Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 312

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 312
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, earnings or other results of operations due to the inherent unpredictability and subjectivity of the underlying assumptions and projections. However, in connection with the Cara Board’s evaluation of the Merger, Cara’s management prepared certain unaudited prospective internal financial projections related to the estimated cash expenditures and receipts of Cara from November 2024 to March 2025, assuming a closing date of the Merger of March 31, 2025, that were provided to the Cara Board in connection with its evaluation of the Merger and to Piper Sandler in connection with its financial analysis and opinion (such projections are referred to hereinafter and in “ The Merger — Opinion of Cara’s Financial Advisor ” as the Cara Projections). The Cara Projections were made available to and reviewed by the Cara Board. Piper Sandler utilized the Cara Projections in its financial analysis undertaken in connection with the rendering of its opinion (see “ The Merger — Opinion of Cara’s Financial Advisor ”). A summary of the Cara Projections is set forth below.

The information set forth below is included solely to give Cara stockholders access to the Cara Projections that were provided to the Cara Board in connection with its evaluation of the Merger and that were utilized by Piper Sandler in connection with its financial analysis and opinion as discussed under the section titled “ The Merger — Opinion of Cara’s Financial Advisor .” The Cara Projections included below are not being included herein to influence Cara’s stockholders’ decision whether to vote in favor of any proposal contained in this proxy statement/prospectus. In light of the foregoing factors and the uncertainties inherent in the Cara Projections, stockholders are cautioned not to place undue reliance on the Cara Projections included in this proxy statement/prospectus.

The Cara Projections were not prepared with a view toward public disclosure or with a view toward compliance with the published guidelines established by the SEC or the American Institute of Certified Public Accountants for preparation or presentation of prospective financial information, or GAAP, but, in the view of Cara management were prepared on a reasonable basis, reflected the best available estimates and judgments at the time of preparation, and presented as of the time of preparation, to the best of Cara management’s knowledge and belief, the expected future financial performance of Cara as a standalone entity. However, this information is not fact and should not be relied upon as being indicative of future results of Cara as a standalone entity, and readers of this proxy statement/prospectus are cautioned not to place undue reliance on the Cara Projections. The