Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 177

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 177
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 in its system of internal financial and accounting controls and procedures that could result in a material misstatement of
its financial statements. Tvardi’s internal control over financial reporting will not prevent or detect all errors and all fraud.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s
objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance
that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

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If Tvardi is not able to comply with the requirements
of Section 404 of the Sarbanes-Oxley Act, or if it is unable to maintain proper and effective internal controls, Tvardi may not be able
to produce timely and accurate financial statements. If that were to happen, the market price of its common stock could decline and it
could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.

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If Tvardi fails to attract and retain management and other key personnel, it may be unable to continue to successfully develop or commercialize its product candidates or otherwise implement its business plan.

Tvardi’s ability to compete in the highly
competitive pharmaceuticals industry depends on its ability to attract and retain highly qualified managerial, scientific, medical, legal,
sales and marketing and other personnel. Tvardi is highly dependent on its management and scientific personnel. The loss of the services
of any of these individuals could impede, delay, or prevent the successful development of Tvardi’s product pipeline, completion
of its planned clinical trials, commercialization of its product candidates or in-licensing or acquisition of new assets and could impact
negatively its ability to implement successfully its business plan. If Tvardi loses the services of any of these individuals, it might
not be able to find suitable replacements on a timely basis or at all, and its business could be harmed as a result. Tvardi might not
be able to attract or retain qualified management and other key personnel in the future due to the intense competition for qualified personnel
among biotechnology, pharmaceutical and other businesses.

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Tvardi is expected to take advantage of reduced disclosure and governance requirements applicable to smaller reporting companies, which could result in its common stock being less attractive to investors.

Tvardi had a public float of less than $250 million
as of June 30, 2025 and