Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 39

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 39
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 allocated to a specific program. |

| (2) | Consultant fees and other costs include expenses incurred for research and development consultants as well as payroll costs for employees within the research and development function. |

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| (3) | Other general and administrative expenses include professional fees, accounting services, rent, and other overhead and administrative expenses. |

Assets provided to the CODM are consistent with
those reported on the condensed consolidated balance sheets.

17.Related-party Transactions

During the three and nine months ended September 30,
2025 and 2024, the Company did not have any transactions with related parties. The Company evaluates transactions with counterparties
who may be considered related parties, including owners, members of management or affiliates and then discloses the nature and amounts
of those transactions in the notes to its condensed consolidated financial statements.

18.Subsequent Event

Phase 2 REVERT Clinical Trial of TTI-101 in IPF

On October 13, 2025, the Company reported preliminary
data from its Phase 2 clinical trial of TTI-101 in idiopathic pulmonary fibrosis (IPF), concluding that the study did not meet its goals.
The Company is conducting additional analyses to further understand the results and inform next steps.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of Tvardi Therapeutics, Inc.’s financial condition and results of operations in conjunction with Tvardi Therapeutics, Inc.’s unaudited condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report. In addition to historical financial information, the following discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Tvardi Therapeutics, Inc.’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Quarterly Report. Unless otherwise indicated or the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section to “Tvardi,” “the Company,” “we,” “us,” “our” and other similar terms refer to the business and operations of Legacy Tvardi prior to the Merger and to Tvardi Therapeutics, Inc. and its consolidated subsidiaries following the Merger.

Overview