Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 14

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 14
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4. With the addition of the Company’s deferred costs incurred in 2025 prior to the Merger closing, a total
of $4.1 million in deferred offering costs were reclassified as a reduction of additional paid-in-capital upon the close of the Merger.

Net Loss Per Share

Prior to the close of the Merger, as further described
in Note 3, Merger Agreement, the Company calculated net loss per share using the two-class method required for participating securities.
The Company’s redeemable convertible preferred stock was considered participating as the holders were entitled to receive dividends
in preference and priority to the holders of common stock. The two-class method determines net loss per share for each class of common
and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class
method requires income available to common stockholders for the period to be allocated between common and participating securities based
upon their respective rights to receive dividends as if all income for the period has been distributed. There was no allocation required
under the two-class method during periods of loss prior to the close of the Merger since the participating securities did not have a contractual
obligation to share in the losses of the Company. Upon close of the Merger in April 2025, the Company’s redeemable convertible preferred
stock converted into shares of the Company’s common stock, and as such, there were no remaining participating securities as of September
30, 2025.

Basic net loss per share attributable to common
stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common
shares outstanding for the period, excluding potentially dilutive common shares. Diluted net loss per share is computed by: (i) adjusting
net loss attributable to common stockholders to (a) reallocate undistributed earnings based on the potential impact of dilutive securities
and (b) reverse any current period change in fair value of convertible debt securities and add back any related interest expense (in accordance
with the if-converted method) and (ii) dividing the diluted net loss attributable to

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common stockholders by the weighted-average number of shares of common
stock outstanding for the period, including potential dilutive shares of common stock.

In periods in which the Company reports a net loss
available to common stockholders, diluted net loss per share available to common stockholders is generally the same as basic net loss
per