Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 36

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 36
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 liabilities
related to such obligations in its condensed consolidated financial statements as of September 30, 2025 and December 31, 2024.

Other Commitments

In addition to the Company’s obligation to
make potential royalty payments under the BCM First Agreement and BCM Second Agreement (both as discussed and defined in Note 14,
License Agreements), the Company is also obligated to pay royalties to each of its founders in an amount equal to 1% each on the
worldwide net sales of TTI-101 and any derivative formulations, or any Royalty Bearing Products. These royalty obligations last, on a
country-by-country basis, for the later of (i) the date on which the sale of any Royalty Bearing Products are no longer covered by
a Covered Patent (as defined below) in such country, or (ii) 15 years after the first commercial sale of royalty bearing product
in such country. The timing of when these royalty payments will actually be made is uncertain as the payments are contingent upon future
activities, including the successful development, regulatory approval and commercialization of any Royalty Bearing Products. A Covered
Patent means, subject to certain customary exceptions, an issued patent that is owned by the Company or an affiliate, or for which all
rights to develop and commercialize pharmaceutical products for the treatment of any human disorder, are exclusively licensed to the Company
or an affiliate by the owner of such patent, with the Company’s right or its affiliate’s right to grant sublicenses.

14.License Agreements

In July 2012, Stem Med Limited Partnership
(StemMed) entered into a license agreement (the BCM First Agreement) with Baylor College of Medicine (BCM) for the exclusive, worldwide,
sublicensable license to certain patents and patent applications related to STAT3 inhibitors in oncology and certain non-oncology indications
(the BCM Patent Rights), which are referred to together with certain cell lines, biological materials, compounds, know-how and technologies
as the BCM Technology, in all fields of use. Under the license for the BCM First Agreement, the Company is permitted to make, have made,
use, market, sell, offer to sell, lease and import products, processes or services that incorporate, utilize, or are made with the use
of the BCM Patent Rights or BCM Technology, which is referred to together as the BCM1 Licensed Products, in all fields of use.

In June 2015, StemMed entered into a second
license agreement with BCM (the