Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 126

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 126
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 have devoted substantially all of our efforts and financial resources to developing our product candidates, organizing and staffing our company, business planning, raising capital, establishing our intellectual property portfolio and performing research and development of our product candidates, signaling and biology, medicinal chemistry and clinical insights to discover and develop novel therapies for the treatment of fibrosis-driven diseases. Through the date of this filing, we have historically financed our operations principally through the issuance and sale of Legacy Tvardi’s preferred stock and convertible debt. As of March 31, 2025, Legacy Tvardi had received $28.3 million from the sale and issuance of its Convertible Notes in December 2024 and $83.4 million from the issuance and sale of its preferred Stock and historical convertible debt, which was converted into preferred Stock, in 2018 and 2021.

As of March 31, 2025, Legacy Tvardi had $11.4 million in cash and cash equivalents and $10.9 million in short-term investments. As further discussed below, in April 2025, Legacy Tvardi completed its Merger with Cara, through which we received approximately $23.8 million in cash and cash equivalents. Legacy Tvardi has incurred net losses since inception. As of March 31, 2025 and December 31, 2024, Legacy Tvardi’s accumulated deficit was $101.8 million and $92.2 million, respectively. For the three months ended March 31, 2025 and 2024, Legacy Tvardi reported net losses of $9.6 million and $4.2 million, respectively. For the years ended

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December 31, 2024 and 2023, Legacy Tvardi reported net losses of $29.4 million and $17.3 million, respectively. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical development activities and other research and development activities. We expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. Losses are expected to continue as we continue to invest in research and development activities. The assessment of our ability to meet our future obligations is inherently judgmental, subjective and susceptible to change. Given the inherent uncertainties in the forecast, we considered both quantitative and qualitative factors that were known or reasonably knowable as of the issuance date of our unaudited condensed financial statements as of and for the three