Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 137

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 137
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enforceable under United States or foreign laws; |

| ● | Tvardi may not successfully commercialize its product candidates, if approved, before the relevant patents in its patent portfolio expire; |

| ● | Tvardi may not be the first to make the inventions covered by its patent portfolio; |

| ● | Tvardi may not develop additional proprietary technologies or inventions on its product candidates that are separately patentable; or |

| ● | it is possible that there are unpublished patent applications maintained in secrecy that may later issue with claims related to its product candidates or products or technology similar to Tvardi’s. |

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In addition, to the extent that Tvardi is unable
to obtain and maintain patent protection for its product candidates, or in the event that such patent protection expires, it may no longer
be cost-effective to extend Tvardi’s portfolio by pursuing additional development of any of its product candidates for follow-on
indications.

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Tvardi’s intellectual property licensed from third parties may be subject to retained rights.

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Tvardi’s licensors may retain certain rights
under the relevant agreements with Tvardi, including the right to use the underlying product candidates for academic and research use,
to publish general scientific findings from research related to the product candidates, to make customary scientific and scholarly disclosures
of information relating to the product candidates. For example, Tvardi depends on its license agreements with the BCM for the development
of its product candidates, pursuant to which Tvardi has an exclusive, worldwide, sublicensable license under BCM’s rights to certain
patents and patent applications related to STAT3 inhibitors in various indications. BCM has retained rights under the license agreements
to grant a non-exclusive license to other academic or research institutions for non-commercial research purposes, and, if required by
law, to grant a non-exclusive license to the U.S. government or to a foreign state pursuant to a treaty with the United States; BCM’s
rights to make or use the licensed patents and technology for non-commercial research, patient care and educational purposes; and additional
rights reserved by the government of the United States. BCM has retained rights under the license agreements to the extent necessary to
carry out its obligations for manufacturing under the license agreements with BCM. It is difficult to monitor whether BCM will limit its
use of the intellectual property exclusively licensed to Tvardi for these permitted uses, and Tvardi could incur substantial expenses
to enforce its rights to its licensed product candidates in the event of misuse.

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