Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 302

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 302
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| Median          | ​ | ​ | ​                            | $ | 314.6 | ​ | ​ | ​ | ​                                | $ | 248.2 | ​ | ​ |
| 25th Percentile | ​ | ​ | ​                            | $ | 266.8 | ​ | ​ | ​ | ​                                | $ | 195.4 | ​ | ​ |
| Minimum         | ​ | ​ | ​                            | $ | 150.8 | ​ | ​ | ​ | ​                                | $ | 115.5 | ​ | ​ |

For the Selected IPO analysis, Piper Sandler calculated a range of implied equity values for Tvardi based on the range of the Diluted Pre-Money Enterprise Values for the Tvardi IPO Comparable Companies and then adjusted for Tvardi’s net cash and cash equivalents (as of November 30, 2024).

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The resulting range of implied equity values for Tvardi is shown in the table below.

| ($ in millions) | ​ | ​ | Implied EquityValue of Tvardi |   |       |   | ​ |
|:----------------|:--|:--|:------------------------------|:--|------:|:--|:--|
| Maximum         | ​ | ​ | ​                             | $ | 477.9 | ​ | ​ |
| 75th Percentile | ​ | ​ | ​                             | $ | 277.3 | ​ | ​ |
| Mean            | ​ | ​ | ​                             | $ | 262.3 | ​ | ​ |
| Median          | ​ | ​ | ​                             | $ | 254.2 | ​ | ​ |
| 25th Percentile | ​ | ​ | ​                             | $ | 201.4 | ​ | ​ |
| Minimum         | ​ | ​ | ​                             | $ | 121.5 | ​ | ​ |

Selected IPO Analysis — Exchange Ratio Analysis Piper Sandler then calculated a range of implied exchange ratios by applying the calculations described in the definition of “Exchange Ratio” set forth in the Merger Agreement, based on (i) the implied equity values of Tvardi and (ii) the Cara Intrinsic Value. The range of implied exchange ratios, and the corresponding implied ownership percentage that holders of Cara common stock prior to the Merger would have in the implied post-merger company are set forth in the table below.

| ​                                                                            | ​ | ​ | Minimum |