Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 185

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 185
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Tvardi will incur significant increased costs as a result of operating as a public company, and its management is required to devote substantial time to new compliance initiatives.

As a public company, Tvardi incurs significant legal,
accounting and other expenses. Tvardi is subject to the reporting requirements of the Exchange Act, which requires, among other things,
that Tvardi file with the SEC annual, quarterly and current reports with respect to its business and financial condition. In addition,
the Sarbanes-Oxley Act, as well as rules subsequently adopted by the SEC and the Nasdaq Stock Market (Nasdaq), to implement provisions
of the Sarbanes-Oxley Act, impose significant requirements on public companies, including requiring establishment and maintenance of effective
disclosure and financial reporting controls and changes in corporate governance practices. Further, there are significant corporate governance
and executive compensation related provisions in the Dodd-Frank Act that require the SEC to adopt additional rules and regulations in
these areas such as “say on pay” and proxy access. Stockholder activism, the current political environment and the current
high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which
may lead to additional compliance costs and impact the manner in which Tvardi operates its business in ways it cannot currently anticipate.

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Tvardi expects the rules and regulations applicable
to public companies to substantially increase its legal and financial compliance costs and to make some activities more time-consuming
and costly. If these requirements divert the attention of Tvardi’s management and personnel from other business concerns, they could
have an adverse effect on its business. The increased costs will decrease Tvardi’s net income or increase Tvardi’s net loss
and may require Tvardi to reduce costs in other areas of its business or increase the prices of its products or services. For example,
Tvardi expects these rules and regulations to make it more difficult and more expensive for Tvardi to obtain director and officer liability
insurance and Tvardi may be required to incur substantial costs to maintain the same or similar coverage. Tvardi cannot predict or estimate
the amount or timing of additional costs Tvardi may incur to respond to these requirements. The impact of these requirements could also
make it more difficult for Tvardi to attract and retain qualified persons to serve on its board of directors, its board committees or
as executive officers.

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Tvardi and the third parties with whom it works, are or