Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 37

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 37
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 BCM Second Agreement), which is referred to together with the BCM First Agreement as the BCM License Agreements,
for the exclusive, worldwide, sublicensable license to certain patents and patent applications co-owned by BCM and the National Institutes
of Health (NIH) related to methods and compositions for the use of STAT3 inhibitors in certain conditions like anaphylaxis (the Licensed
Patent Rights). Under the license for the Second BCM Agreement, the Company is permitted to make, have made, use, market, sell, offer
to sell, lease and import products, processes or services that incorporate, utilize or are made with the use of the Licensed Patent Rights
(the BCM2 Licensed Products), in all fields of use.

StemMed assigned the BCM First Agreement and the
BCM Second Agreement to the Company in connection with the transfer of all or substantially all of the assets and businesses to which
the BCM License Agreements relate to in January and February 2018.

In accordance with BCM License Agreements, and in
consideration for the rights and licenses granted to the Company, the Company agreed to pay BCM the following:

| a. | Annual maintenance fees, ranging from $30,000 to $50,000 per year, per license. |

| b. | Milestone payments, up to a low-seven digit figure in the aggregate. |

| c. | Royalty fees, set at a low-single-digit percentage of net sales of any BCM1 Licensed Products or BCM2 Licensed Products. |

Milestones include new drug filings, clinical trial
stages, and New Drug Application approval by the FDA.

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Table of Contents

As of September 30, 2025, the full amount of
$50,000 in annual maintenance fees had already been paid and thus no accrual was needed. As a result, the Company had $12,500 remaining
in prepaid expenses as of September 30, 2025. As of December 31, 2024, the full amount of $50,000 in annual maintenance fees had
already been paid and thus no accrual was needed. To date, no royalty fees have been incurred. All related license costs are expensed
as incurred within research and development on the condensed consolidated statements of operations and comprehensive loss.

15.Retirement Savings Plan

The Company maintains a 401(k) Plan which is
available to all employees. Under the terms of the 401(k) Plan, participants may elect to contribute up