Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 304

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 304
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, or otherwise revise or reconcile, the Cara Projections to reflect circumstances existing after the date the Cara Projections were prepared or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cara Projections are shown to be in error. Except as required by applicable securities laws, Cara does not intend to make publicly available any update or other revision to the Cara Projections, even in the event that any or all assumptions are shown to be in error. None of Cara or Tvardi or their respective affiliates, advisors, officers, directors or other representatives has made or makes any representation to any stockholder or other that forecasted results will be achieved. Neither Cara nor Tvardi has made any representation regarding the Cara Projections in the Merger Agreement or otherwise, concerning the Cara Projections.

The Cara Projections were prepared by, and are the responsibility of, Cara’s management. Neither Ernst & Young LLP, Deloitte & Touche LLP nor any other independent accountant has compiled, examined, performed any other procedures, or expressed any form of assurance with respect to the Cara Projections included herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the Cara Projections. The reports of Ernst & Young LLP included in this proxy statement/prospectus relate to Cara’s historical audited financial statements and do not extend to the Cara Projections, which are unaudited, and should not be read to do so.

In light of the foregoing factors and the uncertainties inherent in financial projections, stockholders are cautioned not to place undue reliance on the Cara Projections.

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Cara Projections

|                | ​              
 $ in thousands |   | November 2024 | ​ |   | December 2024 | ​ |   | January 2025 | ​ |   | February 2025 | ​ |   | March 2025(1) | ​ |
|:---------------|:---------------|:--|--------------:|:--|:--|--------------:|:--|:--|-------------:|:--|:--|--------------:|:--|:--|--------------:|:--|
| Beginning cash | ​              | $ |        41,300 | ​ | $ |        39,459 | ​ | $ |       36,471 | ​ | $ |        34