# EDGAR Filing Document

**Accession Number:** 0001559706
**File Stem:** 0000902664-25-003656
**Filing Date:** 2025-8
**Character Count:** 17200
**Document Hash:** 2b12071cf4d363ae347ec3c163c51439
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-25-003656.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000902664-25-003656

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tvardi Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001346830
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87880
- **FILM NUMBER:** 251219331

**BUSINESS ADDRESS:**
- **STREET 1:** 3 SUGAR CREEK CTR. BLVD.
- **STREET 2:** STE 525
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478
- **BUSINESS PHONE:** (713) 489-8654

**MAIL ADDRESS:**
- **STREET 1:** 3 SUGAR CREEK CTR. BLVD.
- **STREET 2:** STE 525
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cara Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20100721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cara Therapeutics Inc
- **DATE OF NAME CHANGE:** 20051213
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Slate Path Capital LP
- **CENTRAL INDEX KEY:** 0001559706

**ORGANIZATION NAME:**
- **EIN:** 800807580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 717 5TH AVENUE
- **STREET 2:** 16TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-257-4330

**MAIL ADDRESS:**
- **STREET 1:** 717 5TH AVENUE
- **STREET 2:** 16TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Exhibit 99.1

**EXHIBIT 99.1**

**JOINT ACQUISITION STATEMENT<br> PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

DATED: August 14, 2025

---

| | |
|:---|:---|
| **SLATE PATH CAPITAL LP** | **SLATE PATH CAPITAL LP** |
| By: Jades GP, LLC, its General Partner | By: Jades GP, LLC, its General Partner |
| By: | /s/ Thomas Hansen |
| Name: | Thomas Hansen |
| Title: | Chief Financial Officer and Chief Operating Officer |
| /s/ Jim Feeney as Attorney-In-Fact\* | /s/ Jim Feeney as Attorney-In-Fact\* |
| **DAVID GREENSPAN** | **DAVID GREENSPAN** |

---

\* Pursuant to a Power of Attorney, dated as of July 31, 2020, attached hereto as Exhibit 99.2.

## Exhibit 99.2

**EXHIBIT 99.2**

**POWER OF ATTORNEY**

Know all by these presents, that the undersigned hereby constitutes and appoints Jim Feeney, with full power of substitution, the undersigned's true and lawful attorney-in-fact to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prepare, execute in the undersigned's name and on the undersigned's
behalf, and submit to the U.S. Securities and Exchange Commission (the " <u>SEC</u> ") a Form ID, including amendments thereto,
and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with
the SEC of reports required by Section 13(d) and/or Section 16(a) of the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> ") or any rule or regulation of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) execute for and on behalf of the undersigned, Schedule 13D or Schedule
13G (including amendments thereto) in accordance with Section 13(d) of the Exchange Act and the rules thereunder and/or Forms 3,
4,or 5 (including amendments thereto) in accordance with Section 16(a) of the Exchange Act of the Exchange Act and the rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) do and perform any and all acts for and on behalf of the undersigned
which may be necessary or desirable to complete and execute any such Schedule 13G, Schedule 13D Form 3, 4 or 5 complete and execute
any amendment or amendments thereto, and timely file such form with the SEC and any stock exchange or similar authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned,
it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 13 and/or Section 16 of the Securities Exchange Act of 1934.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Schedules 13G, Schedules 13D, Forms 3, 4, and 5 with respect to the holdings of, and transactions in, securities beneficially owned by the undersigned, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 31st day of July, 2020.

---

| |
|:---|
| /s/ David Greenspan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Greenspan |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Tvardi Therapeutics, Inc.

**Title of Class of Securities:** Common stock, par value $0.001 per share

**CUSIP Number:** 140755307

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Slate Path Capital LP | Names of Reporting Persons<br>Slate Path Capital LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>704118.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>704118.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>704118.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>704118.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.5% | Percent of Class Represented by Amount in Row (9)<br>7.5% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

---

| 1. | Names of Reporting Persons<br>David Greenspan | Names of Reporting Persons<br>David Greenspan |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>704118.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>704118.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>704118.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>704118.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.5% | Percent of Class Represented by Amount in Row (9)<br>7.5% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

**Item 1(a). Name of Issuer:**
Tvardi Therapeutics, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
3 Sugar Creek Ctr. Blvd., Suite 525, Sugar Land, TX 77478

**Item 2(a). Name of Person Filing:**
This statement is filed by:

(i) Slate Path Capital LP (the "Investment Manager"), a Delaware limited partnership and the investment manager of Slate Path Master Fund LP (the "Master Fund"), a Cayman Islands exempted limited partnership, and SPB Master Fund LP, a Cayman Islands exempted limited partnership (the "SPB Master Fund", and, together with the Master Fund, the "Slate Path Funds"), with respect to the shares of common stock, par value $0.001 per share (the "Common Stock") of Tvardi Therapeutics, Inc. (the "Company"), directly held by the Slate Path Funds; and

(ii) David Greenspan ("Mr. Greenspan"), the managing partner of Jades GP, LLC, a Delaware limited liability company and the general partner of the Investment Manager, with respect to the shares of Common Stock directly held by the Slate Path Funds.

The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons".

The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities and Exchange Act of 1934, the beneficial owner of the securities reported herein.

**Item 2(b). Address of Principal Business Office:**
The address of the business office of each of the Reporting Persons is 717 Fifth Avenue, 16th Floor, New York, NY 10022.

**Item 2(c). Citizenship:**
The Investment Manager is a Delaware limited partnership. Mr. Greenspan is a citizen of the United States.

**Item 2(d). Title of Class of Securities:**
Common stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
140755307

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 9,360,904 shares of Common Stock outstanding as of May 8, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 13, 2025.

**(b) Percent of class:**

7.5%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

**(ii) Shared power to vote or to direct the vote:**

The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

See Item 2(a). The Slate Path Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein. The Master Fund has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the shares of Common Stock.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Slate Path Capital LP**

**Date:** 08/14/2025

**By:** /s/ Thomas Hansen

**Name & Title:** By: Jades GP, LLC, General Partner, By: Thomas Hansen, Chief Financial Officer and Chief Operating Officer

**David Greenspan**

**Date:** 08/14/2025

**By:** /s/ Jim Feeney

**Name & Title:** Jim Feeney, Attorney-In-Fact*