Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 345

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 345
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 as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

| ​                                              
 ​                                              | ​ 
 ​ | ​ 
 ​ | For the Year EndedDecember 31, 
 2024                           |   |            |   | ​ | ​ | 2023 |   |            |   | ​ 
 ​ |
|:-----------------------------------------------|:--|:--|:-------------------------------|:--|-----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|
| Preferred stock (as converted to common stock) | ​ | ​ | ​                              | ​ | 29,555,538 | ​ | ​ | ​ | ​    | ​ | 29,555,538 | ​ | ​ |
| Stock options to purchase common stock         | ​ | ​ | ​                              | ​ |  5,435,629 | ​ | ​ | ​ | ​    | ​ |  5,509,379 | ​ | ​ |

The Company’s Convertible Notes are also potentially dilutive securities, with the amount of shares issued upon conversion to be determined based on the matter in which they are settled. Refer to Note 8, Convertible Notes , for further detail. 14. Commitment and Contingencies Legal Matters The Company is subject to contingent liabilities, such as legal proceedings and claims, that arise in the ordinary course of business activities. The Company accrues for loss contingencies when losses become

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TABLE OF CONTENTS

probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability on the balance sheets. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses the range of reasonably possible losses. As of December 31, 2024 and 2023, the Company was not a party to any material legal proceedings or claims and no liabilities were recorded for loss contingencies.

#### Contracts
The Company enters into contracts in the normal course of business with various third parties for preclinical research studies,