Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 377

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 377
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86% | ​ | ​ | ​    | ​ | 73.79% | ​ | ​ |
| Expected dividends                   | ​ | ​ |                                 —% | ​ | ​ | n/a  | ​ | ​ |                               —% | ​ | ​ | ​    | ​ |     —% | ​ | ​ |
| Expected term (in years)             | ​ | ​ |                        5.50 – 6.25 | ​ | ​ | n/a  | ​ | ​ |                      5.50 – 6.25 | ​ | ​ | ​    | ​ |   5.94 | ​ | ​ |
| Risk-free rate                       | ​ | ​ |                               4.0% | ​ | ​ | n/a  | ​ | ​ |                             4.0% | ​ | ​ | ​    | ​ |   3.9% | ​ | ​ |

Stock Options The Company granted 397,940 stock options during the three months ended June 30, 2025. The Company granted 3,352 stock options during the six months ended June 30, 2024. There were no stock options granted during the three months ended March 31, 2025 or during the three months ended June 30, 2024.

F-46

TABLE OF CONTENTS

The weighted-average grant date fair value per share of options granted to employees, non-employee members of the Company’s Board of Directors and consultants during the three months ended June 30, 2025 was $11.14. The weighted-average grant date fair value per share of options granted to one employee during the six months ended June 30, 2024 was $4.62. Forfeitures of stock options are recorded as incurred. Both the stock option grant detail above and the option activity below reflect the retroactive application of the Exchange Ratio as discussed in Note 3, Merger Agreement . The following table summarizes option activity during the six months ended June 30, 2025:

| ​                                               | ​ | ​ | Number ofOptions |   |           |   | ​ | ​ | Weighted-AverageExercisePrice |   |        |   | ​ | ​ | Weighted-AverageRemainingContractualTerm (In Years) |   |      |   | ​ | ​ | IntrinsicValue (InThousands) |   |        |   | ​ |
|:------------------------------------------------|:--|:--|