Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 50

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 50
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vardi may terminate the BCM First Agreement at
its convenience following a specified notice period upon advance written notice to BCM. The BCM First Agreement may also be terminated
by BCM for Tvardi’s default or failure to perform any of terms of the BCM First Agreement, following a specified notice and cure
period. Additionally, BCM may terminate the BCM First Agreement if Tvardi undergoes specified bankruptcy or insolvency events, following
the expiration of a specified period. Upon expiration of the term of the BCM First Agreement in a given country, the license grant from
BCM to Tvardi will be fully-paid and perpetual in such country.

The BCM First Agreement was amended in April 2015
to update the schedule of BCM Patent Rights and description of description of BCM Technology covered by the license for immaterial consideration.
The BCM First Agreement was further amended in August 2019 to amend Legacy Tvardi’s diligence and insurance obligations as
well as to further update the schedule of BCM Patent Rights.

Under the BCM First Agreement, the full amount of
$50,000 in annual maintenance fees had already been paid as of September 30, 2025, and thus no accrual was needed. As a result, Tvardi
had $12,500 remaining in prepaid expenses as of September 30, 2025. As of December 31, 2024, the full amount of $50,000 in annual
maintenance fees had already been paid and thus no accrual was needed. No royalty fees have been incurred to date. All related license
costs are expensed as incurred within research and development on the condensed consolidated statements of operations and comprehensive
loss.

Second License Agreement with Baylor College of Medicine

Under the BCM Second Agreement, Legacy Tvardi obtained
an exclusive, worldwide, sublicensable license under certain patents and patent applications co-owned by BCM and the National Institutes
of Health (NIH), related to methods and compositions for the use of STAT3 inhibitors in certain conditions like anaphylaxis, which rights
Tvardi refers to as the Licensed Patent Rights, to make, have made, use, market, sell, offer to sell, lease and import the BCM2 Licensed
Products, in all fields of use.

Pursuant to the terms of the BCM Second Agreement,
StemMed owed an initial license fee of $5,000 in consideration for the license rights. Upon the assignment of the agreement to Legacy
Tvardi, it became responsible for the payment of maintenance