Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 292

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 292
---
 lead program, as per its November 2024 corporate presentation, despite also having a Phase 3-ready program. |

| (3) | Leap Therapeutics, Inc. has two clinical-stage assets, but was included in the analysis based on Piper Sandler’s industry knowledge and judgment. |

| (4) | Protara Therapeutics, Inc. is in Phase 2 for its lead program, as per its website, despite also having a Phase 3-ready program. |

For each Tvardi Public Company Comparable, Piper Sandler reviewed its current (i) diluted market capitalization, calculated as the aggregate value of such Tvardi Public Company Comparable’s outstanding equity securities (determined using the treasury stock method and taking into account any outstanding in- the-money options, in-the-money warrants, restricted stock units and other potentially dilutive securities), based on the closing stock price of its common stock as of December 16, 2024, and (ii) implied enterprise value. The implied enterprise values were calculated as diluted market capitalization, as described in the immediately preceding sentence, plus such Tvardi Public Company Comparable’s net debt (equal to the book value of such company’s debt less its cash and cash equivalents), plus its preferred stock and minority interests, and less its short-term and long-term investments, in each case, as of such company’s most recent reported quarter-end. The analyses indicated the following maximum, 75th percentile, mean, median, 25th percentile and minimum diluted market capitalization and implied enterprise values of the Tvardi Public Company Comparables:

| ​               
 ​               
 ​               
 ​               
 ​               
 ($ in millions) | ​ 
 ​ 
 ​ 
 ​ 
 ​ | ​                    
 Diluted Market       
 Capitalization       
 of the Tvardi Public 
 Company              
 Comparables          |         | ​ 
 ​ 
 ​ 
 ​ 
 ​ | ​                  
 Implied Enterprise 
 Value of the       
 Tvardi Public      
 Company            
 Comparables        |        |
|:----------------|:--|:---------------------|--------:|:--|:-------------------|-------:|
| Maximum         | ​ | $                    | 1,106.3 | ​ | $                  |  616.9 |
| 75th Percentile | ​ | $                    |   661.6 | ​ | $                  |  437.2 |
| Mean            | ​ | $                    |   428.2 | ​ | $                  |  217.0 |
|