Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 10

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 10
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 |     | $194.0 |

All Selected Companies

| Maximum (n=14)  |     | $693.0 |     | $221.1 |     | $471.9 |
| 75th Percentile |     | $421.7 |     | $123.8 |     | $271.3 |
| Mean            |     | $348.9 |     |  $92.7 |     | $256.3 |
| Median          |     | $314.6 |     |  $80.6 |     | $248.2 |
| 25th Percentile |     | $266.8 |     |  $53.6 |     | $195.4 |
| Minimum         |     | $150.8 |     |  $17.5 |     | $115.5 |

Sources: Company filings, Evaluate, Capital IQ.

Note: TRD = Treatment-resistant depression, CAH = Congenital adrenal hyperplasia, PMM = Primary mitochondrial myopathies, IgAN = Immunoglobulin A nephropathy.

| 1) | Based on diluted                                                                                                                                
 outstanding shares outstanding (determined using TSM; taking into account outstanding in-the-money options, restricted stock units, performance 
 stock units, and other potentially dilutive securities).                                                                                        |
| 2) | Fully diluted pre-money equity                                                                                                                  
 value plus net debt (book value of debt less cash and cash equivalents), plus preferred stock and minority interest, less short-term            
 and long-term investments.                                                                                                                      |

<div align='center'>8</div>

For each Tvardi IPO Comparable Company,
Piper Sandler reviewed (i) its implied diluted pre-money equity value, based on the offering price of such Tvardi IPO Comparable
Company’s shares in its IPO and the number of such Tvardi IPO Comparable Company’s diluted shares outstanding prior to its
IPO, excluding any shares being issued in such Tvardi IPO Comparable Company’s IPO (using the treasury stock method) (referred to
herein as the Diluted Pre-Money Equity Value), and (ii) its implied diluted pre-money enterprise value, calculated as the Diluted
Pre-Money Equity Value, plus net debt (calculated as the book value of such company’s debt less its cash and cash equivalents),
plus any preferred stock and minority interests, and less any short-term and long-term investments, as reported in the effective registration
statement of the IPO of each