies, as well as such companies’ targeted lead treatment indications, stage of development, and IPO pricing dates:

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