Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 322

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 322
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|-----:|:--|
| ​                                    | ​ |       December 31, |      |   |      |      |   |
| ​                                    |   |               2024 |      |   | 2023 |      |   |
| Per share fair value of common stock | ​ |                  $ | 0.62 | ​ |    $ | 0.52 | ​ |
| Expected volatility                  | ​ |                    | 73.8 | % |      | 67.4 | % |
| Expected dividends                   | ​ |                    |    0 | % |      |    0 | % |
| Expected term (in years)             | ​ |                    |  5.9 | ​ |      |  6.1 | ​ |
| Risk-free rate                       | ​ |                    | 3.93 | % |      | 3.56 | % |

F-23

Stock Options

The following table summarizes option activity during the year ended December 31, 2024:

| ​                                                   
 ​                                                   
 ​                                                   
 ​                                                   | ​ 
 ​ 
 ​ |         ​ 
         ​ 
 Number of 
   Options | ​ 
 ​ 
 ​ | ​              
 Weighted-      
 Average        
 Exercise Price |    ​ | ​ 
 ​ 
 ​ |                     ​ 
      Weighted-Average 
 Remaining Contractual 
       Term (In Years) | ​ 
 ​ 
 ​ | ​               
 ​               
 Intrinsic Value 
 (In Thousands)  |     ​ 
     ​ |
|:----------------------------------------------------|:--|----------:|:--|:---------------|-----:|:--|----------------------:|:--|:----------------|------:|
| Outstanding as of January 1, 2024                   |   | 5,509,379 | ​ | $              | 0.43 |   |                  7.04 | ​ | $               | 2,699 |
| Granted                                             |   |    25,000 | ​ |                | 0.92 |   |                     — | ​ |                 |     — |
| Exercised                                           |   |   -63,750 | ​ |                | 0.08 |   |                     — | ​ |                 |     — |
| Forfeited/expired                                   |   |   -35,000 | ​ |                | 0.82 |   |                     — | ​ |                 |     — |
| Outstanding as of December