Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 19

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 19
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 statements of redeemable convertible preferred stock and stockholders’
equity (deficit) for the nine months ended September 30, 2025.

​

4.Fair Value Measurements

The following tables present information about the
Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value
hierarchy used to determine such fair values (in thousands):

| ​                       
 ​                       
 ​                       | ​ 
 ​ 
 ​ | ​                             
 Fair Value Measurements as of 
 September 30, 2025            |      ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​     |      ​ |
|:------------------------|:--|:------------------------------|-------:|:--|:--------|:--|:--|:--------|:--|:--|:------|-------:|
| ​                       |   | Level 1                       |        |   | Level 2 |   |   | Level 3 |   |   | Total |        |
| Financial assets:       |   | ​                             |        |   | ​       |   |   | ​       |   |   | ​     |        |
| Cash equivalents:       |   | ​                             |        |   | ​       |   |   | ​       |   |   | ​     |        |
| Money market funds      | ​ | $                             | 18,725 | ​ | $       | — | ​ | $       | — | ​ | $     | 18,725 |
| Short-term investments: | ​ | ​                             |      ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​     |      ​ |
| U.S. Treasury Notes     | ​ | ​                             | 15,042 | ​ | ​       | — | ​ | ​       | — | ​ | ​     | 15,042 |
| Total financial assets  | ​ | $                             | 33,767 | ​ | $       | — | ​ | $       | — | ​ | $     | 33,767 |

| ​                           
 ​                           
 ​                           | ​ 
 ​ 
 ​ | ​                             
 Fair Value Measurements as of 
 December 31, 2024             |      ​ | ​ | ​       | ​ | ​ | ​       |      ​ | ​ | ​     |      ​ |
|:----------------------------|:--|:------------------------------|-------:|:--|