Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 146

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 146
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 marketed by the competitor. It is difficult to obtain an injunction in U.S. litigation
and a court could decide that the competitor should instead pay Tvardi a “reasonable royalty” as determined by the court,
and/or other monetary damages. A reasonable royalty or other monetary damages may or may not be an adequate remedy. Loss of exclusivity
and/or competition from a related product would have a material adverse impact on its business.

​

Litigation often involves significant amounts of
public disclosures. Such disclosures could have a materially adverse impact on Tvardi’s competitive position or its stock prices.
During any litigation Tvardi would be required to produce voluminous records related to its patents and its research and development activities
in a process called discovery. The discovery process may result in the disclosure of some of its confidential information. There could
also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts
or investors perceive these results to be negative, it could adversely affect the price of its common shares.

​

Litigation is inherently expensive, and the outcome
is often uncertain. Any litigation likely would substantially increase Tvardi’s operating losses and reduce its resources available
for development activities. Further, Tvardi may not have sufficient financial or other resources to adequately conduct such litigation
or proceedings. Some of its competitors may be able to sustain the costs of such litigation or proceedings more effectively than Tvardi
can

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because of their substantially greater financial resources. As a result,
Tvardi may conclude that even if a competitor is infringing any of its patents, the risk-adjusted cost of bringing and enforcing such
a claim or action may be too high or not in the best interest of it or its stockholders. In such cases, Tvardi may decide that the more
prudent course of action is to simply monitor the situation or initiate or seek some other non-litigious action or solution.

​

For any in-licensed patent rights, Tvardi may not
have the right to file a lawsuit for infringement and may have to rely on its licensor to enforce these rights for Tvardi. If Tvardi is
not able to directly assert its licensed patent rights against infringers or if a licensor does not vigorously prosecute any infringement
claims on its behalf, Tvardi may have difficulty competing in certain markets where such potential infringers conduct their business,
and Tvardi’s commercialization efforts may