Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 26

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 26
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i common stock converted into 2,575,494 shares of the Company’s common stock in the aggregate. |

| ● | Legacy Tvardi preferred stock converted into 3,963,910 shares of the Company’s common stock in the aggregate. |

| ● | Legacy Tvardi Convertible Notes converted into 1,265,757 shares of the Company’s common stock in the aggregate. |

Further, after effecting the reverse stock split
discussed in Note 3, Merger Agreement, Legacy Cara shareholders received 1,550,381 shares of the Company’s common stock in
the aggregate as a result of the Merger.

​

As of September 30, 2025 and as a result of
the Merger, the Company’s amended and restated certificate of incorporation authorized the issuance of 150,000,000 shares of $0.001
par value common stock, of which 9,379,332 shares were issued and outstanding.

Each share of common stock entitles the holder to
one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends,
as may be declared by the Board, if any. As of September 30, 2025, no dividends were declared.

10.Stock-based Compensation

2018 Equity Incentive Plan

Legacy Tvardi’s 2018 Stock Incentive Plan
(the 2018 Plan) provided employees, consultants and advisors and non-employee members of the Board of Directors and its affiliates
with the opportunity to receive grants of stock options, stock awards and equity awards. Since inception, Legacy Tvardi only issued stock
options. The Company assumed, effective as of the closing of the Merger, the 2018 Plan, as well as the outstanding awards granted thereunder
and the award agreements evidencing the grants of such awards, including any awards granted to Tvardi’s named executive officers,
in each case subject to applicable adjustments in the manner set forth in the Merger Agreement to such awards. No further awards will
be granted under the 2018 Plan following the Merger.

2025 Equity Incentive Plan

The Company’s 2025 Plan became effective at
the closing of the Merger. As of the effective time of the Merger, there were 935,554 shares of the Company’s common stock available
for grant under the 2025 Plan. In addition, the number of shares initially reserved and available for issuance under the