Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 893

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 893
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 the Company’s estimates of the period over which this work will be performed, auditing prepaid and accrued research and development expenses related to CROs required a high degree of auditor judgment and an increased extent of effort.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to testing the prepaid and accrued research and development expenses included the following, among others:

•

We tested the design and implementation of relevant controls over the Company’s review of associated journal entries.

•

We evaluated the Company’s accounting policy for prepaid and accrued research and development liabilities, including the estimation approach for the expenses, for reasonableness.

•

We evaluated the Company’s judgments, including but not limited to, patient enrollment, using the evidence obtained to determine the prepaid and accrued research and development liabilities.

•

For a sample of agreements and contracts, we agreed inputs utilized in the estimate of prepaid and accrued research and development liabilities to the underlying contract, corresponding invoices incurred during the period and evidence of payment to test the Company’s disbursements made to third-party service providers.

•

We compared invoices received by the Company subsequent to December 31, 2023 to the accrued research and development expenses related to CROs recognized by the Company.

/s/ Deloitte & Touche LLP

Houston, Texas

December 18, 2024 
 We have served as the Company’s auditor since 2022.

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TABLE OF CONTENTS

Tvardi Therapeutics, Inc. Balance Sheets
(Amounts in thousands, except share and per share amounts)

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 ​ | As of December 31, 
 2023               
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|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|:-------------------|:--|--------:|:--|:--|:--|:-----|:--|--------:|:--|:--|
| Cash and cash equivalents                                                                                                                                                                                                                                                                      | ​ | ​ | ​                  | $ |  22,919 | ​ | ​ | ​ | ​    | $