Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 144

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 144
---
 unenforceable or
interpreted narrowly; put its own or in-licensed pending patent applications at risk of not issuing; and provoke third parties to assert
claims against Tvardi. Tvardi may not prevail in any lawsuits that it initiates, and the damages or other remedies awarded, if any, may
not be commercially meaningful. Furthermore, while Tvardi intends to protect its intellectual property rights in major markets for its
products, it cannot ensure that it will be able to initiate or maintain similar efforts in all jurisdictions in which Tvardi may wish
to market its products, if approved. Accordingly, its efforts to protect its intellectual property rights in such countries may be inadequate.

​

In addition, geopolitical actions in the United
States and in foreign countries could increase the uncertainties and costs surrounding the prosecution or maintenance of Tvardi’s
patent applications or those of any current or future licensors and the maintenance, enforcement or defense of its issued patents or those
of any current or future licensors. For example, the United States and foreign government actions related to Russia’s conflict in
Ukraine may limit or prevent filing, prosecution and maintenance of patent applications in Russia. Government actions may also prevent
maintenance of issued patents in Russia. These actions could result in abandonment or lapse of Tvardi’s patents or patent applications,
resulting in partial or complete loss of patent rights in Russia. If such an

<div align='center'>85</div>

Table of Contents

event were to occur, it could have a material adverse effect on Tvardi’s
business. In addition, a decree was adopted by the Russian government in March 2022, allowing Russian companies and individuals to exploit
inventions owned by patentees from the United States without consent or compensation. Consequently, Tvardi would not be able to prevent
third parties from practicing its inventions in Russia or from selling or importing products made using its inventions in and into Russia.
Accordingly, Tvardi’s competitive position may be impaired, and its business, financial condition, results of operations and prospects
may be adversely affected.

​

In order to protect Tvardi’s competitive position around its product candidates, Tvardi may become involved in lawsuits to enforce its patents or other intellectual property, which could be expensive, time consuming and unsuccessful and which may result in its own or in-licensed patents being found invalid or unenforceable.

​

Competitors may seek to commercialize competitive
products to Tvardi’s product candidates. In order to protect