Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 546

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 546
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 | 2,556 | ​ | $    | 4,866 |   |      -47 | % | $                           | 5,682 | ​ | $    | 17,964 |   |      -68 | % |

Collaborative Revenue Cara recognized collaborative revenue of $1.3 million and $2.5 million for the three months ended September 30, 2024 and 2023, respectively, and $2.1 million and $10.6 million for the nine months ended September 30, 2024 and 2023, respectively. This change in collaborative revenue for both periods was primarily related to Cara’s share of the profit from CSL Vifor’s sales of KORSUVA injection to third parties in the United States, which commercially launched in April 2022. The amount included in the nine months ended September 30, 2024 included negative profit share from negative net sales recorded by CSL Vifor for the second quarter of

297

2024 primarily due to higher rebates and chargebacks due to price decreases on KORSUVA injection related to the expiration of TDAPA in April 2024. Collaborative revenue for the three and nine months ended September 30, 2023 included $0.5 million that Cara earned in conjunction with the regulatory approval of KORSUVA injection in Japan for a milestone payment Cara earned in September 2023 from Maruishi that was allocated to the R&D services performance obligation under the Maruishi Agreement (see Notes 12 and 13 of Cara’s Notes to Condensed Consolidated Financial Statements as of September 30, 2024, Collaboration and Licensing Agreements and Revenue Recognition , respectively, included elsewhere in this proxy statement/prospectus). Commercial Supply Revenue There was no commercial supply revenue recognized for the three months ended September 30, 2024. Cara recognized commercial supply revenue of $1.3 million for the three months ended September 30, 2023, and $0.6 million and $5.8 million for the nine months ended September 30, 2024 and 2023, respectively. This change in commercial supply revenue for both periods was related to Cara’s sales of KORSUVA injection to CSL Vifor, which commercially launched in April 2022. License and milestone fees revenue Cara recognized license and milestone fees revenue of $0.9 million for each of the three and nine months ended September 30, 2023, in conjunction with