Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 582

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 582
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 the 2020 R&D credit. Cara recognized a full valuation allowance against deferred tax assets at September 30, 2024 and December 31, 2023 and 2022. The tax benefit related to the exercise of stock options is recognized as a deferred tax asset that is offset by a corresponding valuation allowance. As such, Cara’s effective tax rate is zero for each of the three and nine months ended September 30, 2024 and 2023 and the years ended December 31, 2023 and 2022. Capital Requirements, Liquidity, and Capital Resources Short-Term and Long-Term Cash Requirements Cara’s primary uses of capital have been third-party clinical R&D services, clinical costs related to the oral difelikefalin program, and compensation and related expenses. As of September 30, 2024, Cara has no commitments for capital expenditures in either the short-term or long-term. The following discussion summarizes Cara’s current and long-term material cash requirements as of September 30, 2024, which Cara expects to fund primarily with current unrestricted cash and cash equivalents and available-for-sale marketable securities:

| ​                                     
 ​                                     | ​ 
 ​ | ​ 
 ​ | Material Cash Requirements (amounts in thousands) 
 Total                                             |   |       |   | ​ | ​ | 2024 |   |       |   | ​ | ​ | 2025 |   |   |   | ​ | ​ | 2026 |   |   |   | ​ | ​ | 2027 |   |   |   | ​ | ​ | 2028 |   |   |   | ​ | ​ | Thereafter |   |   |   | ​ 
 ​ |
|:--------------------------------------|:--|:--|:--------------------------------------------------|:--|------:|:--|:--|:--|:-----|:--|------:|:--|:--|:--|:-----|:--|:--|:--|:--|:--|:-----|:--|:--|:--|:--|:--|:-----|:--|:--|:--|:--|:--|:-----|:--|:--|:--|:--|:--|:-----------|:--|:--|:--|:--|
| Operating lease obligation(1)         | ​ | ​ | ​                                                 | $ |     — | ​ |