Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 139

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 139
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 on our cash equivalents as well as interest earned on short-term investments and the accretion of the discount of our short-term investments. Interest income for the three and six months ended June 30, 2024 consisted of interest earned on our cash equivalents. Interest income for the year ended December 31, 2024 consisted of interest earned on our cash equivalents and interest income for the year ended December 31, 2023 consisted of interest earned on our cash equivalents, previously outstanding short-term investments, as well as accretion of the discount on our short-term investments.

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Other Income (Expense), Net Other expense for the three and six months ended June 30, 2025 and 2024 consists of the net changes in fair value of our Convertible Notes, for which we elected the fair value option as well as interest accrued on the Convertible Notes. Other income (expense), net for the years ended December 31, 2024 and 2023 consists of the change in fair value of our Convertible Notes, for which we have elected the fair value option as well as interest accrued on the Convertible Notes and debt issuance costs incurred. See “— Recent Developments — Convertible Notes” for further discussion of our Convertible Notes. Income Taxes For the three and six months ended June 30, 2025 and 2024, there was no current or deferred income tax expense or benefit due to our current year losses and full valuation allowance. As of June 30, 2025, we evaluated all available evidence and concluded that a valuation allowance is still required against our net deferred tax assets because it is more likely than not they will not be realized in the foreseeable future. On July 4, 2025, President Trump signed H.R.1, the One Big Beautiful Bill Act (“OBBBA”) into law. OBBBA introduced significant changes to the U.S. federal corporate tax system, including retroactive relief for certain small business taxpayers, such as reinstatement of immediate expensing for domestic research and development expenditures and modifications to the business interest expense limitation. However, since the legislation was enacted after the June 30, 2025 condensed consolidated balance sheet date but before the issuance of our condensed consolidated financial statements, the effects of the legislation are not reflected in our income tax provision or deferred tax balances as of June 30, 2025. We are currently evaluating the impact and will reflect the effects, as appropriate