Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 308

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 308
---
 including the impact of negotiating or executing the Merger Agreement, the expenses that may be incurred in connection with consummating the Merger, or the effect of any other business or strategic decisions or actions which would likely have been taken if the Merger Agreement had not been executed, but which were instead altered, accelerated, postponed or not taken in anticipation of the Merger. None of Cara, Piper Sandler or their respective affiliates, officers, directors, advisors or other representatives has made, makes or is authorized in the future to make any representation to any Cara stockholder or any other person regarding Cara’s actual performance in the event of an actual liquidation of Cara, as compared to the information contained in the Management Liquidation Analysis or regarding whether the forecasted Distributions would actually be achieved. In light of the foregoing, and considering that the Special Meeting will be held after the Management Liquidation Analysis was prepared, as well as the uncertainties inherent in any forecasted information, Cara stockholders are cautioned not to place unwarranted reliance on such information, and Cara urges all Cara stockholders to review Cara’s most recent SEC filings for a description of Cara’s reported financial results. See “ Where You Can Find More Information .”

176

TABLE OF CONTENTS

### Certain Cara Unaudited Financial Projections
As a matter of course, Cara does not publicly disclose forecasts or internal projections as to future performance, revenues, earnings or other results of operations due to the inherent unpredictability and subjectivity of the underlying assumptions and projections. However, in connection with the Cara Board’s evaluation of the Merger, Cara’s management prepared certain unaudited prospective internal financial projections related to the estimated cash expenditures and receipts of Cara from November 2024 to March 2025, assuming a closing date of the Merger of March 31, 2025, that were provided to the Cara Board in connection with its evaluation of the Merger and to Piper Sandler in connection with its financial analysis and opinion (such projections are referred to hereinafter and in “ The Merger — Opinion of Cara’s Financial Advisor ” as the Cara Projections). The Cara Projections were made available to and reviewed by the Cara Board. Piper Sandler utilized the Cara Projections in its financial analysis undertaken in connection with the rendering of its opinion (see “ The Merger — Opinion of Cara’s Financial Advisor ”). A summary of the Cara Projections is set forth below.

The information set forth below is included solely to give Cara stockholders access to the Cara Projections