Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 728

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 728
---
 ​ |
| ​ | Shares of Cara common stock issued upon conversion of Tvardi ‘s Convertible Notes, see Note 6(o)          | ​ | ​ | ​ | ​ |  1,921,436 | ​ | ​ |
| ​ | Shares of Cara common stock issued to Tvardi stockholders upon closing of the Merger                      | ​ | ​ | ​ | ​ | 11,878,447 | ​ | ​ |

In addition, in connection with the Merger, Cara will assume all of the outstanding options to acquire Tvardi common stock and such stock options will become exercisable for shares of Cara common stock following the Merger.

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TABLE OF CONTENTS

#### 6.
**Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2024**

**The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

Pro forma notes:**

6(A)

Derived from the unaudited condensed consolidated balance sheet of Cara as of September 30, 2024

6(B)

Derived from the unaudited condensed balance sheet of Tvardi as of September 30, 2024

Pro forma Balance Sheet Transaction Accounting Adjustments:

Transaction Accounting Adjustments — Asset Disposition and Other Adjustments

6(a)

To reflect the derecognition of Cara’s property and equipment, net of $3.4 million and operating lease liability of $3.4 million, all of which were transferred to a third-party on November 1, 2024.

6(b)

In connection with the transfer of Cara’s lease to a third-party, to reflect the release of the $1.5 million in restricted cash in October 2024, which was previously restricted to serve as collateral for the letter of credit in connection with its lease, to cash and cash equivalents.

6(c)

To reflect, pursuant to the terms of the APA, the (i) derecognition of Cara’s $40.6 million “liability related to sales of future royalties and milestones, net” as the related obligation will be transferred to a third-party, (ii) the sale of Cara’s inventory, and (iii) payment of $3.0 million to compensate CSL Vifor for the estimated incremental future expenses to be incurred by CSL Vifor as a result of the transfer of the assets to be acquired and the liabilities to be assumed by it in connection with the Asset