Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 23

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 23
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 Company recognized less than $0.1 million for
amortization expense for each of the three and nine months ended September 30, 2025 and 2024. Amortization expense is included
in research and development expense in the condensed consolidated statements of operations and comprehensive loss.

7.Accrued Expenses

Accrued expenses consisted of the following as of
September 30, 2025 and December 31, 2024 (in thousands):

| ​                                          
 ​                                          | ​ 
 ​ | ​    
 2025 |                   ​ 
 As of September 30, | ​ | ​    
 ​    
 2024 |                  ​ 
 As of December 31, | ​ |
|:-------------------------------------------|:--|:-----|--------------------:|:--|:-----|-------------------:|:--|
| Accrued research and development expenses  | ​ | $    |               5,047 | ​ | $    |              5,172 | ​ |
| Accrued employee compensation and benefits | ​ |      |               1,014 | ​ |      |              1,142 | ​ |
| Accrued professional fees                  | ​ |      |                 336 | ​ |      |              1,756 | ​ |
| Other accrued expenses                     | ​ |      |                 452 | ​ |      |                  8 | ​ |
| Total accrued expenses                     | ​ | $    |               6,849 | ​ | $    |              8,078 | ​ |

8.Leases

The Company has one operating lease pertaining to
5,969 square feet of corporate office space in Sugar Land, Texas pursuant to a lease agreement that commenced April 1, 2022. As of
September 30, 2025 the remaining term of lease was 1.83 years. The lease requires monthly lease payments that are subject
to annual increases throughout the lease term.

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Table of Contents

The components of lease costs, which are included
within general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss
were as follows (in thousands):

| ​                    
 ​                    
 ​                    
 Lease costs:         | ​ | ​                                        
 For the Three Months Ended September 30, 
 2025                                     
 ​                                        |  ​ | ​ | ​    
 2024 
 ​    |  ​ | ​ | ​                                       
 For the Nine Months Ended September 30