Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 482

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 482
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 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (amounts in thousands, except share and per share data) (unaudited)

Restricted Stock Units

Under the 2014 Plan, there were restricted stock units granted during each of the three months ended March 31, 2025 and 2024. restricted stock units were granted under the 2019 Inducement Plan during the three months ended March 31, 2025 and 2024.

As of March 31, 2025, Cara’s restricted stock units consisted of time-based restricted stock units. All performance-based restricted stock units either vested or were forfeited in 2024. For time-based restricted stock units, Cara recognized compensation expense associated with these restricted stock units ratably over the award’s vesting period following the grant date. For performance-based restricted stock units, vesting was contingent on the achievement of certain performance targets, subject to the recipient’s continuous service through each performance target. Recognition of compensation expense associated with these performance-based awards began when, and to the extent, the performance criteria were probable of achievement and the employee had met the service conditions.

During the three months ended March 31, 2025 and 2024, Cara recognized compensation expense relating to restricted stock units as follows:

| ​                                   | ​ |                  ​ |   ​ | ​ | ​ |     ​ |
| ​                                   | ​ | Three Months Ended |     |   |   |       |
| ​                                   | ​ |          March 31, |     |   |   |       |
| ​                                   |   |               2025 |     | ​ | ​ |  2024 |
| Research and development            |   |                  $ |   — | ​ | $ |   255 |
| General and administrative          | ​ |                  ​ | 326 | ​ | ​ | 1,357 |
| Total restricted stock unit expense |   |                  $ | 326 | ​ | $ | 1,612 |

A summary of restricted stock unit activity related to employees and non-employee members of Cara’s Board of Directors as of and for the three months ended March 31, 2025 is presented below:

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 Number of 
     Units | ​ 
 ​ 
 ​ | ​               
 Weighted        
 Average Grant   
 Date Fair Value |      ​ |
|:-------------------------------------------------------------------------|:--