Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 341

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 341
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 — | ​ | $       | — | ​ | $       | 30,259 | ​ | $     | 30,259 |
| Total financial liabilities | ​ | $                             |      — | ​ | $       | — | ​ | $       | 30,259 | ​ | $     | 30,259 |

There were no transfers between Levels during the periods presented.

The unrealized gain on the Company’s short-term investments for the three months ended March 31, 2025 was not material.

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

| ​                                                             
 ​                                                             | ​ | ​       
 Amounts |      ​ |
|:--------------------------------------------------------------|:--|:--------|-------:|
| Balance as of December 31, 2024                               | ​ | $       | 30,259 |
| Interest accrued during the three months ended March 31, 2025 | ​ |         |    558 |
| Change in fair value of the Convertible Notes                 | ​ |         |  4,942 |
| Balance as of March 31, 2025                                  | ​ | $       | 35,759 |

Valuation of Convertible Notes

In December 2024, the Company issued and sold Convertible Notes (as defined in Note 8, Convertible Notes) in an aggregate principal amount of $ million. The fair value of the Convertible Notes as of March 31, 2025 and December 31, 2024 was estimated based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy. The Convertible Notes were valued using a scenario-based valuation analysis requiring a probability of inputs including the probability of occurrence of events that would trigger conversion of the Convertible Notes and the expected timing of such events.

F-37

The following table presents the assumptions, estimates, and contractual features incorporated into the valuation of the Convertible Notes as of March 31, 2025 and December 31, 2024:

| ​                                                    |     | As of March 31, |   | As of December 31, |   |
| ​                                                    |     |            2025 |   |               2024 |   |
| Time to Qualified/non-Qualified financing (in years) |     |            0.08 |   |               0.25 | ​ |
| Time to IPO (in years)