Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 295

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 295
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|:---|-------:|:--|:--|
| Maximum         | ​ | ​ | ​                             | $  |  622.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                             | $  |  443.2 | ​ | ​ |
| Mean            | ​ | ​ | ​                             | $  |  223.0 | ​ | ​ |
| Median          | ​ | ​ | ​                             | $  |  114.4 | ​ | ​ |
| 25th Percentile | ​ | ​ | ​                             | $  |   55.6 | ​ | ​ |
| Minimum         | ​ | ​ | ​                             | ($ | 109.8) | ​ | ​ |

Selected Public Companies Analysis — Exchange Ratio Analysis Piper Sandler then calculated a range of implied exchange ratios by applying the calculations described in the definition of “Exchange Ratio” set forth in the Merger Agreement, based on (i) the implied equity values of Tvardi and (ii) the Cara Intrinsic Value.

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TABLE OF CONTENTS

The range of implied exchange ratios, and the corresponding implied ownership percentage that holders of Cara common stock prior to the Merger would have in the implied post-merger company are set forth in the table below.

| ​                                                                            | ​ | ​ | Minimum |   |    |   | ​ | ​ | 25thPercentile |   |         |   | ​ | ​ | Median |   |         |   | ​ | ​ | Mean |   |         |   | ​ | ​ | 75thPercentile |   |          |   | ​ | ​ | Maximum |   |          |   | ​ |
| Implied Exchange Ratio                                                       | ​ | ​ | ​       | ​ | NM | ​ | ​ | ​ | ​              | ​ | 2.2486x | ​ | ​ | ​ | ​      | ​ | 4.8245x | ​ | ​ | ​ | ​    | ​ | 9.6242x | ​ | ​ | ​ | ​              | ​ | 19.3855x | ​ | ​ | ​ | ​       | ​ | 27.3633x | ​ | ​ |
| Implied Ownership Percentage of Cara stockholders in the Post-Merger Company | ​ | ​ | ​       | ​ | NM | ​ | ​ | ​ | ​              | ​ |