Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 925

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 925
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 $ |    417 | ​ | ​ |
| Other                                              | ​ | ​ | ​            | ​ |     100 | ​ | ​ | ​ | ​    | ​ |     43 | ​ | ​ |
| Net deferred tax assets before valuation allowance | ​ | ​ | ​            | ​ |  13,417 | ​ | ​ | ​ | ​    | ​ |  9,812 | ​ | ​ |
| Valuation allowance                                | ​ | ​ | ​            | ​ | -13,417 | ​ | ​ | ​ | ​    | ​ | -9,812 | ​ | ​ |
| Net deferred tax assets after valuation allowance  | ​ | ​ | ​            | $ |       — | ​ | ​ | ​ | ​    | $ |      — | ​ | ​ |

As of December 31, 2023 and 2022, the Company had a federal net operating loss, or NOL, carryforward of $34.5 million and $28.0 million, respectively. Of the federal net operating loss carryforwards, $0.4 million expires in 2037 and $34.1 million may be carried forward indefinitely. As of December 31, 2023, the Company also has federal tax credits of $0.4 million, which begin to expire in 2039. The future realization of tax benefits from existing temporary differences and tax attributes ultimately depends on the existence of sufficient future taxable income within the carryforward period. In assessing the realization of its deferred tax assets, the Company considered whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The Company considered projected future taxable income, scheduled reversal of deferred tax liabilities, and tax planning strategies in making this assessment. As of December 31, 2023, after consideration of all available evidence, both positive and negative, the Company maintained a full valuation allowance against its net deferred tax assets because it is more likely than not they will not be realized in the future. The change in the valuation allowance between the years ended December 31, 2023 and 2022 was an increase of $3.6 million. The future realization of the Company’s net operating loss carryforwards and other tax attributes may also be limited by the change in ownership rules under the U.S. Internal Revenue Code Section 382. Under Section 382, if a corporation undergoes an ownership change (as defined), the corporation’s ability to utilize