Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 34

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 34
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 |   |           |
| ​                                              |   |                                     2025 |   |      2024 |   |                                    2025 |   |      2024 |
| Preferred Stock (as converted to common stock) |   |                                        — |   | 3,963,910 |   |                                       — |   | 3,963,910 |
| Stock options to purchase common stock         |   |                                1,108,758 |   |   731,063 |   |                               1,108,758 |   |   731,063 |

13.Commitments and Contingencies

Legal Matters

The Company is subject to contingent liabilities,
such as legal proceedings and claims, that arise in the ordinary course of business activities. The Company accrues for loss contingencies
when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range
is a better estimate, the minimum amount of the range is recorded as a liability on the condensed consolidated balance sheets. The Company
does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses
the range of reasonably possible losses. As of September 30, 2025 and December 31, 2024, the Company was not a party to any
material legal proceedings or claims other than those described below.

Merger Proceedings

Between December 20, 2024, and March 19, 2025, Cara
received 13 demands (and three draft complaints) from purported stockholders of Cara (collectively, the Demands) challenging the disclosures
in the proxy statement/prospectus (the Proxy Statement/Prospectus) included in the Registration Statement on Form S-4 related to the Merger
and asserting claims for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. In addition, on March 5 and March
6, 2025, two lawsuits were filed by purported stockholders of Cara in the Supreme Court of the State of New York, County of New York.
The lawsuits are captioned Joseph Clark v. Cara Therapeutics, Inc., et al., No. 651260/2025 and Michael Kent v. Cara Therapeutics, Inc.,
et al., No. 651272/2025 (collectively, the Complaints). The Complaints named Cara and the members of the