Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 56

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 56
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 on the Convertible
Notes. See “—Recent Developments—Convertible Notes” for further discussion of Legacy Tvardi’s Convertible
Notes.

Income Taxes

For the three and nine months ended September 30,
2025 and 2024, there was no current or deferred income tax expense or benefit due to Tvardi’s current year losses and full
valuation allowance. As of September 30, 2025, Tvardi evaluated all available evidence and concluded that a valuation allowance is
still required against its net deferred tax assets because it is more likely than not they will not be realized in the foreseeable future.

On July 4, 2025, the One Big Beautiful Bill Act
(OBBBA) was signed into law. The OBBBA introduced multiple U.S. federal income tax changes such as deductibility of domestic research
and development expenses, deductibility of certain property additions and limitations on interest expense deductions. Tvardi has considered
the impact of these provisions on its condensed consolidated financial statements for the period ended September 30, 2025, however, the
changes in tax law did not result in a change in Tvardi’s tax provision.

Results of Operations

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

The following table sets forth Tvardi’s results
of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):

​

| ​                          
 ​                          
 ​                          
 ​                          
 Operating expenses:        | ​ 
 ​ 
 ​ | ​                  
 Three Months Ended 
 September 30,      
 2025               
 ​                  |      ​ | ​ | ​    
 2024 
 ​    |      ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
 ​      |      ​ 
      ​ | ​ 
 ​ |       ​ 
       ​ 
 Percent | ​ 
 ​ | ​                 
 Nine Months Ended 
 September 30,     
 2025              
 ​                 |       ​ | ​ | ​    
 2024 
 ​    |       ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
 ​      |      ​ 
      ​ | ​ 
 ​ |       ​ 
       ​ 
 Percent | ​ 
 ​ |
|:---------------------------|:--|:-------------------|-------:|:--|:-----|-------:|:--|:-------|-------:|:--|--------:|