Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 9

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 9
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apeutics, Inc., the parent entity formerly named Cara Therapeutics, Inc., after giving effect to the Merger, and as renamed Tvardi Therapeutics, Inc., and where appropriate, our wholly-owned subsidiaries (including Legacy Tvardi).

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The Offering

| ​                                        | ​ | ​                                                                                                                                                                                                                                             |
| Shares of Common Stock Offered Hereunder |   | We are registering the resale by the selling stockholders named in this prospectus, or their permitted transferees, of an aggregate of 2,084,117 shares of common stock issued pursuant to the Merger Agreement.                              |
| Use of Proceeds                          | ​ | We will not receive any proceeds from the sale of our shares of common stock offered by the selling stockholders under this prospectus. See the section titled “Use of Proceeds” appearing elsewhere in this prospectus for more information. |
| Risk Factors                             | ​ | See the section titled “Risk Factors” and other information included in this prospectus for a discussion of factors that you should consider carefully before deciding to invest in our common stock.                                         |
| Nasdaq Symbol                            | ​ | “TVRD”                                                                                                                                                                                                                                        |

The number of shares of common stock outstanding is based on 9,355,542 shares of common stock as of April 15, 2025 and excludes the following, in each case as of April 15, 2025 and adjusted for the Reverse Stock Split and Exchange Ratio:

| ● | 725,360 shares of our common stock issuable upon the exercise of outstanding options under the Legacy Tvardi 2018 Stock Incentive Plan, which were assumed by the Company in connection with the Merger, with a weighted average exercise price of $3.24 per share; |

| ● | 113,487 shares of our common stock issuable upon the exercise of outstanding options under the Cara 2014 Equity Incentive Plan, with a weighted average exercise price of $319.80 per share; |

| ● | 935,554 shares of our common stock reserved for future issuance under the 2025 Equity Incentive Plan, as well as any increases, at the discretion of our board of directors, in the number of shares of common stock reserved for future issuance under this plan; and |

| ● | 93,555 shares of our common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan, as well as any automatic increases in the number of shares