Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 74

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 74
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 development and commercialization and its business strategy, and material risks to its business; |

| ● | external market conditions affecting the pharmaceutical and biopharmaceutical industry and trends within each industry; |

| ● | Legacy Tvardi’s financial position, including cash on hand, and its historical and forecasted performance and operating results; |

| ● | the likelihood of achieving a liquidity event, such as an initial public offering or sale of Legacy Tvardi in light of prevailing market conditions; and |

| ● | the analysis of initial public offerings and the market performance of similar companies in the biopharmaceutical industry. |

The assumptions underlying these valuations represented
management’s best estimate, which involved inherent uncertainties and the application of management’s judgment. As a result,
if Legacy Tvardi had used significantly different assumptions or estimates prior, the fair value of its common stock and its stock-based
compensation expense could have been materially different.

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Table of Contents

Recently Issued and Adopted Accounting Pronouncements

A description of recently issued accounting pronouncements
that may potentially impact Tvardi’s financial position and results of operations is disclosed in Note 2 to the unaudited condensed
consolidated financial statements for the three and nine months ended September 30, 2025 and 2024, included elsewhere within
this Quarterly Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

As of September 30, 2025, Tvardi had $21.4
million in cash and cash equivalents and $15.0 million in short-term investments. As of December 31, 2024, Legacy Tvardi had $31.6 million
in cash and cash equivalents. Tvardi’s cash, cash equivalents and short-term investments are primarily maintained in accounts with
multiple financial institutions in the United States. Tvardi may maintain cash and cash equivalent balances in excess of Federal Deposit
Insurance Corporation limits. Tvardi does not believe that it is subject to unusual credit risk beyond the normal credit risk associated
with commercial banking relationships, particularly because Tvardi’s investments are in short-term marketable securities. Tvardi’s
primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates.
Due to the short-term duration and low risk profile of Tvardi’s cash equivalents and short-term investments, it believes an immediate
10% change in