Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 951

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 951
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 does not expect to pay any cash dividends in the foreseeable future.

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

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TABLE OF CONTENTS

Tvardi Therapeutics, Inc. Notes to CONDENSED Financial Statements
(Unaudited)

| ​                                    
 ​                                    | ​ 
 ​ | ​ 
 ​ | For the Nine MonthsSeptember 30, 
 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% | ​ | ​ |

Stock Options The following table summarizes option activity during the nine months ended September 30, 2024:

| ​                                                    | ​ | ​ | Number ofOptions |   |           |   | ​ | ​ | Weighted-AverageExercise Price |   |      |   | ​ | ​ | Weighted-AverageRemainingContractualTerm(In Years) |   |      |   | ​ | ​ | IntrinsicValue(In Thousands) |   |       |   | ​ |
|:-----------------------------------------------------|:--|:--|:-----------------|:--|----------:|: