Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 138

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 138
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 June 30, 2025 condensed consolidated balance sheet date but before the issuance of our condensed consolidated financial statements, the effects of the legislation are not reflected in our income tax

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provision or deferred tax balances as of June 30, 2025. We are currently evaluating the impact and will reflect the effects, as appropriate, in future reporting periods. We recorded a full valuation allowance of our deferred tax asset position as of December 31, 2024 and 2023 as we believe it was more likely than not that we would not be able to utilize our deferred tax assets. As of December 31, 2024, we had a federal net operating loss (“NOL”) carryforward of $47.2 million. Of the federal NOL carryforwards, $0.4 million expires in 2037 and $46.8 million may be carried forward indefinitely. As of December 31, 2024, we had federal research and development credits of $0.4 million, which will begin to expire in 2039. Results of Operations Comparison of the Three and Six Months Ended June 30, 2025 and 2024 The following table sets forth our results of operations for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

| ​                          
 ​                          
 ​                          
 Operating expenses:        | ​ 
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 Three Months 
 Ended        
 June 30,     
 2025         
 ​            |      ​ 
      ​ | ​ 
 ​ | ​    
 2024 
 ​    |      ​ 
      ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
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      ​ | ​ 
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       ​ 
 Percent 
       ​ | ​ 
 ​ 
 ​ | ​          
 Six Months 
 Ended      
 June 30,   
 2025       
 ​          |       ​ 
       ​ | ​ 
 ​ | ​    
 2024 
 ​    |       ​ 
       ​ | ​ 
 ​ 
 ​ | ​      
 ​      
 Change 
 Amount 
 ​      |      ​ 
      ​ | ​ 
 ​ |       ​ 
       ​ 
 Percent 
       ​ | ​ 
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|:---------------------------|:--|:-------------|-------:|:--|:-----|-------:|:--|:-------|-------:|:--|--------:|: