Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 299

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 299
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 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.

| ​                                               | ​ | ​ | Minimum |   |    |   | ​ | ​ | 25thPercentile |   |      |   | ​ | ​ | Median |   |      |   | ​ | ​ | Mean |   |      |   | ​ | ​ | 75thPercentile |   |      |   | ​ | ​ | Maximum |   |       |   | ​ |
|:------------------------------------------------|:--|:--|:--------|:--|:---|:--|:--|:--|:---------------|:--|-----:|:--|:--|:--|:-------|:--|-----:|:--|:--|:--|:-----|:--|-----:|:--|:--|:--|:---------------|:--|-----:|:--|:--|:--|:--------|:--|------:|:--|:--|
| Implied Values Per Share of Tvardi Common Stock | ​ | ​ | ​       | ​ | NM | ​ | ​ | ​ | ​              | $ | 0.93 | ​ | ​ | ​ | ​      | $ | 2.00 | ​ | ​ | ​ | ​    | $ | 4.00 | ​ | ​ | ​ | ​              | $ | 8.05 | ​ | ​ | ​ | ​       | $ | 11.37 | ​ | ​ |
| Implied Values Per Share of Cara Common Stock   | ​ | ​ | ​       | ​ | NM | ​ | ​ | ​ | ​              | $ | 0.19 | ​ | ​ | ​ | ​      | $ | 0.41 | ​ | ​ | ​ | ​    | $ | 0.82 | ​ | ​ | ​ | ​              | $ | 1.64 | ​ | ​ | ​ | ​       | $ |  2.32 | ​ | ​ |

Piper Sandler then compared the range of implied values per share of Cara common stock set forth in the table above to