Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 30

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 30
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Table of Contents

​

The following table summarizes option activity during
the nine months ended September 30, 2025:

​

| ​                                                    
 ​                                                    
 ​                                                    
 ​                                                    | ​ 
 ​ 
 ​ |         ​ 
         ​ 
 Number of 
   Options | ​ 
 ​ 
 ​ | ​                
 Weighted-        
 Average Exercise 
 Price            |      ​ | ​ 
 ​ 
 ​ |                     ​ 
      Weighted-Average 
 Remaining Contractual 
       Term (In Years) | ​ 
 ​ 
 ​ | ​                   
 ​                   
 Intrinsic Value (In 
 Thousands)          |      ​ 
      ​ |
|:-----------------------------------------------------|:--|----------:|:--|:-----------------|-------:|:--|----------------------:|:--|:--------------------|-------:|
| Outstanding as of January 1, 2025                    |   |   729,010 | ​ | $                |   3.21 |   |                  6.06 | ​ | $                   |  2,914 |
| Granted                                              |   |   399,940 | ​ |                  |  17.14 |   |                     ​ | ​ |                     |      ​ |
| Exercised (1)                                        |   |   -24,517 | ​ |                  |  21.66 |   |                     ​ | ​ |                     |      ​ |
| Forfeited/expired (2)                                |   |  -109,162 | ​ |                  | 319.57 |   |                     ​ | ​ |                     |      ​ |
| Options assumed from Cara upon Merger closing        | ​ |   113,487 | ​ | ​                | 319.80 | ​ |                     ​ | ​ | ​                   |      ​ |
| Outstanding as of September 30, 2025                 |   | 1,108,758 | ​ | $                |   9.09 |   |                  6.78 | ​ | $                   | 34,081 |
| Options exercisable as of September 30, 2025 (3)     |   |   686,194 | ​ | $                |   4.85 |   |                  5.23 | ​ | $                   | 24,366 |
| Vested and expected to vest as of September 30, 2025 |   | 1,108,758 |