Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 8

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 8
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 25th Percentile                        $55.6  
  Minimum                              $(109.8  

  The following disclosure amends and supplements the subsection titled “ Selected IPO Analysis”  

Piper Sandler reviewed certain financial
data of U. S.-listed companies that completed an initial public offering (referred to as an IPO) of common stock since January 1,
2020 (each, a Tvardi IPO Comparable Company), which Piper Sandler judged to be comparable to Tvardi for purposes of this analysis. The
Tvardi IPO Comparable Companies were selected, among other reasons, because, at the time of the IPO, such companies (i) had a single
clinical-stage (non-oncology) asset with an ongoing Phase 2 trial or a completed Phase 1 trial or (B) were development
stage companies (regardless of phase of development) with the lead asset targeting IPF. None of the Tvardi IPO Comparable Companies reviewed
is identical to Tvardi, and certain of the Tvardi IPO Comparable Companies have financial and operating characteristics that are materially
different from those of Tvardi.

The analyses necessarily involve complex
considerations and judgments concerning differences in financial and operational characteristics of the Tvardi IPO Comparable Companies,
as well as other factors that could affect the Tvardi IPO Comparable Companies differently from how they would affect Tvardi.

Set forth below are the Tvardi IPO Comparable
Companies, including information with respect to each such company’s IPO pricing date, diluted pre-money equity value, pre-IPO
net cash, pre-money enterprise value and the indication, phase and status of each such company at the time of its IPO:

TVARDI
IPO Comparable Companies

($ in
millions)

                                                                                                Diluted      Pre-IPO       Pre-Money      Company                                    
                                                                                              Pre-Money                                   at IPO                                     
  Company                                                                       Pricing          Equity          Net      Enterprise      Indication          Phase         Status   
                                                                                Date            Value 1         Cash         Value 2                                                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Single                                                                                                                                                                             
  Upstream Bio, Inc.                                                            10/10/24         $693.0       $221.1          $471.9      Severe Asthma       Phase 2       Ongoing  
  HilleVax,                                                                     04/28/22         $449.8       $119.6          $