Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 798

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 798
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        — | ​ | ​ | ​ | ​                                          | ​ |  1,412 | ​ | ​ | ​ | ​                        | ​ |    1,412 | ​ | ​ |
| Balance at December 31, 2023                                                            | ​            | ​ | ​ | ​ | 4,540,059 | ​ | ​      | ​ | ​ | $ | 5 | ​ | ​ | ​ | ​                        | $ | 742,085 | ​ | ​ | ​ | ​                  | $ | -684,745 | ​ | ​ | ​ | ​                                          | $ |   -260 | ​ | ​ | ​ | ​                        | $ |   57,085 | ​ | ​ |

See Notes to Consolidated Financial Statements. F-39

TABLE OF CONTENTS

CARA THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

| ​                                                                                                                           
 ​                                                                                                                           | ​ 
 ​ | ​ 
 ​ | Year Ended December 31, 
 2023                    |   |          |   | ​ | ​ | 2022 |   |         |   | ​ | ​ | 2021 |   |          |   | ​ 
 ​ |
|:----------------------------------------------------------------------------------------------------------------------------|:--|:--|:------------------------|:--|---------:|:--|:--|:--|:-----|:--|--------:|:--|:--|:--|:-----|:--|---------:|:--|:--|
| Operating activities                                                                                                        | ​ | ​ | ​                       | ​ |        ​ | ​ | ​ | ​ | ​    | ​ |       ​ | ​ | ​ | ​ | ​    | ​ |        ​ | ​ | ​ |
| Net loss                                                                                                                    | ​ | ​ | ​                       | $ | -118,513 | ​ | ​ | ​ | ​    | $ | -85,474 | ​ | ​ | ​ | ​    | $ |  -88,441 | ​ | ​ |
| Adjustments to reconcile net loss to net cash used in operating activities:                                                 | ​ | ​ | ​                       | ​ |        ​ | ​ | ​ | ​ | ​    | ​ |       ​ | ​ | ​ | ​ | ​    | ​ |        ​ | ​ | ​ |
| Stock-based compensation expense                                                                                            | ​ | ​ | ​                       | ​ |   13,