Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 871

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 871
---
|:--|:--|:-----|:--|-------:|:--|:--|
| Research and development   | ​ | ​ | ​                       | $ |  5,973 | ​ | ​ | ​ | ​    | $ |  7,222 | ​ | ​ | ​ | ​    | $ |  7,126 | ​ | ​ |
| General and administrative | ​ | ​ | ​                       | ​ |  5,634 | ​ | ​ | ​ | ​    | ​ |  6,426 | ​ | ​ | ​ | ​    | ​ |  9,569 | ​ | ​ |
| Total stock option expense | ​ | ​ | ​                       | $ | 11,607 | ​ | ​ | ​ | ​    | $ | 13,648 | ​ | ​ | ​ | ​    | $ | 16,695 | ​ | ​ |

The following were excluded from the table above as they are not related to stock options: compensation expense for i) the vesting of certain employees’ restricted stock units for $476, $765 and $1,201 in R&D expense for the years ended December 31, 2023, 2022 and 2021, respectively, and $1,146, $2,693 and $2,324 in G&A expense for the years ended December 31, 2023, 2022 and 2021, respectively; and ii) compensation expense relating to the Board of Directors’ restricted stock units for $501, $628 and $565 in G&A expense for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the total compensation expense relating to unvested options granted to employees and non-employee members of the Board of Directors that had not yet been recognized was $20,263, which is expected to be realized over a weighted average period of 2.33 years. The Company will issue shares upon exercise of options from common stock reserved. The Company does not expect to realize any tax benefits from its stock option activity or the recognition of stock-based compensation expense because the Company currently has net operating losses and has a full valuation allowance against its deferred tax assets. Accordingly, no amounts related to excess tax benefits have been reported in cash flows from operations for the years ended December 31, 2023, 2022 and 2021.