Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 874

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 874
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| ​                         | ​ | ​ | ​            | ​ | — | ​ | ​ | ​ | ​    | ​ | — | ​ | ​ | ​ | ​    | ​ | — | ​ | ​ |
| Benefit from income taxes | ​ | ​ | ​            | $ | — | ​ | ​ | ​ | ​    | $ | — | ​ | ​ | ​ | ​    | $ | — | ​ | ​ |

Historically, the Company’s benefit from income taxes related to state R&D tax credits exchanged for cash. The State of Connecticut provides companies with the opportunity to exchange certain R&D credit carryforwards for cash in exchange for foregoing the carryforward of the R&D credit. The program provides for such exchange of the R&D credits at a rate of 65% of the annual R&D credit, as defined. The Company opted not to exchange its R&D tax credit for the year ended December 31, 2023, and the Company was not eligible to exchange its R&D tax credit for cash during the years ended December 31, 2022 and 2021, therefore there was no benefit from income taxes for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, the Company recorded $697 within income tax receivable which related to the 2020 R&D credit. A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

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TABLE OF CONTENTS

CARA THERAPEUTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except share and per share data)

| ​                                              | ​ | ​ | December 31, |   |          |   |   |   |      |   |          |   |   |   |      |   |          |   | ​ |
| ​                                              | ​ | ​ |         2023 |   |          |   | ​ | ​ | 2022 |   |          |   | ​ | ​ | 2021 |   |          |   | ​ |
| Income taxes using U.S. federal statutory rate | ​ | ​ |            ​ | ​ | 21.00%   | ​