Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 348

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 348
---
 fair value was recorded to the Company’s condensed consolidated statements of operations and comprehensive income (loss) as a gain or loss from a fair value measurement. At the time of conversion, the fair value of the Convertible Notes was$ 23.1million, calculated as1,265,757shares of common stock at the closing market trading price on April 16, 2025. The$ 12.8millionchange in fair valuewhen comparing the$ 23.1million at the time of conversion to the$ 35.9million recorded value of the Convertible Notes immediately prior to the conversion date was recorded to the Company’s condensed consolidated statements of operations and comprehensive income (loss) as a gain within other income, net for the three months ended June 30, 2025. For the six months ended June 30, 2025, the netchange in fair valuerecorded to the Company’s condensed consolidated statements of operations and comprehensive income (loss) within other income, net was$ 7.8million.

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

| ​                                                                
 ​                                                                | ​ | ​       
 Amounts |       ​ |
|:-----------------------------------------------------------------|:--|:--------|--------:|
| Balance as of December 31, 2024                                  | ​ | $       |  30,259 |
| Interest accrued during the three months ended March 31, 2025    | ​ | ​       |     558 |
| Change in fair value of the Convertible Notes                    | ​ |         |   4,942 |
| Balance as of March 31, 2025                                     | ​ |         |  35,759 |
| Interest accrued during the three months ended June 30, 2025 (1) | ​ | ​       |      93 |
| Balance immediately prior to the date of conversion              | ​ | ​       |  35,852 |
| Change in fair value of the Convertible Notes                    | ​ | ​       | -12,752 |
| Conversion of the Convertible Notes                              | ​ |         | -23,100 |
| Balance as of June 30, 2025                                      | ​ | $       |       — |

| (1) | Includes interest accrued from April 1, 2025 until closing of the Merger. |

5.PrepaidExpenses and Other Current Assets

Prepaid expenses and other