Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 172

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 172
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 contracts, commercial relationships or capital commitments; |

| ● | adverse publicity generally, including with respect to other products and potential products in such markets; |

| ● | the introduction of technological innovations or new therapies that compete with potential products of Tvardi; |

| ● | changes in the structure of health care payment systems; and |

| ● | period-to-period fluctuations in Tvardi’s financial results. |

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Moreover, the stock markets in general have experienced
substantial volatility that has often been unrelated to the operating performance of individual companies. These broad market fluctuations
may also adversely affect the trading price of Tvardi’s common stock.

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In the past, following periods of volatility in
the market price of a company’s securities, stockholders have often instituted class action securities litigation against those
companies. Such litigation, if instituted, could result in substantial costs and diversion of management attention and resources, which
could significantly harm Tvardi’s profitability and reputation.

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Additionally, a decrease in the stock price of Tvardi
may cause Tvardi’s common stock to no longer satisfy the continued listing standards of Nasdaq. If Tvardi is not able to maintain
the requirements for listing on Nasdaq, it could be delisted, which could have a materially adverse effect on its ability to raise additional
funds as well as the price and liquidity of its common stock.

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Tvardi will incur costs and demands upon management as a result of complying with the laws, rules and regulations affecting public companies.

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Tvardi will incur significant legal, accounting
and other expenses that Legacy Tvardi did not incur as a private company, including costs associated with public company reporting requirements.

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Tvardi will also incur costs associated with corporate
governance requirements, including requirements under the laws, rules and regulations of the SEC as well as the Nasdaq rules. These laws,
rules and regulations are expected to increase Tvardi’s legal and financial compliance costs and to make some activities more time
consuming and costly. For example, Tvardi’s management team will include executive officers of Legacy Tvardi prior to the Merger,
some of whom have not previously managed and operated a public company. These executive officers and other personnel will need to devote
substantial time to gaining expertise regarding operations as a public company and compliance with applicable laws and regulations. These
laws, rules and regulations also may make it difficult and expensive for Tvardi to obtain directors’ and officers’ liability
insurance. As