Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 723

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 723
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 In December 2023, Cara Royalty Sub received an additional payment of $ 19,770 , representing the $ 20,000 milestone it achieved for Kapruvia (difelikefalin) pricing in Germany being approved above a certain threshold amount per dose, net of advisory fees. There were additional issuance costs of $ 211 related to the HCR Agreement resulting in aggregate net proceeds of $ 36,474 . An additional $ 2,500 milestone payment is due to Cara Royalty Sub upon achievement of a 2024 sales milestone of KORSUVA in Japan. The HCR Agreement will automatically expire, and the payment of Royalties to HCR will cease, when HCR has received payments of Royalties equal to two times the aggregate amount of payments made by HCR under the HCR Agreement if achieved on or prior to Dece mber 31, 2029, or 2.8 times the aggregate amount of payments made by HCR under the HCR Agreement, if not achieved on or prior to December 31, 2029. After the HCR Agreement expires, all rights to receive the Royalties return to Cara Royalty Sub. Issuance costs pursuant to the HCR Agreement consisting primarily of advisory and legal fees totaled $ 1,025 including the amount of HCR’s transaction-related expenses that the Company reimbursed. The effective interest rate includes cash flow projections for future royalty and milestone payments, which are sensitive to certain assumptions, including market size, market penetration and sales price, that are forward looking and could be affected by future market conditions. During the three and nine months ended September 30, 2024, $ 694 and $ 1,989 , respectively, were repaid to HCR under the HCR Agreement.

F- 16

CARA THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (amounts in thousands, except share and per share data) (unaudited)

The following table summarizes the activity of the HCR Agreement (in thousands):

| ​                                                                     | ​ | ​ |      ​ | ​ |
|:----------------------------------------------------------------------|:--|:--|-------:|:--|
| Royalty purchase and sale agreement balance at December 31, 2023      |   | $ | 37,079 | ​ |
| Payments                                                              | ​ |   | -1,989 | ​ |
| Non-cash interest expense                                             | ​ | ​ |  5,