Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 735

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 735
---
 ​                  | ​ |  9,955,925 | ​ | ​ | ​ | ​                 | ​ |  9,943,979 | ​ | ​ |
| Impact of Convertible Notes assuming consummation of the Merger as of January 1, 2023, see Note 6(o)  | ​ | ​ | ​                  | ​ |  1,921,436 | ​ | ​ | ​ | ​                 | ​ |  1,921,436 | ​ | ​ |

428

TABLE OF CONTENTS

| ​                                                                                                                                                         | ​ | ​ | September 30, 2024 |   |            |   | ​ | ​ | December 31, 2023 |   |            |   | ​ |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|:-------------------|:--|-----------:|:--|:--|:--|:------------------|:--|-----------:|:--|:--|
| ​                                                                                                                                                         | ​ | ​ | Basic and Diluted  |   |            |   | ​ | ​ | Basic and Diluted |   |            |   | ​ |
| Historical weighted-average number of Cara common stock outstanding,after giving effect to the proposed Reverse Stock Split at an assumedratio of 1-for-2 | ​ | ​ | ​                  | ​ |  2,279,972 | ​ | ​ | ​ | ​                 | ​ |  2,256,211 | ​ | ​ |
| Equity awards subject to outstanding Cara RSUs that fully vest uponconsummation of the Merger﻿(1)                                                         | ​ | ​ | ​                  | ​ |     40,330 | ​ | ​ | ​ | ​                 | ​ |     40,330 | ​ | ​ |
| Pro forma combined weighted average number of common stock outstanding                                                                                    | ​ | ​ | ​                  | ​ | 14,197,663 | ​ | ​ | ​ | ​                 | ​ | 14,161,956 | ​ | ​ |
| ​                                                                                                                                                         |   |   |                    |   |            |   |   |   |                   |   |            |   |   |

(1) Represents the total Cara RSUs expected to be included in common stock outstanding as of the Closing, after giving effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2, which includes 738 RSUs that vested subsequent to September