Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 688

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 688
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.53 | % |
| Total common stock of the combined company                    |   |                28,408,107 |   |    100.00 | % |

If Cara holds between $22.875 million and $23.125 million of net cash at the closing of the Merger, the equity holders of Cara (pre-Merger) are expected to hold approximately 16.33% to 16.41% of the outstanding shares of Cara common stock on a diluted basis, subject to adjustment for the reverse stock split.

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The following table summarizes the pro forma number of shares of common stock of the combined company outstanding following the consummation of the Transactions on a fully diluted basis, which includes In-the-Money Cara stock options (as defined elsewhere in this proxy statement/prospectus) and Tvardi options outstanding.

| ​                                                   | ​ |                         ​ | ​ |         ​ | ​ |
| ​                                                   |   | Assuming Cara Net Cash at |   |           |   |
| ​                                                   | ​ |  Closing of $23.0 Million |   |           | ​ |
| ​                                                   | ​ |                 Number of | ​ |         % | ​ |
| Equity Capitalization Summary (fully diluted basis) |   |              Shares Owned |   | Ownership | ​ |
| Tvardi stockholders(1)                              | ​ |                22,131,821 | ​ |     72.21 | % |
| Cara stockholders(2)                                | ​ |                 4,672,936 | ​ |     15.25 | % |
| Investors participating in the Convertible Notes    | ​ |                 3,842,872 | ​ |     12.54 | % |
| Total common stock of the combined company          |   |                30,647,629 |   |    100.00 | % |

| (1) | Includes 2,217,799 Tvardi options outstanding as of September 30, 2024, after applying the Exchange Ratio. |

| (2) | Includes 21,723 In-the-Money Cara stock options. |

If Cara holds between $22.875 million and $23.125 million of net cash at the closing of the Merger, the equity holders of Cara (pre-Merger) are expected to hold approximately 15.21% to 15.28% of the outstanding shares of Cara common stock on a fully diluted basis, subject to adjustment for the