Company: TVRD
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001104659-25-006051
Chunk: 5

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-24
Form: CORRESP
Chunk 5
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 highly speculative nature of the assumptions
underlying the forecasts, the risk that investors will rely on the Tvardi Financial Forecasts if disclosed far outweigh any potential
benefits. Accordingly, Cara respectfully submits that disclosure of the Tvardi Financial Forecasts in the proxy statement/prospectus is
not required.

MINTZ

| 13. | On page 125, you state that, since January 1, 2022, Piper Sandler had no material relationships                                             
 with, and did not receive any fees for investment banking services from, Cara, Tvardi or their respective affiliates, except for a proposed 
 financing which was later abandoned. Please revise your disclosure to identify which party engaged Piper Sandler for the proposed financing 
 and to describe and quantify any compensation Piper Sandler received, or will receive, as a result of the relationship. Refer to Item       
 4(b) of Form S-4 and Item 1015(b)(4) of Regulation M-A.                                                                                     |

Response:
The Company respectfully acknowledges the Staff’s comment and has revised the disclosure on page 173 of the Amended Registration
Statement to state that Piper Sandler did not enter into an engagement letter with Cara or Tvardi with respect to the abandoned proposed
financing and has not, and does not expect to, receive any compensation relating to such proposed financing.

| 14. | You briefly outline a few purposes for the Reverse Stock Split Proposal. Please also address the following: |

| · | Disclose that there can be no guarantee or assurances that the Reverse Stock Split will have the intended 
 effects.                                                                                                  |

| · | With respect to the second bullet point, identify the approximate number of additional shares you anticipate                            
 you will need to complete the Merger. In addition, clarify here whether you believe the Reverse Stock Split on its own will result in   
 a number of authorized but unissued shares of your common stock sufficient to complete the Merger or whether approval of the Authorized 
 Share Increase Proposal is also required to achieve this purpose.                                                                       |

Response:
The Company acknowledges the Staff’s comment and has revised the disclosure on page 230 of the Amended Registration Statement
to address the matters noted in the Staff’s comment.

MINTZ

| 15. | In the last paragraph of this section, you state that you could be delisted from Nasdaq if your shares                                       
 begin to trade below the requisite $1.00 per share bid price needed to maintain its listing. Please also disclose here that you