Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 87

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 87
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 cost of meeting regulatory requirements established by the FDA and other comparable foreign regulatory authorities; |

| ● | whether Tvardi is able to enter into future collaboration agreements and the terms of any such agreements; |

| ● | the ability to achieve and timing of achieving a favorable pricing and reimbursement decision by the pricing authorities in the markets of interest; |

| ● | the cost of filing, prosecuting, defending and enforcing patent claims and other intellectual property rights, including patent infringement actions brought by third parties against Tvardi or its product candidates; |

| ● | the effect of competing technological and market developments; |

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| ● | the cost and timing of completion of commercial-scale outsourced manufacturing activities; and |

| ● | the cost of establishing sales, marketing and distribution capabilities for any product candidates for which Tvardi may receive regulatory approval in regions where it chooses to commercialize its products on its own. |

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Tvardi does not have any committed external source
of funds or other support for its development efforts and cannot be certain that additional funding will be available on acceptable terms,
or at all. Until Tvardi can generate sufficient revenue to finance its cash requirements, which it may never do, it expects to finance
future cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing
arrangements and other marketing or distribution arrangements. If Tvardi raises additional funds through public or private equity offerings,
the terms of these securities may include liquidation or other preferences that adversely affect the rights of its common stockholders.
Further, to the extent that Tvardi raises additional capital through the sale of common stock or securities convertible or exchangeable
into common stock, your ownership interest will be diluted. In addition, any debt financing may subject Tvardi to fixed payment obligations
and covenants limiting or restricting its ability to take specific actions, such as incurring additional debt, making capital expenditures
or declaring dividends. If Tvardi raises additional capital through marketing and distribution arrangements or other collaborations, strategic
alliances or licensing arrangements with third parties, Tvardi may have to relinquish certain valuable intellectual property or other
rights to its product candidates, technologies, future revenue streams or research programs or grant licenses on terms that may not be
favorable to Tvardi. Tvardi also may be required to seek collaborators for any of its product candidates at an earlier stage than otherwise
would be desirable or relinquish its rights to product candidates or technologies that it otherwise would seek