Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 722

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 722
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 | ​ | ​ | ​                                                 | ​ | 11,065,911 | ​ | ​ | ​ | ​          | ​ | 72.21%  | ​ | ​ |
| Cara stockholders(2)                                | ​ | ​ | ​                                                 | ​ |  2,336,468 | ​ | ​ | ​ | ​          | ​ | 15.25%  | ​ | ​ |
| Investors participating in the Convertible Notes    | ​ | ​ | ​                                                 | ​ |  1,921,436 | ​ | ​ | ​ | ​          | ​ | 12.54%  | ​ | ​ |
| Total common stock of the combined company          | ​ | ​ | ​                                                 | ​ | 15,323,815 | ​ | ​ | ​ | ​          | ​ | 100.00% | ​ | ​ |

(1) Includes 1,108,900 Tvardi options outstanding as of September 30, 2024, after applying the Exchange Ratio. (2) Includes 10,862 In-the-Money Cara stock options, after giving effect to the Reverse Stock Split at an assumed ratio of 1-for-2. If Cara holds between $22.875 million and $23.125 million of net cash at the closing of the Merger, the ownership percentage of the equity holders of Cara (pre-Merger) will remain the same. Consummation of the Merger is subject to certain closing conditions, including, among other things, (i) approval by the stockholders of each party of the adoption and approval of the Merger Agreement and the transactions contemplated thereby, (ii) Nasdaq’s approval of the listing of the shares of Cara common stock to be issued in connection with the Merger, (iii) the effectiveness of a registration statement filed with the SEC in connection with the Merger, and (iv) Cara Net Cash at the Closing of at least $18.0 million. The pre-Merger employment agreements or Severance Plan (as defined elsewhere in this proxy/ prospectus) arrangements for Cara’s remaining executives include entitlement to change-in-control and severance payments and the retention agreements for the remaining Cara non-executive employees include severance and retention bonus payments. The aggregate of these change-in-control, severance, and retention bonus payments will be treated as pre-Merger compensation expense of Cara and will be reflected as an increase to accrued expenses of Cara, which will be paid prior to