Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 9

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 9
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 Mean                 $348.5       $83.4      $265.1  
  Median               $303.6       $67.6      $250.0  
  25th Percentile      $237.5       $49.8      $182.4  
  Minimum              $150.8       $17.5      $115.5  

IPOs with Lead Asset Targeting Idiopathic Pulmonary Fibrosis (IPF) Since 2020

  Maximum (n=3)        $422.8      $169.3      $253.5  
  75th Percentile      $371.0      $147.2      $239.0  
  Mean                 $350.7      $126.6      $224.0  
  Median               $319.2      $125.2      $224.6  
  25th Percentile      $314.6      $105.3      $209.3  
  Minimum              $310.1       $85.5      $194.0  

All Selected Companies

  Maximum (n=14)       $693.0      $221.1      $471.9  
  75th Percentile      $421.7      $123.8      $271.3  
  Mean                 $348.9       $92.7      $256.3  
  Median               $314.6       $80.6      $248.2  
  25th Percentile      $266.8       $53.6      $195.4  
  Minimum              $150.8       $17.5      $115.5  

Sources: Company filings, Evaluate, Capital IQ.

Note: TRD = Treatment-resistant depression, CAH = Congenital adrenal hyperplasia, PMM = Primary mitochondrial myopathies, IgAN = Immunoglobulin A nephropathy.

  Based on diluted                                                                                                                                 
  Fully diluted pre-money equity                                                                                                                   

For each Tvardi IPO Comparable Company,
Piper Sandler reviewed (i) its implied diluted pre-money equity value, based on the offering price of such Tvardi IPO Comparable
Company’s shares in its IPO and the number of such Tvardi IPO Comparable Company’s diluted shares outstanding prior to its
IPO, excluding any shares being issued in such Tvardi IPO Comparable Company’s IPO (using the treasury stock method) (referred to
herein as the Diluted Pre-Money