Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 721

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 721
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1-for-2. The following table summarizes the pro forma number of shares of common stock of the combined company outstanding following the consummation of the Transactions.

| ​                                                             | ​ | ​ | Assuming Cara Net Cash atClosing of $23.0 Million |   |            |   |   |   |            |   |         |   | ​ |
| Equity Capitalization Summary Upon Consummation of the Merger | ​ | ​ | Number ofShares Owned                             |   |            |   | ​ | ​ | %Ownership |   |         |   | ​ |
| Tvardi stockholders                                           | ​ | ​ | ​                                                 | ​ |  9,957,011 | ​ | ​ | ​ | ​          | ​ | 70.10%  | ​ | ​ |
| Cara stockholders                                             | ​ | ​ | ​                                                 | ​ |  2,325,606 | ​ | ​ | ​ | ​          | ​ | 16.37%  | ​ | ​ |
| Investors participating in the Convertible Notes              | ​ | ​ | ​                                                 | ​ |  1,921,436 | ​ | ​ | ​ | ​          | ​ | 13.53%  | ​ | ​ |
| Total common stock of the combined company                    | ​ | ​ | ​                                                 | ​ | 14,204,053 | ​ | ​ | ​ | ​          | ​ | 100.00% | ​ | ​ |

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If Cara holds between $22.875 million and $23.125 million of net cash at the closing of the Merger, the ownership percentage of the equity holders of Cara (pre-Merger) will remain the same. The following table summarizes the pro forma number of shares of common stock of the combined company outstanding following the consummation of the Transactions on a fully diluted basis, which includes In-the-Money Cara stock options (as defined elsewhere in this proxy statement/prospectus) and Tvardi options outstanding.

| ​                                                   | ​ | ​ | Assuming Cara Net Cash atClosing of $23.0 Million |   |            |   |   |   |            |   |         |   | ​ |
| Equity Capitalization Summary (fully diluted basis) | ​ | ​ | Number ofShares Owned                             |   |            |   | ​ | ​ | %Ownership |   |         |   | ​ |
| Tvardi stockholders(1)