Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 15

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 15
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 share available to common stockholders, since dilutive common shares are not assumed to have been issued as their effect is anti-dilutive.
However, in periods where the Company has a change in fair value of convertible debt securities, any numerator and denominator adjustments,
as described above, are applied accordingly.

As such, although the Company had a net loss for
the nine months ended September 30, 2025, diluted earnings per share was computed by dividing net loss attributable to common stockholders,
as adjusted by removing the $7.8 million net gain on the fair value remeasurement of its Convertible Notes and adding back the $0.7 million
of interest expense, by the weighted-average number of shares of common stock outstanding, adjusted to give effect to potentially dilutive
elements.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change
in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources, including
unrealized gains and losses on short-term investments held as available-for-sale. For each of the three and nine months ended September 30,
2025, comprehensive loss includes net loss and a net unrealized gain on short-term investments. There was no difference between net loss
and comprehensive loss for the three and nine months ended September 30, 2024.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU 2023-07. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant
segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of
segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable
segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a
single reportable segment. The Company adopted the guidance in the fiscal year beginning January 1, 2024. There was no impact
on the Company’s reportable segments identified and additional required disclosures have been included in Note 16, Segment Reporting.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU