Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 726

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 726
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 be recorded at their pre-combination carrying amounts. Cara’s assets will be measured and recognized at their fair values as of the Effective Time, which are expected to approximate the carrying value of the acquired cash and other non-operating assets, with no goodwill or other intangible assets recorded. Any difference between the consideration transferred and the fair value of the assets of Cara following the determination of the actual consideration transferred for Cara will be reflected as an adjustment to additional paid-in capital. For periods prior to the Closing, the historical financial statements of Tvardi shall become the historical financial statements of the combined company. Preliminary Estimated Consideration Transferred (Purchase Price) The estimated preliminary purchase price, which represents the consideration transferred to Cara stockholders in the Merger, is calculated based on the fair value of the common stock of the combined company that Cara stockholders will own as of the Closing of the Transaction because, with no active trading market for shares of Tvardi, the fair value of the Cara common stock represents a more reliable measure of the fair value of consideration transferred in the Merger. Accordingly, the accompanying unaudited pro forma combined financial information reflects an estimated preliminary purchase price of approximately $22.8 million. The following summarizes the preliminary estimate of the purchase price to be paid in the Merger, after giving the effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2 (in thousands, except share and per share amounts):

| ​ | Common shares of the combined company owned by Cara stockholders(1)                    | ​ | ​ | ​ | ​ | 2,325,606 | ​ | ​ |
|:--|:---------------------------------------------------------------------------------------|:--|:--|:--|:--|----------:|:--|:--|
| ​ | Multiplied by the fair value per share of Cara common stock(2)                         | ​ | ​ | ​ | $ |      9.68 | ​ | ​ |
| ​ | Total                                                                                  | ​ | ​ | ​ | $ |    22,512 | ​ | ​ |
| ​ | Estimated fair value of assumed Cara stock-based awards based on pre-Merger service(3) | ​ | ​ | ​ | ​ |       255 | ​ | ​ |
| ​ | Total estimated purchase price                                                         | ​ | ​ | ​ | $ |    22,767 | ​ | ​ |

(1) The final purchase price was determined based on the number of shares of Cara common stock that Cara stockholders