Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 3

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 3
---
 Factors                                                                                                                                                                   | ​ |   46 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
| Item 2.  | ​ | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                    | ​ |  116 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
| Item 3.  | ​ | Defaults Upon Senior Securities                                                                                                                                                | ​ |  117 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
| Item 4.  | ​ | Mine Safety Disclosures                                                                                                                                                        | ​ |  117 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
| Item 5.  | ​ | Other Information                                                                                                                                                              | ​ |  117 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
| Item 6.  | ​ | Exhibits                                                                                                                                                                       | ​ |  117 |
| ​        | ​ | ​                                                                                                                                                                              | ​ |    ​ |
|          | ​ | Signatures                                                                                                                                                                     | ​ |  119 |

​

​

Table of Contents

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

<div align='center'>TVARDI THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share and per share amounts)</div>

| ​                                                                                                                                                                                                                                                                                                                                                                                                                  
 ​                                                                                                                                                                                                                                                                                                                                                                                                                  
 ​                                                                                                                                                                                                                                                                                                                                                                                                                  
 Assets                                                                                                                                                                                                                                                                                                                                                                                                             
 Current assets:                                                                                                                                                                                                                                                                                                                                                                                                    | ​ 
 ​ 
 ​ | ​                   
 As of September 30, 
 2025                
 ​                   
 ​                   |        ​ 
        ​ | ​ 
 ​ 
 ​ | ​                  
 As of December 31, 
 2024               
 ​                  
 ​                  |       ​ 
       ​ | ​ 
 ​ 
 ​ 
 ​ 
 ​ |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--------------------|---------:|:--|:-------------------|--------:|:--|
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                          | ​ | $                   |   21,418 | ​ | $                  |  31,614 | ​ |
| Short-term investments                                                                                                                                                                                                                                                                                                                                                                                             | ​ | ​                   |   15,042 | ​ | ​                  |       — | ​ |
| Prepaid expenses and other current assets                                                                                                                                                                                                                                                                                                                                                                          | ​ |                     |    1,983 |