Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 783

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 783
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 and 162,889 stock options during the nine months ended September 30, 2024 and 2023, respectively. No stock options were granted under the 2019 Inducement Plan during the three and nine months ended September 30, 2024 and 2023. The fair values of stock options granted during the three months ended September 30, 2023, and nine months ended September 30, 2024 and 2023, were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:

F-27

TABLE OF CONTENTS

CARA THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS
(amounts in thousands, except share and per share data)
(unaudited)

| ​                                                      |    ​ | ​ | Three Months EndedSeptember 30, |      |   |       |    ​ | ​ | Nine Months EndedSeptember 30, |      |   |               | ​ |
| ​                                                      | 2024 | ​ | ​                               | 2023 | ​ |     ​ | 2024 | ​ |                              ​ | 2023 | ​ |               |   |
| Risk-free interest rate                                |    ​ | ​ | N/A                             |    ​ | ​ | 4.20% |    ​ | ​ |                  4.12% – 4.34% |    ​ | ​ | 3.38% – 4.22% | ​ |
| Expected volatility                                    |    ​ | ​ | N/A                             |    ​ | ​ | 80.8% |    ​ | ​ |                  89.6% – 89.8% |    ​ | ​ | 76.3% – 81.3% | ​ |
| Expected dividend yield                                |    ​ | ​ | N/A                             |    ​ | ​ |    0% |    ​ | ​ |                             0% |    ​ | ​ |            0% | ​ |
| Expected life of employee and Board options (in years) |    ​ | ​ | N/A                             |    ​ | ​ |  6.25 |    ​ | ​ |                           6.25 |    ​ | ​ |          6.25 | ​ |

The weighted-average grant date fair value per share of options granted to employees and non-employee members of the