Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 693

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 693
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| Multiplied by the fair value per share of Cara common stock(2)                         | ​ | $ |      4.78 |
| Total                                                                                  | ​ | $ |    22,233 |
| Estimated fair value of assumed Cara stock-based awards based on pre-Merger service(3) | ​ |   |       243 |
| Total estimated purchase price                                                         | ​ | $ |    22,476 |

| (1) | The final purchase price was determined based on the number of shares of Cara common stock that Cara stockholders owned immediately prior to the Closing of the Merger. For purposes of this unaudited pro forma combined financial information, the estimated number of shares represents 4,570,553 shares of Cara common stock outstanding as of September 30, 2024, 739 RSUs that vested subsequent to September 30, 2024 and 79,921 unvested RSUs outstanding as of the date of this proxy statement/​prospectus, which will become vested in full upon the Closing. |

| (2) | The estimated preliminary purchase price is based on the closing price on the Nasdaq Capital Market on January 22, 2025. |

| (3) | Reflects the estimated acquisition-date fair value of the assumed Cara equity awards attributable to pre- Merger service expected to be outstanding as of the Effective Time. This is included as an adjustment to the unaudited pro forma condensed combined balance sheet by crediting and debiting additional paid-in capital, resulting in no impact to the unaudited pro forma condensed combined financial information. |

390

The actual purchase price for the assets of Cara will vary based on, among other things, the net cash calculation prior to the Closing, the Exchange Ratio and the Cara share price at the Closing. As such, the estimated purchase price consideration reflected in the unaudited pro forma condensed combined financial information does not purport to represent what the actual purchase price consideration will be when the Merger is completed. The actual purchase price will fluctuate until the Effective Time, and the final valuation of the purchase price consideration could differ significantly from the current estimate. 5. Shares of Cara Common Stock Issued to Tvardi Stockholders upon the Closing of the Merger At the Closing, (i) all outstanding shares of Tvardi common stock (including shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock) will