Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 687

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 687
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 the modification to accelerate vesting of Cara’s options and RSUs, $0.1 million is included as consideration of the Merger and $0.2 million is included as an adjustment to the unaudited pro forma condensed combined financial information. Immediately following the Merger, Cara stockholders as of immediately prior to the Merger are expected to own approximately 16.37% of the outstanding capital stock of the combined company on a diluted basis, and former Tvardi stockholders are expected to own approximately 83.63% of the outstanding capital stock of the combined company on a diluted basis, of which 13.53% represents Tvardi investors who participated in Convertible Notes. Tvardi stockholders are expected to receive approximately 23,756,894 shares of Cara common stock in connection with the Merger. The 23,756,894 shares are based on the number of shares of Tvardi (i) common stock outstanding immediately prior to the Merger, (ii) convertible preferred stock outstanding as of September 30, 2024, which will be converted into shares of Tvardi common stock on a one-for-one basis immediately prior to the Closing of the Merger, and (iii) Convertible Notes, which will be converted into shares of Cara common stock upon the Closing (as further described below). These estimates are subject to certain inputs, which includes, but is not limited to, the assumption that Cara Net Cash at the Closing will be approximately $23.0 million. The following table summarizes the pro forma number of shares of common stock of the combined company outstanding following the consummation of the Transactions.

| ​                                                             | ​ |                         ​ | ​ |         ​ | ​ |
| ​                                                             | ​ | Assuming Cara Net Cash at |   |           |   |
| ​                                                             | ​ |  Closing of $23.0 Million |   |           | ​ |
| ​                                                             | ​ |                 Number of | ​ |         % | ​ |
| Equity Capitalization Summary Upon Consummation of the Merger |   |              Shares Owned |   | Ownership | ​ |
| Tvardi stockholders                                           | ​ |                19,914,022 | ​ |     70.10 | % |
| Cara stockholders                                             | ​ |                 4,651,213 | ​ |     16.37 | % |
| Investors participating in the Convertible Notes              | ​ |                 3,842,872 | ​ |     13