Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 483

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 483
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|----------:|:--|:----------------|-------:|
| Outstanding, December 31, 2024                                           |   |    26,638 | ​ | $               |  52.53 |
| Awarded                                                                  |   |         — | ​ |                 |      — |
| Vested and released                                                      |   |      -792 | ​ |                 | 447.95 |
| Forfeited                                                                |   |         — | ​ |                 |      — |
| Outstanding, March 31, 2025                                              |   |    25,846 | ​ | $               |  40.39 |
| Restricted stock units exercisable (vested and deferred), March 31, 2025 |   |         — | ​ | ​               |      ​ |

F- 123

TVARDI THERAPEUTICS, INC. (Formerly Cara Therapeutics, Inc.) NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (amounts in thousands, except share and per share data) (unaudited)

Stock Options

Under the 2014 Plan, there were stock options granted during the three months ended March 31, 2025. Cara granted stock options during the three months ended March 31, 2024. stock options were granted under the 2019 Inducement Plan during the three months ended March 31, 2025 and 2024. There was stock compensation expense recognized for the stock options granted during the three months ended March 31, 2024 as these were performance-based options that were not probable of achievement as of March 31, 2024. The fair values of stock options granted during the three months ended March 31, 2024 were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:

| ​                                                      | ​ |                  ​ | ​ |     ​ |
| ​                                                      | ​ | Three Months Ended |   |       |
| ​                                                      | ​ |          March 31, |   |       |
| ​                                                      |   |               2025 |   |  2024 |
| Risk-free interest rate                                |   |                  — | ​ | 4.12% |
| Expected volatility                                    |   |                  — | ​ | 89.6% |
| Expected dividend yield                                |   |                  — | ​ |    0% |
| Expected life of employee and Board options (in years