Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 293

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 293
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   | NM      |   |    2.2486x |   | 4.8245x |   | 9.6242x |   |   19.3855x |   | 27.3633x | ​ |
| Implied Ownership Percentage of Cara stockholders in the Post-Merger Company |   | NM      |   |       21.5 | % |    13.9 | % |     8.4 | % |        4.7 | % |      3.4 | % |

Piper Sandler then compared the range of the implied exchange ratios and the range of implied ownership percentages that holders of Cara common stock immediately prior to the Merger would have in the implied post-merger company, each set forth in the table above, to the Exchange Ratio (4.8997x) and the Cara Post-Merger Ownership Percentage (15.25%), respectively. Selected Public Companies Analysis — Implied Price per Share Piper Sandler then calculated, (i) in each case, after giving effect to the Bridge Note Conversion, (A) a range of implied aggregate valuations of Tvardi, assuming the range of implied equity values of Tvardi set forth in the table above and (B) a corresponding range of the implied shares of Tvardi common stock outstanding immediately prior to the Merger and (ii) a range of implied values per share of Tvardi common stock (equal to the preceding (i)(A) divided by the preceding (i)(B)). Piper Sandler then divided the resulting range of implied values per share of Tvardi common stock by the Exchange Ratio, resulting in a range of implied values per share of Cara common stock. The range of implied values per share of Tvardi common stock and the range of implied values per share of Cara common stock are set forth in the table below.

| ​                                               
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 Minimum | ​ | ​          
 25th       
 Percentile |    ​ | ​ | ​      
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 Median |    ​ | ​ | ​    
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 Mean |    ​ | ​ | ​          
 75th       
 Percentile |    ​ | ​ | ​       
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 Maximum |     ​ |
|:------------------------------------------------|:--|:--------|:--|:-----------|-----:|:--|:-------|-----:|:--|:-----|-----:|:--|:-----------|-----