Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 2

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 2
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, including based on the final Exchange Ratio and final amount of Conversion Shares.

The shares of Cara common stock are currently listed on The Nasdaq Capital Market under the symbol “CARA”. Tvardi has filed an initial listing application with The Nasdaq Stock Market LLC (Nasdaq) pursuant to Nasdaq’s “reverse merger” rules. Substantially concurrent with the completion of the Merger, Cara will be renamed “Tvardi Therapeutics, Inc.” and expects to trade on The Nasdaq Capital Market under the symbol “TVRD”. On February 12, 2025, the last trading day before the date of this proxy statement/prospectus, the closing sale price of Cara common stock was $5.25 per share.

Cara is holding a special meeting of stockholders (Cara special meeting) in order to obtain the stockholder approvals necessary to complete the Merger and other matters. At the Cara special meeting, which will be held exclusively online via live audio-only webcast on April 1, 2025, at 10:00 a.m. Eastern Time, unless postponed or adjourned to a later date, Cara will ask its stockholders, among other things, to (i) approve the issuance of shares of Cara common stock pursuant to the Merger, which (x) will represent more than 20% of the shares of Cara common stock outstanding immediately prior to the Merger and (y) result in the change of control of Cara, pursuant to Rules 5635(a) and 5635(b) of Nasdaq, respectively (Stock Issuance Proposal), (ii) approve the adoption of a new 2025 Equity Incentive Plan (Equity Incentive Plan Proposal), (iii) approve the adoption of a new 2025 Employee Stock Purchase Plan (ESPP Proposal), (iv) approve an amendment to Cara’s certificate of incorporation

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effecting a reverse stock split of Cara common stock at a ratio in the range from 1-for-2 to 1-for-4, with such specific ratio to be mutually agreed upon by the respective Cara and Tvardi boards of directors or, if the issuance of shares of Cara common stock as consideration in the Merger is not approved by Cara stockholders, at a ratio determined solely by the Cara board of directors (Cara’s Board or the Cara Board) following the special meeting, each as described in this proxy statement/prospectus (Reverse Stock Split Proposal), (v)