Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 780

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 780
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 ​                                                      | 2024 | ​ | ​                               | 2023 | ​ |     ​ | 2024 | ​ |                              ​ | 2023 | ​ |               |   |
| Risk-free interest rate                                |    ​ | ​ | N/A                             |    ​ | ​ | 4.20% |    ​ | ​ |                  4.12% – 4.34% |    ​ | ​ | 3.38% – 4.22% | ​ |
| Expected volatility                                    |    ​ | ​ | N/A                             |    ​ | ​ | 80.8% |    ​ | ​ |                  89.6% – 89.8% |    ​ | ​ | 76.3% – 81.3% | ​ |
| Expected dividend yield                                |    ​ | ​ | N/A                             |    ​ | ​ |    0% |    ​ | ​ |                             0% |    ​ | ​ |            0% | ​ |
| Expected life of employee and Board options (in years) |    ​ | ​ | N/A                             |    ​ | ​ |  6.25 |    ​ | ​ |                           6.25 |    ​ | ​ |          6.25 | ​ |

The weighted-average grant date fair value per share of options granted to employees and non-employee members of the Company’s Board of Directors for their Board service during the three months ended September 30, 2023 was $26.88, and during the nine months ended September 30, 2024 and 2023 was $7.92 and $70.32, respectively. No options were granted to non-employee consultants during the three and nine months ended September 30, 2024 and 2023. During the three and nine months ended September 30, 2024 and 2023, the Company recognized compensation expense relating to stock options as follows:

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 ​ | ​ 
 ​ | Three Months EndedSeptember 30, 
 2024                            |   |       |   | ​ | ​ | 2023 |   |       |   | ​ 
 ​ | ​ 
 ​ | Nine Months EndedSeptember 30, 
 2024                           |   |       |   | ​ | ​ | 2023 |   |       |   | ​ 
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