Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 57

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 57
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 | $                  | -5,527 | ​ | $    | -5,513 | ​ | $      |    -14 |   |     0.3 | % | $                 | -10,939 | ​ | $    | -16,690 | ​ | $      |  5,751 |   |   -34.5 | % |

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Table of Contents

Research and Development Expenses

Research and development expenses for the three and
nine months ended September 30, 2025 and 2024 were comprised of the following (in thousands, except percentages):

​

| ​                                                    
 ​                                                    
 ​                                                    
 ​                                                    
 Direct research and development expenses by program: 
 TTI-101:                                             | ​ 
 ​ 
 ​ | ​                  
 Three Months Ended 
 September 30,      
 2025               
 ​                  
 ​                  |     ​ | ​ | ​    
 2024 
 ​    
 ​    |     ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
 ​      
 ​      |      ​ 
      ​ | ​ 
 ​ |        ​ 
        ​ 
  Percent | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ 
 ​ 
 ​ | ​                 
 Nine Months Ended 
 September 30,     
 2025              
 ​                 
 ​                 |      ​ | ​ | ​    
 2024 
 ​    
 ​    |      ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
 ​      
 ​      |      ​ 
      ​ | ​ 
 ​ |       ​ 
       ​ 
 Percent | ​ 
 ​ 
 ​ |
|:-----------------------------------------------------|:--|:-------------------|------:|:--|:-----|------:|:--|:-------|-------:|:--|---------:|:--|:--|:------------------|-------:|:--|:-----|-------:|:--|:-------|-------:|:--|--------:|:--|
| HCC                                                  | ​ | $                  |   597 | ​ | $    | 1,980 | ​ | $      | -1,383 |   |    -69.8 | % | ​ | $                 |  2,001 | ​ | $    |  4,996 | ​ | $      | -2,995 |   |   -59.9 | % |
| IPF