Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 16

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 16
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2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures,or ASU 2023-09. ASU 2023-09 requires public business
entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the
statutory rate (the rate reconciliation) for federal, state, and foreign income taxes. It also requires greater detail about individual
reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold (if the effect of those
reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory
income tax rate). In addition to new disclosures associated with the rate reconciliation, ASU 2023-09 requires information pertaining
to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments are effective for public business entities
for annual periods beginning after December 15, 2024. Early adoption is permitted. As of September 30, 2025, the Company has
not yet adopted this new ASU, however the Company expects no impact to its operations, cash flows, financial condition, or any related
disclosures, upon adoption for the year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,or ASU 2024-03. The amendments in ASU 2024-03 address investor requests for more detailed
expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses
that are included in the statement of operations. This guidance is effective for fiscal years beginning after December 15, 2026,

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and interim periods within fiscal years beginning after December 15,
2027, with early adoption permitted. The Company is currently evaluating the provisions of this guidance and the potential impact on its
condensed consolidated financial statements and disclosures.

3. Merger Agreement

As discussed in Note 1, Nature of the Business and Basis of Presentation, on April 15, 2025, pursuant to the terms of the