Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 138

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 138
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 and interest income for the year ended December 31, 2023 consisted of interest earned on our cash equivalents, previously outstanding short-term investments, as well as accretion of the discount on our short-term investments. Other Income (Expense), Net Other expense for the three months ended March 31, 2025 and 2024 consists of the change in fair value of our Convertible Notes, for which we have elected the fair value option as well as interest accrued on the Convertible Notes. Other income (expense), net for the years ended December 31, 2024 and 2023 consists of the change in fair value of our Convertible Notes, for which we have elected the fair value option as well as interest accrued on the Convertible Notes and debt issuance costs incurred. See “—Recent Developments—Convertible Notes” for further discussion of our Convertible Notes. Income Taxes We recorded a full valuation allowance of our deferred tax asset position as of December 31, 2024 and 2023 as we believe it was more likely than not that we would not be able to utilize our deferred tax assets. As of December 31, 2024, we had a federal net operating loss (“NOL”) carryforward of $47.2 million. Of the federal NOL carryforwards, $0.4 million expires in 2037 and $46.8 million may be carried forward indefinitely. As of December 31, 2024, we had federal research and development credits of $0.4 million, which will begin to expire in 2039.

77

Legacy Tvardi’s Results of Operations Comparison of the Three Months Ended March 31, 2025 and 2024 The following table sets forth our results of operations for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):

| ​                          
 ​                          
 ​                          
 Operating expenses:        | ​ 
 ​ | Three Months Ended 
 March 31,          
 2025               
 ​                  |        |   | 2024 
 ​    |        | ​ 
 ​ | ​      
 Change 
 Amount 
 ​      |      ​ | ​ |       ​ 
 Percent | ​ |
|:---------------------------|:--|:-------------------|-------:|:--|:-----|-------:|:--|:-------|-------:|:--|--------:|:--|
| Research and development   | ​ | $                  |  3,111 | ​