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

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 11
---
2025, and results of operations and

<div align='center'>8</div>

Table of Contents

cash flows for all periods presented. The interim results presented
are not necessarily indicative of results that can be expected for the full year ending December 31, 2025.

2.Summary of Significant Accounting Policies

Other than policies noted below, there have been
no significant changes from the significant accounting policies and estimates disclosed in Note 2 of the “Notes to financial
statements” in the Company’s audited annual financial statements as of and for the years ended December 31, 2024
and 2023, as filed as Exhibit 99.1 to Cara’s Current Report on Form 8-K, which was filed with the U.S. Securities and
Exchange Commission (SEC) on April 1, 2025.

Use of Estimates

The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses
as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various
factors that it believes to be reasonable under the circumstances. The Company assesses estimates on an ongoing basis; however, actual
results could materially differ from those estimates. Significant estimates and assumptions reflected within these condensed consolidated
financial statements include, but are not limited to, prepaid and accrued research and development expenses, including those related to
contract research organizations (CROs), contract development manufacturing organizations (CDMOs), and other third-party vendors, and the
valuation of the Company’s common stock prior to the Merger, stock-based awards, and the fair value of Convertible Notes (as defined
in Note 4, Fair Value Measurements), which converted to common stock upon close of the Merger. Changes in estimates are recorded
in the period in which they become known.

Concentration of Credit Risk and of Significant Suppliers

The Company’s cash and cash equivalents represent
potential concentrations of credit risk. The Company deposits its cash and cash equivalents in financial institutions in amounts that
may exceed federally insured limits, has not experienced any losses on such accounts and does not believe it is exposed to any unusual
credit risk beyond the normal credit risk associated with commercial banking relationships.

The following table presents information about the
Company’s significant suppliers:

​

| ​        | ​ |                          ​ | ​ |    ​ | ​ |                         ​ | ​ |    ​ | ​ | ​ |                     ​ | ​ |