Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 471

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 471
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 of the transfer of the assets acquired and the liabilities assumed by it in connection with the Asset Disposition. Pursuant to the APA, in connection with the consummation of the Asset Disposition, CSL Vifor and HCR entered into a letter agreement with Cara to amend and replace the Original HCR Agreement (see Note 18, Subsequent Events).

The following table summarizes the activity of the Original HCR Agreement during the three months ended March 31, 2025 (in thousands):

| ​                                                                | ​ | ​ |      ​ | ​ |
|:-----------------------------------------------------------------|:--|:--|-------:|:--|
| Royalty purchase and sale agreement balance at December 31, 2024 |   | $ | 44,448 | ​ |
| Payments                                                         | ​ |   | -1,494 | ​ |
| Non-cash interest expense                                        | ​ | ​ |  2,867 | ​ |
| Balance at March 31, 2025                                        | ​ | $ | 45,821 | ​ |
| ​                                                                | ​ | ​ |      ​ | ​ |
| Effective interest rate                                          | ​ |   |  27.85 | % |

F- 116

<div align='center'>TVARDI THERAPEUTICS, INC.

(Formerly Cara Therapeutics, Inc.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except share and per share data)

(unaudited)</div>

10. Stockholders’ Equity On December 19, 2024, Cara’s Board of Directors approved the 2024 Reverse Stock Split, and corresponding reduction in the total number of authorized shares from 200,000,000to 16,666,667(the “Authorized Shares Reduction”). On December 30, 2024, Cara filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the 2024 Reverse Stock Split and Authorized Shares Reduction, and Cara’s common stock began trading on the Nasdaq Capital Market on a post-split basis as of December 31, 2024. On April 15, 2025, Cara effected the 2025 Reverse Stock Split and increased its authorized shares of common stock (see Note 18, Subsequent Events). As of March 31, 2025, there were 1,524,535shares of common stockand noshares of preferred stock issued and outstanding