Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 152

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 152
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 Tvardi to be of limited value. Tvardi expects to rely on third parties
for future manufacturing of its product candidates. Tvardi also expects to collaborate with third parties on the development of its product
candidates. As a result of the aforementioned collaborations, Tvardi must, at times, share trade secrets with its collaborators. Tvardi
may also conduct joint research and development programs that may require Tvardi to share trade secrets under the terms of its research
and development partnerships or similar agreements.

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Trade secrets or confidential know-how can be difficult
to maintain as confidential. To protect this type of information against disclosure or appropriation by competitors, Tvardi’s policy
is to require its employees, consultants, contractors and advisors to enter into confidentiality agreements and, if applicable, material
transfer agreements, consulting agreements or other similar agreements with Tvardi prior to beginning research or disclosing proprietary
information. These agreements typically limit the rights of the third parties to use or disclose Tvardi’s confidential information,
including its trade secrets. However, current or former employees, consultants, contractors and advisers may unintentionally or willfully
disclose Tvardi’s confidential information to competitors,

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and confidentiality agreements may not provide an adequate remedy in
the event of unauthorized disclosure of confidential information. The need to share trade secrets and other confidential information increases
the risk that such trade secrets become known by Tvardi’s competitors, are inadvertently incorporated into the technology of others,
or are disclosed or used in violation of these agreements. Given that Tvardi’s proprietary position is based, in part, on its know-how
and trade secrets, a competitor’s discovery of its trade secrets or other unauthorized use or disclosure would impair its competitive
position and may have an adverse effect on its business and results of operations. Enforcing a claim that a third party obtained illegally
and is using trade secrets or confidential know-how is expensive, time consuming and unpredictable. The enforceability of confidentiality
agreements may vary from jurisdiction to jurisdiction.

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In addition, these agreements typically restrict
the ability of Tvardi’s advisors, employees, third-party contractors and consultants to publish data potentially relating to its
trade secrets, although its agreements may contain certain limited publication rights. Despite Tvardi’s efforts to protect its trade
secrets, its competitors may discover its trade secrets, either through breach of its agreements with third parties, independent development
or publication of information by any of its third