Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 38

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 38
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 to 80% of their compensation
or the statutory prescribed limits. The Company does not make any matching contributions to deferrals made by participants.

16.Segment Reporting

The Company has one reportable segment relating
to the discovery and development of novel orally bioavailable, small molecule therapies across a broad range of diseases driven by STAT3
with high unmet need.

The Company’s CODM, its Chief Executive Officer
and Chief Financial Officer, manages the Company’s operations on company-wide level for the purpose of allocating resources. The
key measure of segment profit or loss that the CODM uses to allocate resources and assess financial performance is the Company’s
net income (loss), which is utilized to evaluate the progress of its research and development programs and other expense categories. The
CODM makes decisions using this information on a company-wide basis.

The table below shows a reconciliation of the Company’s
net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under GAAP, to the
Company’s net loss in the condensed consolidated statements of operations and comprehensive loss (in thousands):

| ​                                                    
 ​                                                    
 ​                                                    
 Direct research and development expenses by program: 
 TTI-101:                                             | ​ 
 ​ | ​                                        
 For the Three Months Ended September 30, 
 2025                                     
 ​                                        
 ​                                        |      ​ | ​ | ​    
 2024 
 ​    
 ​    |      ​ | ​ 
 ​ | ​                                       
 For the Nine Months Ended September 30, 
 2025                                    
 ​                                       
 ​                                       |       ​ | ​ | ​    
 2024 
 ​    
 ​    |       ​ |
|:-----------------------------------------------------|:--|:-----------------------------------------|-------:|:--|:-----|-------:|:--|:----------------------------------------|--------:|:--|:-----|--------:|
| HCC                                                  | ​ | $                                        |    597 | ​ | $    |  1,980 | ​ | $                                       |   2,001 | ​ | $    |   4,996 |
| IPF                                                  | ​ |                                          |      — | ​ |      |  1,023 | ​ |                                         |   3,863 | ​ |      |   2,991 |
| mBC                                                  | ​ |                                          |      — | ​ |      |    683 | ​ |                                         |    -268 | ​ |      |   2,771