Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 597

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 597
---
 matters that are uncertain and are likely to have a material impact on Cara’s financial condition and results of operations as well as the specific manner in which Cara applies U.S. GAAP. Cara’s critical accounting policies that require significant judgments and estimates are more fully described in Note 2 to Cara’s audited financial statements as of December 31, 2023 contained within this proxy statement/prospectus. There have been no significant changes to Cara’s critical accounting policies that require significant judgments and estimates from those disclosed in its contained elsewhere in this proxy statement/prospectus.

Accounting Pronouncements Recently Adopted; Recent Accounting Pronouncements Not Yet Adopted

Cara does not expect that any recently issued accounting pronouncements will have a material effect on its condensed consolidated financial statements. Refer to Note 2 of Cara’s Notes to Condensed Consolidated Financial Statements as of September 30, 2024 within this proxy statement/prospectus, as well as Note 2 of Cara’s Notes to Consolidated Financial Statements as of December 31, 2023 , Summary of Significant Accounting Policies within this proxy statement/prospectus for a full description of accounting pronouncements recently adopted, and issued but not yet adopted, if applicable.

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TABLE OF CONTENTS

### TVARDI MANAGEMENT’S DISCUSSION AND ANALYSIS OF

### FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion of Tvardi’s financial condition and results of operations in conjunction with Tvardi’s financial statements and the related notes included elsewhere in this proxy statement/ prospectus. In addition to historical financial information, this discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Tvardi’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this proxy statement/prospectus, particularly in the section titled “Risk Factors.”

### Overview
Tvardi is a clinical-stage biopharmaceutical company focused on the development of novel, oral, small molecule therapies targeting STAT3 to treat fibrosis-driven diseases with significant unmet need. Based upon Tvardi’s founder’s seminal work and deep understanding of the transcription factor, STAT3, Tvardi designed an innovative approach to directly inhibit STAT3, a highly validated, yet historically undruggable target. Leveraging this expertise, Tvardi is developing a pipeline of