Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 49

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 49
---
 sublicensable license under BCM’s rights to certain patents and patent applications related to STAT3 inhibitors
in oncology and certain non-oncology indications, which Tvardi refers to as the BCM Patent Rights, together with certain cell lines, biological

<div align='center'>29</div>

Table of Contents

materials, compounds, know-how and technologies, which Tvardi collectively
refers to as the BCM Technology, to make, have made, use, market, sell, offer to sell, lease and import BCM1 Licensed Products, in all
fields of use.

Pursuant to the terms of the BCM First Agreement,
StemMed owed an initial license fee of $75,000 as consideration for the license rights. Upon the assignment of the agreement to Legacy
Tvardi, Legacy Tvardi became responsible for the payment of annual maintenance fees on the anniversary of the agreement, which range from
$30,000 to $50,000. Tvardi is also required to pay BCM royalties in the amount of a low-single-digit percent of net sales of BCM1
Licensed Products during the term, which expires, on a country-by-country basis, on the later of (i) the date of expiration of the
last-to-expire of the BCM Patent Rights, or, (ii) if no BCM Patent Rights issued in such country, the tenth anniversary of the first
commercial sale of the BCM1 Licensed Product in such country. Tvardi currently expects the BCM Patent Rights to expire April 18,
2039. Upon the initiation of the Phase 2 clinical trials for two BCM1 Licensed Products, Legacy Tvardi paid BCM development milestone
payments of $250,000 in the aggregate. Upon the achievement of additional specified development and regulatory milestones, Tvardi is required
to pay BCM one-time milestone payments of up to $2,200,000 in the aggregate for the first BCM1 Licensed Product in an oncology indication
and for the first BCM1 Licensed Product in a non-oncology indication to achieve such milestones. Further, in connection with the initiation
of the Phase 3 clinical trial, Tvardi would expect to incur approximately $400,000 of oncology-related costs and approximately $300,000
of non-oncology-related costs. Tvardi is additionally required to pay BCM a tiered low-double-digit percentage of sublicensing revenue
obtained in connection with any sublicense granted by Tvardi under the BCM Patent Rights or BCM Technology.

T