Company: TVRD
Filing Date: 2025-10-07
Form Type: S-1/A
Source: 0001104659-25-097519
Chunk: 357

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-07
Form: S-1/A
Chunk 357
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ired in July 2025, 90 days after the Merger closed. |

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during each of the three and six months ended June 30, 2025 was$ 0.1million. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 was less than$ 0.1million. There werenoexercises of stock options during the three months ended June 30, 2024.

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands):

| ​                              
 ​                              | ​ 
 ​ | ​    
 ​    
 2025 |                                   ​ 
 For the Three Months Ended June 30, | ​ | ​    
 2024 |  ​ | ​ | ​    
 ​    
 2025 |                                 ​ 
 For the Six Months Ended June 30, | ​ | ​    
 2024 |   ​ |
|:-------------------------------|:--|:-----|------------------------------------:|:--|:-----|---:|:--|:-----|----------------------------------:|:--|:-----|----:|
| Research and development       | ​ | $    |                                 147 | ​ | $    | 28 | ​ | $    |                               176 | ​ | $    |  57 |
| General and administrative     | ​ |      |                                 480 | ​ |      | 51 | ​ |      |                               531 | ​ |      | 103 |
| Total stock-based compensation | ​ | $    |                                 627 | ​ | $    | 79 | ​ | $    |                               707 | ​ | $    | 160 |

As of June 30, 2025, there was$ 4.6million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period ofyears.

11. Income Taxes For the three and six months ended June 30, 2025 and 2024, there was no current or deferred income tax expense or benefit due to the Company’s current year losses and full valuation allowance. As of June 30,