Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 342

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 342
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 |     |             n/a |   |               0.25 | ​ |
| Time to reverse merger (in years)                    |     |            0.04 |   |               0.33 | ​ |
| Time to dissolution (in years)                       |     |             n/a |   |                n/a | ​ |
| Interest rate (risk-free)                            |     |            4.38 | % |               4.37 | % |
| Conversion discount rate                             |     |           20.00 | % |              20.00 | % |

In addition to the inputs in the table, the Company’s assumptions and estimates incorporated into the valuation included probabilities assigned to each of the scenarios above, including a Qualified/non-Qualified financing (as defined in Note 8, Convertible Notes), IPO, reverse merger, and dissolution. Refer to Note 8, Convertible Notes, for further details surrounding the Qualified/non-Qualified Financing, IPO, reverse merger, and other settlement scenarios.

4.PrepaidExpenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):

| ​                                               
 ​                                               | ​ 
 ​ 
 ​ | ​    
 2025 |               ​ 
 As of March 31, | ​ 
 ​ | ​    
 2024 |                  ​ 
 As of December 31, |
|:------------------------------------------------|:--|:-----|----------------:|:--|:-----|-------------------:|
| Prepaid research and development expenses       | ​ | $    |           1,113 | ​ | $    |                 18 |
| Other prepaid expenses                          | ​ |      |              35 | ​ |      |                 54 |
| Total prepaid expenses and other current assets | ​ | $    |           1,148 | ​ | $    |                 72 |

5.Intangible Assets

Intangible assets consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):

| ​                              
 ​                              | ​ 
 ​ 
 ​ | ​    
 2025 |               ​ 
 As of March 31, | ​ 
 ​ | ​    
 2024 |                  ​ 
 As of December 31, |
|:-------------------------------|:--|:-----|----------------:|:--|:-----|-------------------:|
| Licensed