Company: TVRD
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001104659-25-006051
Chunk: 4

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-24
Form: CORRESP
Chunk 4
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 proxy statement/prospectus because the internal financial forecasts with
respect to Tvardi furnished to Piper Sandler by management of Cara for the periods between December 2024 and December 2026 (the
“Tvardi Financial Forecasts”) are not material to the stockholders of Cara and Tvardi in connection with their
consideration of the Merger. As disclosed on page 164 under the section titled “Opinion of Cara’s Financial Advisor”
of the Amended Registration Statement, Piper Sandler did not perform a discounted cash flow analysis of Tvardi because managements of
Cara and Tvardi advised Piper Sandler that Tvardi did not have, and could not reasonably be expected to prepare, current and reliable
financial forecasts regarding Tvardi’s future financial performance for a sufficient period of time that would allow Piper Sandler
to perform a discounted cash flow analysis.

The Tvardi Financial Forecasts were
instead prepared by Tvardi’s management in connection with the Merger at the request of Cara for due diligence purposes. The Tvardi
Financial Forecasts were then furnished by Tvardi to Cara and Piper Sandler as background information. The Tvardi Financial Forecasts
did not affect the consideration offered to Tvardi stockholders or otherwise influence any other material terms of the proposed transaction,
and such financial forecasts were neither prepared by Tvardi’s management nor furnished by Tvardi to Cara and subsequently, by Cara,
to Piper Sandler with the purpose of affecting the total mix of information made available to stockholders of Cara and Tvardi.

Moreover, the assumptions underlying
the Tvardi Financial Forecasts (as with most modeling and forecasting of the future in the biopharmaceutical industry) were highly speculative
in nature and the information therein was used to provide a wide range of possible results, none of which were relied upon by the Cara
Board as definitive or likely to reflect the results that would actually be achieved over the course of the forecasted periods. The Tvardi
Financial Forecasts were not considered by the Cara Board in its evaluation of the proposed transaction.

For these reasons, Cara respectfully
submits that the disclosure of the Tvardi Financial Forecasts is not (i) necessary because the proxy statement/prospectus already
provides a fair summary of the material information and the resulting analyses underlying the Piper Sandler Opinion or (ii) material
to an investor’s decision to approve the Merger and related matters. Furthermore, given the