Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 176

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 176
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the common stock of Tvardi could decline. Tvardi is not able to predict the effect that sales may have on the prevailing market price
of Tvardi’s common stock.

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If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about Tvardi, its business or its market, its stock price and trading volume could decline.

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The trading market for Tvardi’s common stock
is influenced by the research and reports that equity research analysts publish about it and its business. Equity research analysts may
elect not to provide research coverage of Tvardi’s common stock, and such lack of research coverage may adversely affect the market
price of its common stock. In the event it does have equity research analyst coverage, Tvardi will not have any control over the analysts,
or the content and opinions included in their reports. The price of Tvardi’s common stock could decline if one or more equity research
analysts downgrade its stock or issue other unfavorable commentary or research. If one or more equity research analysts ceases coverage
of Tvardi or fails to publish reports on it regularly, demand for its common stock could decrease, which in turn could cause its stock
price or trading volume to decline.

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If Tvardi fails to maintain proper and effective internal controls, its ability to produce accurate financial statements on a timely basis could be impaired.

Tvardi is subject to the reporting requirements
of the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations of Nasdaq. The Sarbanes-Oxley Act requires, among other things,
that Tvardi maintain effective disclosure controls and procedures and internal control over financial reporting. Tvardi must perform system
and process evaluation and testing of its internal control over financial reporting to allow management to report on the effectiveness
of its internal controls over financial reporting in its Annual Report on Form 10-K filing for that year, as required by Section 404 of
the Sarbanes-Oxley Act. As a private company, Legacy Tvardi was never required to test its internal controls within a specified period.
This will require that Tvardi incur substantial professional fees and internal costs to expand its accounting and finance functions and
that it expends significant management efforts. Tvardi may experience difficulty in meeting these reporting requirements in a timely manner.

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Table of Contents

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Tvardi has discovered, and may discover in the future,
weaknesses