Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 196

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 196
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 Russian invasion of Ukraine, the conflict in the Middle East and related global escalation
of geopolitical tensions, and inflationary pressures could result in a variety of risks to Tvardi’s business, including a reduced
ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy or international trade disputes
could also strain its suppliers, some of which are located outside of the United States, possibly resulting in supply disruption. Any
of

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the foregoing could harm its business and Tvardi cannot anticipate
all of the ways in which the current economic climate and financial market conditions could adversely impact its business.

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Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect Tvardi’s current and projected business operations and its financial condition and results of operations.

Actual events involving limited liquidity, defaults,
non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the
financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other
similar risks, have in the past and may in the future lead to market-wide liquidity problems.

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Since March 2023, several financial institutions
have experienced failures and have been placed into receivership. In addition, if any of Tvardi’s customers, suppliers or other
parties with whom it conducts business are unable to access funds pursuant to such instruments or lending arrangements with such a financial
institution, such parties’ ability to pay their obligations to Tvardi or to enter into new commercial arrangements requiring additional
payments to Tvardi could be adversely affected. Similar impacts have occurred in the past, such as during the 2008-2010 financial crisis.

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Inflation and rapid increases in interest rates
have led to a decline in the trading value of previously issued government securities with interest rates below current market interest
rates. Although the U.S. Department of Treasury, Federal Deposit Insurance Corporation (FDIC), and Federal Reserve Board have announced
a program to provide up to $25 billion of loans to financial institutions secured by certain of such government securities held by financial
institutions to mitigate the risk of potential losses on the sale of such instruments, widespread demands for customer withdrawals or
other liquidity needs of financial institutions for immediately liquidity may exceed the capacity of such program. Additionally, there
is no guarantee that