Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 81

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 81
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 or any of its product candidates but that are not covered by the claims of its patent portfolio; |

| ● | others may independently develop similar or alternative technologies or otherwise circumvent any of the Company’s technologies without infringing its patent portfolio; |

| ● | the Company or any of its collaborators might not have been the first to invent the inventions covered by its patent portfolio; |

| ● | the Company or any of its collaborators might not have been the first to file patent applications covering certain of the patents or patent applications that it or they own or have obtained a license, or will own or will have obtained a license; |

| ● | it is possible that the Company’s own and in-licensed pending patent applications or those that the Company may file in the future will not lead to issued patents; |

| ● | others may have access to the same intellectual property rights licensed to the Company on a non-exclusive basis in the future; |

| ● | issued patents that the Company owns or in-licensed may not provide the Company with any competitive advantage, or may be held invalid or unenforceable, including as a result of legal challenges by its competitors; |

| ● | the Company’s competitors might conduct research and development activities in countries where it does not have patent rights, or in countries where research and development safe harbor laws exist, and then use the information learned from such activities to develop competitive products for sale in its major commercial markets; |

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| ● | ownership of the Company’s patent portfolio may be challenged by third parties; |

| ● | the patents of third parties or pending or future applications of third parties, if issued, may have an adverse effect on its business; |

| ● | patent enforcement is expensive and time-consuming and difficult to predict; thus, the Company may not be able to enforce any of its patents against a competitor; and |

| ● | the Company may choose not to file a patent application for certain inventions, instead choosing to rely on trade secret protection, and a third party may subsequently file a patent covering such intellectual property. |

Should any of these events occur, they could significantly harm the Company’s business, financial condition, results of operations and prospects. Risks Related to the Company’s Reliance on Third Parties The Company relies on third parties to conduct certain aspects of its preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, the Company may not be able to obtain regulatory approval of or commercialize any potential