Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 293

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 293
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INDEX TO FINANCIAL STATEMENTS OF TVARDI THERAPEUTICS, INC.

| ​                                                                                      
 ​                                                                                      
 Audited Financial Statements as of and for the Years ended December 31, 2024 and 2023: | ​ | Page(s) 
 ​       |
|:---------------------------------------------------------------------------------------|:--|:--------|
| Reports of Independent Registered Public Accounting Firm                               | ​ | F-2     |
| Balance Sheets                                                                         | ​ | F-4     |
| Statements of Operations and Comprehensive Loss                                        | ​ | F-5     |
| Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit         | ​ | F-6     |
| Statements of Cash Flows                                                               | ​ | F-7     |
| Notes to Financial Statements                                                          | ​ | F-8     |

| Unaudited Condensed Financial Statements as of June 30, 2025 and December 31, 2024 and for the Three and Six Months ended June 30, 2025 and 2024: |   | ​    |
|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--|:-----|
| Condensed Consolidated Balance Sheets                                                                                                             | ​ | F-30 |
| Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)                                                                   | ​ | F-31 |
| Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)                                    | ​ | F-32 |
| Condensed Consolidated Statements of Cash Flows                                                                                                   | ​ | F-33 |
| Notes to Unaudited Condensed Consolidated Financial Statements                                                                                    | ​ | F-34 |

F-1

<div align='center'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Stockholders and the Board of Directors of Tvardi Therapeutics, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Tvardi Therapeutics, Inc. (the “Company”) as of December 31, 2024 and 2023, the related statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and