Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 153

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 153
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-party collaborators. A competitor’s discovery of Tvardi’s trade secrets
would impair its competitive position and have an adverse impact on its business.

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Furthermore, courts outside the United States are
sometimes less willing to protect trade secrets. If Tvardi chooses to go to court to stop a third party from using any of its trade secrets,
Tvardi may incur substantial costs. These lawsuits may consume Tvardi’s time and other resources even if Tvardi is successful. Although
Tvardi takes steps to protect its proprietary information and trade secrets, including through contractual means with its employees and
consultants, third parties may independently develop substantially equivalent proprietary information and techniques or otherwise gain
access to Tvardi’s trade secrets or disclose its technology.

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Tvardi may need to acquire or license additional intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.

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A third party may hold intellectual property, including
patent rights that are important or necessary to the development of Tvardi’s product candidates. It may be necessary for Tvardi
to use the patented or proprietary technology of one or more third parties to commercialize its current and future product candidates.

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The licensing and acquisition of third-party intellectual
property rights is a competitive area, and a number of more established companies may pursue strategies to license or acquire third-party
intellectual property rights that Tvardi may consider attractive. These established companies may have a competitive advantage over Tvardi
due to their size, cash resources and greater clinical development. If Tvardi is unable to acquire such intellectual property outright
or obtain licenses to such intellectual property from such third parties when needed or on commercially reasonable terms, its ability
to commercialize its product candidates, if approved, would likely be delayed or Tvardi may have to abandon development of that product
candidate or program and its business and financial condition could suffer.

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If Tvardi in-licenses additional product candidates
in the future, it might become dependent on proprietary rights from third parties with respect to those product candidates. Any termination
of such licenses could result in the loss of significant rights and would cause material adverse harm to Tvardi’s ability to develop
and commercialize any product candidate subject to such licenses. Even if Tvardi is able to in-license any such necessary intellectual
property, it could be on nonexclusive terms, including with respect to the use, field or territory of the licensed intellectual property,
thereby giving T