Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 325

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 325
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| Cash equivalents:      | ​ | ​ | ​                                              | ​ |      ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​     | ​ |      ​ | ​ | ​ |
| Money market funds     | ​ | ​ | ​                                              | $ | 21,762 | ​ | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​     | $ | 21,762 | ​ | ​ |
| Total financial assets | ​ | ​ | ​                                              | $ | 21,762 | ​ | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​     | $ | 21,762 | ​ | ​ |

The Company did not have any Level 3 assets or liabilities as of December 31, 2023. There were no transfers between Levels during the periods presented. The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

| ​                                             
 Balance as of December 31, 2023               | ​ 
 ​ | ​ 
 ​ | Amounts 
 ​       |   |      — | ​ | ​ 
 ​ |
|:----------------------------------------------|:--|:--|:--------|:--|-------:|:--|:--|
| Convertible Notes issuance                    | ​ | ​ | ​       | ​ | 28,298 | ​ | ​ |
| Accrued interest as of December 31, 2024      | ​ | ​ | ​       | ​ |    154 | ​ | ​ |
| Change in fair value of the Convertible Notes | ​ | ​ | ​       | ​ |  1,807 | ​ | ​ |
| Balance as of December 31, 2024               | ​ | ​ | ​       | $ | 30,259 | ​ | ​ |

Valuation of Convertible Notes In December 2024, the Company issued and sold Convertible Notes (as defined in Note 8, Convertible Notes ) in an aggregate principal amount of $28.3 million. The fair value of the Convertible Notes at issuance and as of December 31, 2024 was estimated based on