Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 877

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 877
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 ​            | ​ |    2,101 | ​ | ​ | ​ | ​    | ​ |    1,167 | ​ | ​ |
| Deferred tax assets              | ​ | ​ | ​            | ​ |  194,102 | ​ | ​ | ​ | ​    | ​ |  161,282 | ​ | ​ |
| Other                            | ​ | ​ | ​            | ​ |   -1,311 | ​ | ​ | ​ | ​    | ​ |     -468 | ​ | ​ |
| Deferred tax liabilities:        | ​ | ​ | ​            | ​ |   -1,311 | ​ | ​ | ​ | ​    | ​ |     -468 | ​ | ​ |
| Net deferred tax asset:          | ​ | ​ | ​            | $ |        — | ​ | ​ | ​ | ​    | $ |        — | ​ | ​ |

A 100% valuation allowance has been recorded on the deferred tax asset as of December 31, 2023 and 2022 because management believes it is more likely than not that the asset will not be realized. The change in the valuation allowance during 2023 and 2022 was an increase of $31,977 and $17,426, respectively. The consolidated financial statements reflect expected future tax consequences of such positions presuming the taxing authorities possess full knowledge of the position and all relevant facts. As of December 31, 2023 and 2022, the Company had no unrecognized tax benefits or related interest and penalties accrued. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense. At December 31, 2023, the Company had federal and state net operating loss, or NOL, carryforwards of $467,005 and $473,265, respectively. The federal and state tax loss carryforwards will begin to expire in 2026 and 2027, respectively, unless previously utilized. The federal NOLs arising in 2018 and forward have an unlimited carryforward period and losses from 2018-2020 may be carried back five years due to the Coronavirus Aid, Relief, and Economic Security Act of 2020, or the CARES Act. The Company conducted a 382 analysis in the first quarter of 2021. This analysis showed a limited change of ownership had occurred, and thus the full amount of the Company’s