Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 306

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 306
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 of the Hold Back Amount would be distributed to Cara stockholders on March 31, 2028, constituting the Final Distribution.

**As set forth in the table below, with the foregoing assumptions, the Management Liquidation Analysis results in an Initial Distribution of $29.6 million on March 31, 2025, and a Final Distribution of $0.5 million on March 31, 2028. Cara management further calculated the present value, as of November 30, 2024, of the Initial Distribution and the Final Distribution utilizing discount rates based on the yields of U.S. Treasury bills and notes of durations similar to the respective distribution periods.

In light of the foregoing factors and the uncertainties inherent in the Management Liquidation Analysis, Cara stockholders are cautioned not to place undue, if any, reliance on this analysis.**

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TABLE OF CONTENTS

The following table and other information below is a summary of the Management Liquidation Analysis.

| Management Liquidation Analysis                          
 ($ and figures in millions; except per share data)       | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
|:---------------------------------------------------------|:--|:--|:--|:--|-----:|:--|:--|
| Ending Cash (as of 3/31/2025)                            | ​ | ​ | ​ | $ | 30.4 | ​ | ​ |
| Less: Operating Expenses during Liquidation Period       | ​ | ​ | ​ | $ | -0.3 | ​ | ​ |
| 3/31/25 Ending Cash, Net Future Operating Costs          | ​ | ​ | ​ | $ | 30.1 | ​ | ​ |
| Less: Expected Final Distribution                        | ​ | ​ | ​ | $ | -0.5 | ​ | ​ |
| Initial Distribution (3/31/2025)                         | ​ | ​ | ​ | $ | 29.6 | ​ | ​ |
| Diluted Shares Outstanding (Using treasury stock method) | ​ | ​ | ​ | ​ | 55.8 | ​ | ​ |
| Undiscounted Initial Distribution Per Share (3/31/25)    | ​ | ​ | ​ | $ | 0.53 | ​ | ​ |
| Discounted Initial Distribution (Aggregate)              | ​ | ​ | ​ | $ | 29.1 | ​ | ​ |
| Discounted Initial Distribution (Per Share)