Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 8

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 8
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 and cash equivalents), plus preferred stock       
 and minority interest, less short-term and long-term investments.                                                |
| 3) | Trevi cash and shares pro forma for $4.5M in net proceeds from 2023 ATM Sales Agreement activity between         
 09/30/24 and 10/31/24 and $47M in net proceeds from December 2024 public offering.                               |
| 4) | Vicore cash and shares pro forma for $72.2M rights issuance offering in October 2024 and $9.2M directed          
 share issue in October 2024, converted to USD as of 12/16/24.                                                    |
| 5) | Upstream Bio cash pro forma for $268.7M in net proceeds from October 2024 initial public offering.               |
| 6) | Protara cash and shares pro forma for $94.1M in net proceeds from December 2024 public offering.                 |

<div align='center'>6</div>

For each Tvardi Public Company Comparable
set forth in the table above, Piper Sandler reviewed its current (i) diluted market capitalization, calculated as the aggregate
value of such Tvardi Public Company Comparables outstanding equity securities (determined using the treasury stock method and taking into
account any outstanding in-the-money options, in-the-money warrants, restricted stock units and other potentially dilutive securities),
based on the closing stock price of its common stock as of December 16, 2024, and (ii) implied enterprise value. The implied enterprise
values were calculated as diluted market capitalization, as described in the immediately preceding sentence, plus such Tvardi Public Company
Comparables net debt (equal to the book value of such company’s debt less its cash and cash equivalents), plus its preferred stock
and minority interests, and less its short-term and long-term investments, in each case, as of such company’s most recent reported
quarter-end.

The immediately preceding table also indicates the maximum, 75th percentile, mean, median, 25th percentile and minimum diluted market capitalization and
implied enterprise values of the Tvardi Public Company Comparable Companies, sorted by: Selected Idiopathic Pulmonary Fibrosis Companies, Selected Inflammation and Immunology Companies, Selected Oncology (Solid Tumor) Companies, and All Selected Companies.

For the Selected Public Companies Analysis,
Piper Sandler calculated a range of implied equity values for Tvardi based on