Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 5

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 5
---
 if following the consummation of the Merger.

| 5. | The following disclosure replaces the first paragraph under the risk factor titled “[t]he combined                                   
 company may become involved in securities litigation that could divert management’s attention and harm the combined company’s        
 business and insurance coverage may not be sufficient to cover all costs and damages,” on page 31 of the proxy statement/prospectus: |

In the past, securities class action or stockholder derivative litigation often follows certain significant business transactions, such as the sale of a business division or announcement of a merger. The combined company may become involved in this type of litigation in the future in connection with the Merger and the other Contemplated Transactions. As of March 24, 2025, two lawsuits were filed in the Supreme Court of the State of New York, County of New York on March 5 and March 6, 2025 by two purported stockholders of Cara in connection with the Merger. Each Complaint named as defendants Cara and the members of the Cara board of directors. The plaintiffs contended that the Form 424 prospectus filed on February 14, 2025, or the Form 424 Prospectus, omitted or misrepresented material information regarding the Merger, rendering the Form 424 Prospectus false and misleading. In addition, as of March 24, 2025, Cara has received thirteen demand letters and three draft complaints from purported stockholders relating to the proposed Merger,
the Contemplated Transactions and the disclosures contained in this proxy statement/prospectus. Responding to these demands and litigation
often is expensive and diverts management’s attention and resources, which could adversely affect the combined company’s business.

<div align='center'>3</div>

| 6. | The following disclosure replaces the first paragraph under the risk factor titled “[l]awsuits                                           
 may be filed against Cara and the members of the Cara Board arising out of the Merger, which may delay or prevent the proposed merger.,” 
 on page 37 of the proxy statement/prospectus:                                                                                            |

Putative stockholder complaints, including stockholder class action complaints, and other complaints may be filed against Cara, the Cara Board, Tvardi, the Tvardi Board and others in connection with the transactions contemplated by the Merger Agreement. As of March 24, 2025, two lawsuits were filed in the Supreme Court of the State of New York, County of New York on March 5 and March 6, 202