Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 33

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 33
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     -6.48 |
| Diluted                                                                       | ​ | $                                        |     -0.59 | ​ | $    |     -2.14 | ​ | $                                       |     -2.50 | ​ | $    |     -6.48 |

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| (1) | As the Company recorded its Convertible Notes at fair value, when calculating the diluted net loss per share for the nine months ended September 30, 2025, the respective fair value remeasurement net gain of $7.8 million recognized in the condensed consolidated statement of operations and comprehensive loss during the nine months ended September 30, 2025 should be reversed and treated as an adjustment to the numerator. In addition, the $0.7 million of interest expense from the Convertible Notes recognized in the condensed consolidated statement of operations and comprehensive loss during the nine months ended September 30, 2025 should be added back as an adjustment to the numerator. |

The Company’s potentially dilutive securities
include its stock options to purchase common stock, Preferred Stock, and Convertible Notes. For the nine months ended September 30, 2025,
the Company’s Convertible Notes has been included in the computation of diluted net loss per share as the effect for the period
was determined to be dilutive while its stock options to purchase common stock and Preferred Stock were excluded from the diluted net
loss per share computation as the effect was determined to be anti-dilutive. All of the Company’s potentially dilutive securities
have been excluded from the computation of diluted net loss per share for the three months ended September 30, 2025 and the three and
nine months ended September 30, 2024, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding
used to calculate both basic and diluted net loss per share attributable to common stockholders for the three months ended September 30,
2025 and the three and nine months ended September 30, 2024 is the same.

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Table of Contents

The following potentially dilutive securities have
been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

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| ​                                              | ​ |                                        ​ | ​ |         ​ | ​ |                                       ​ | ​ |         ​ |
| ​                                              | ​ | For the Three Months Ended September 30, |   |           | ​ | For the Nine Months Ended September 30,