Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 277

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 277
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i’s programs, including its lead clinical development program TTI-101, and with feedback from such diligence calls from consultants and key opinion leaders), that with respect to Tvardi’s product pipeline and the potential market opportunity for Tvardi’s product candidates, Tvardi’s product candidates have the potential to create meaningful value for the stockholders of the combined company and an opportunity for Cara’s stockholders to participate in the potential growth of the combined company;

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the Cara Board also reviewed with the management of Cara and the management of Tvardi the current plans of Tvardi for developing TTI-101 and Tvardi’s other product candidates to confirm the likelihood that the combined company would possess sufficient financial resources to allow the combined company’s management team to focus on the continued development and anticipated commercialization of those development candidates;

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the Cara Board’s belief that the combined company would be able to raise additional funds in the future based on the combination of Cara’s public company structure with Tvardi’s business;

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the ability of Tvardi to operate as a public company;

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the fact that the combined company will be led by an experienced industry chief executive officer and management team, many members of which have extensive drug development, research and development, business and regulatory expertise, and a board of directors with representation from the current Cara Board and Tvardi Board; and

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the oral opinion of Piper Sandler, (which was subsequently confirmed in writing by delivery of Piper Sandler’s written opinion), to the Cara Board (in its capacity as such), to the effect that, as of December 17, 2024, and based upon and subject to the various assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken by Piper Sandler in preparing its opinion set forth in its written opinion, the Exchange Ratio (without giving effect to the Reverse Stock Split) was fair, from a financial point of view, to Cara, as more fully described below under the section captioned “ The Merger — Opinion of Cara’s Financial Advisor .”

The Cara Board also reviewed various reasons impacting the financial condition, results of operations and prospects of Cara, including:

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the strategic alternatives to the Merger, including potential transactions that could have resulted from discussions that Cara’s management conducted with other potential merger partners;

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the current and historical market prices of Cara’s stock, including the market performance of the shares relative to general market indices and the general downturn among stock prices among biopharmaceutical companies as well as the current state of