Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 694

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 694
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 be exchanged for shares of Cara common stock based on the preliminary estimated Exchange Ratio of 0.4084 and (ii) all outstanding Tvardi Convertible Notes, including interest accrued through the anticipated Closing, will be converted into 3,842,872 shares of Cara common stock, determined in accordance with the terms of the Merger Agreement. The estimated number of shares of Cara common stock that Cara expects to issue to Tvardi’s stockholders assumes Cara Net Cash at the Closing is $23.0 million and is determined as follows:

| ​                                                                                                         | ​ |          ​ |
| Shares of Tvardi common stock outstanding as of September 30, 2024                                        |   | 19,197,914 |
| Tvardi stock option exercises subsequent to September 30, 2024                                            | ​ |      5,416 |
| Shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock, see Note 6(k) | ​ | 29,555,538 |
| Total Tvardi common stock outstanding prior to the closing of the Merger                                  | ​ | 48,758,868 |
| Exchange Ratio                                                                                            | ​ |     0.4084 |
| Shares of Tvardi common stock outstanding before the conversion of Tvardi’s Convertible Notes             | ​ | 19,914,022 |
| Shares of Cara common stock issued upon conversion of Tvardi ‘s Convertible Notes, see Note 6(n)          | ​ |  3,842,872 |
| Shares of Cara common stock issued to Tvardi stockholders upon closing of the Merger                      | ​ | 23,756,894 |

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. 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