Company: TVRD
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001104659-25-027233
Chunk: 7

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 7
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M in net proceeds from 2023 ATM Sales Agreement activity between          
  Vicore cash and shares pro forma for $72.2M rights issuance offering in October 2024 and $9.2M directed           
  Upstream Bio cash pro forma for $268.7M in net proceeds from October 2024 initial public offering.                
  Protara cash and shares pro forma for $94.1M in net proceeds from December 2024 public offering.                  

For each Tvardi Public Company Comparable set forth in the table above, Piper Sandler reviewed its current (i) diluted market capitalization, calculated as the aggregate
value of such Tvardi Public Company Comparables outstanding equity securities (determined using the treasury stock method and taking into
account any outstanding in-the-money options, in-the-money warrants, restricted stock units and other potentially dilutive securities),
based on the closing stock price of its common stock as of December 16, 2024, and (ii) implied enterprise value. The implied enterprise
values were calculated as diluted market capitalization, as described in the immediately preceding sentence, plus such Tvardi Public Company
Comparables net debt (equal to the book value of such company’s debt less its cash and cash equivalents), plus its preferred stock
and minority interests, and less its short-term and long-term investments, in each case, as of such company’s most recent reported
quarter-end.

The immediately preceding table
also indicates themaximum, 75th percentile, mean, median, 25th percentile and minimum diluted market capitalization and
implied enterprise values of the Tvardi Public Company Comparable Companies, sorted by: Selected Idiopathic Pulmonary Fibrosis Companies,
Selected Inflammation and Immunology Companies, Selected Oncology (Solid Tumor) Companies, and All Selected Companies.

For the Selected Public Companies Analysis,
Piper Sandler calculated a range of implied equity values for Tvardi based on the range of implied enterprise values for the Tvardi Public
Company Comparables and then adjusted for Tvardi’s net cash and cash equivalents of $6.6 million(as of November 30,
2024).

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

  ($ in millions)      Implied Equity Value of  
  Maximum                               $622.9  
  75th Percentile                       $443.2  
  Mean                                  $223.0  
  Median                                $114.4