Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 590

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 590
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 the ATM Prospectus, Cara will file another amendment to the ATM Prospectus prior to making additional sales in excess of the limitations of General Instruction I.B.6 of Form S-3. The common stock will be sold at prevailing market prices at the time of the sale, and, as a result, prices may vary. Unless otherwise terminated earlier, the Sales Agreement continues until all shares available under the Sales Agreement have been sold. No shares were sold under the Sales Agreement during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, 32,240 shares were sold under the Sales Agreement and Cara received net proceeds of $1.1 million. In recognition of the decision by Cara’s Board to approve a streamlined operating plan exploring strategic alternatives, as described elsewhere in this report, Cara currently does not have any intention to sell shares pursuant to the Sales Agreement.

Cara may offer additional securities under its Shelf Registration Statement from time to time in response to market conditions or other circumstances if Cara believe such a plan of financing is in the best interests of its stockholders.

Under Cara’s agreement with CSL Vifor for the commercialization of KORSUVA injection, Cara is eligible to receive commercial milestone payments in the aggregate of up to $240.0 million from CSL Vifor upon the achievement of certain sales-based milestones. In October 2021, Cara received a $50.0 million milestone payment from CSL Vifor in exchange for the issuance of 273,533 shares of Cara’s common stock to CSL Vifor as a result of the regulatory approval of KORSUVA injection in August 2021. To date, Cara has received $50.0 million of regulatory milestones from CSL Vifor under this agreement.

Under a separate agreement with CSL Vifor, Cara is eligible to receive commercial milestone payments in the aggregate of up to $440.0 million, all of which are sales related. Cara is also eligible to receive tiered double-digit royalty payments based on annual net sales of difelikefalin injection in the licensed territories. To date, Cara has received $30.0 million of regulatory milestones from CSL Vifor. During the fourth quarter of 2023, Cara entered into the Original HCR Agreement where Cara sold its future royalties and milestone payments under this agreement to HCR (see “ — Royalty Purchase and Sale Agreement ” above).

Under the Maruishi Agreement, Cara is also potentially eligible to earn