Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 128

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 128
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 may not adequately protect its rights or permit Tvardi to gain or keep any competitive
advantage. Tvardi cannot provide any assurances that any of its own or its licensor’s patents have, or that any of its own or its
licensor’s pending patent applications that mature into issued patents will include claims with a scope sufficient to protect its
product candidates or otherwise provide any competitive advantage. Other parties may develop technologies that may be related or competitive
with Tvardi’s approach and may have filed or may file patent applications and may have been issued or may be issued patents with
claims that overlap or conflict with Tvardi’s patent portfolio, either by claiming the same compounds, formulations or methods or
by claiming subject matter that could dominate its patent position. In addition, the laws of foreign countries may not protect its rights
to the same extent as the laws of the United States.

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Tvardi’s patent portfolio may not provide
it with any meaningful protection or prevent competitors from designing around its patent claims, enabling its competitors to circumvent
Tvardi’s patent portfolio by developing similar or alternative pharmaceutical products in a non-infringing manner. For example,
a third party may develop a pharmaceutical product that provides benefits similar to Tvardi’s pharmaceutical products but falls
outside the scope of its patent protection or licensed rights. If the patent protection provided by the patent and patent applications
Tvardi holds or pursues with respect to its product candidates is not sufficiently broad to impede such competition, its ability to successfully
commercialize its product candidates could be negatively affected, which would harm its business.

​

It is possible that defects of form in the preparation
or filing of Tvardi’s patent portfolio may exist, or may arise in the future, for example with respect to proper priority claims,
inventorship, claim scope or requests for patent term adjustments. If Tvardi or its future partners or collaborators fail to establish,
maintain or protect Tvardi’s patents and other intellectual property rights, such rights may be reduced or eliminated. In addition,
while Tvardi has the right to provide input, it does not have the right to control prosecution or maintain certain patents and patent
applications that Tvardi has in-licensed from BCM. If BCM is not fully cooperative or disagrees with Tvardi as to the prosecution, maintenance
or enforcement of any patent rights, such patent rights could be compromised. If there are material defects in the form, preparation,
prosecution or enforcement of T