Company: TVRD
Filing Date: 2025-02-13
Form Type: CORRESP
Source: 0001104659-25-013055
Chunk: 2

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-13
Form: CORRESP
Chunk 2
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 periods for which they were available,
and given the limited information contained therein, Piper Sandler did not, and in fact was unable to, perform a discounted cash flow
analysis using the Tvardi Financial Forecasts.

The Company respectfully advises the Staff that the purpose of a cash forecast (such as the Tvardi Financial Forecasts) is to estimate
future cash flows, which are then used as a primary input for a discounted cash flow analysis. The Company further respectfully advises
the Staff that such cash forecasts generally are included in a proxy statement/prospectus where such forecasts are used to generate a
discounted cash flow analysis because, in those cases, the valuation analysis underlying the fairness opinion relies on, among other analyses,
a discounted cash flow analysis.

Absent the performance of a discounted cash flow analysis, the disclosure of the Tvardi Financial Forecasts is not otherwise necessary
to provide a fair summary of the financial analyses underlying the Piper Sandler Opinion.

| 4. | We note your response to prior comment 13, and we reissue the comment in part. Please further revise                                     
 your disclosure to identify which party had the relationship with Piper Sandler in connection with the previously proposed financing and 
 clarify the nature of such relationship.                                                                                                 |

: The Company respectfully acknowledges the
Staff’s comment and has revised the disclosure on page 174 of the Second Amended Registration Statement to clarify the parties’
relationship with Piper Sandler and the nature of such relationship.

| 5. | In note 1 to the first table on page 165, please clarify what you mean by a lump sum of Mr. Posner’s                   
 target bonus for 2024 “and” 2025. For example, clarify whether Mr. Posner would receive 1.5 times his target bonus for 
 each of the two years and, if so, how such payment is consistent with your disclosure on page 341.                     |

: The Company respectfully acknowledges the
Staff’s comment and has revised the disclosure on page 181 of the Second Amended Registration Statement to clarify that Mr. Posner
would receive a lump sum equal to 100% of his target bonus for 2024 and 150% of his target bonus for 2025.

| 6. | We note your response to prior comment 19, specifically that Tvardi will enter into a registration                                        
 rights agreement with certain founders, directors and affiliates of Tvardi. Please identify which founders, directors and affiliates will 
 be party to the registration