T
Tvardi Therapeutics, Inc.
TVRDCIK 0001346830NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-18.20M
Total Assets
$32.07M
Equity
$20.95M
Shares Out
9.38M
Op. Cash Flow
$-23.50M
Business
Tvardi Therapeutics, Inc. is a biopharmaceutical company focused on therapies for chronic pruritus centered on the difelikefalin program and related assets described in the Item 1 disclosure. Its principal product offerings include the IV formulation of difelikefalin marketed as KORSUVA/Kapruvia for moderate-to-severe pruritus in hemodialysis patients and development work on oral formulations (oral NP program was discontinued). The company operates through licensing, collaboration and royalty monetization arrangements, manufacturing and supply agreements, and strategic transactions. It distributes and commercializes products worldwide via partners and channels in the United States, the European Union, Japan, South Korea and other international markets through wholesalers, dialysis clinics and sublicensing partners.
Summary from filing dated 2025-03-11
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 18 | 24 | 109 | 92 | 83 | |
| General and administrative | 9 | 4 | 28 | 30 | 29 | |
| Total operating expenses | 27 | 28 | 142 | 129 | 112 | |
| Loss from operations | −27 | −28 | −121 | −88 | −89 | |
| Interest income | 1 | 747,000 | — | — | — | |
| Other income (expense), net | 7 | −2 | 4 | 2 | 642,000 | |
| Net loss | −18 | −29 | −119 | −85 | −88 | |
| Net loss per share attributable to common stockholders, Basic (in dollars per share) | −2.46 | −11.42 | −26.26 | −19.12 | −1.74 | |
| Net loss per share attributable to common stockholders, Diluted (in dollars per share) | −3.26 | −11.42 | −26.26 | −19.12 | −1.74 | |
| Weighted-average common shares outstanding, Basic (in shares) | 7 | 3 | 5 | 4 | 51 | |
| Weighted-average common shares outstanding, Diluted (in shares) | 8 | 3 | 5 | 4 | 51 | |
| Unrealized gain on short-term investments | 8,000 | — | — | — | — | |
| Comprehensive loss | −18 | −29 | −117 | −87 | −89 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 21 | 32 | 52 | 64 | 13 | |
| Short-term investments | 10 | — | — | — | — | |
| Prepaid expenses and other current assets | 727,000 | 72,000 | — | — | — | |
| Total current assets | 32 | 32 | 116 | 169 | 173 | |
| Property and equipment, net | 52,000 | 84,000 | 3 | 426,000 | 631,000 | |
| Intangible assets, net | 322,000 | 385,000 | — | — | — | |
| Operating lease right-of-use assets | 144,000 | 216,000 | 5 | 2 | 3 | |
| Deferred offering costs | — | 3 | — | — | — | |
| Other non-current assets | 17,000 | 17,000 | — | — | — | |
| Total assets | 32 | 35 | 126 | 182 | 247 | |
| Accounts payable | 3 | 2 | — | — | — | |
| Accrued expenses | 8 | 8 | — | — | — | |
| Operating lease liabilities, current portion | 116,000 | 103,000 | — | 2 | 2 | |
| Total current liabilities | 11 | 10 | 26 | 23 | 18 | |
| Operating lease liabilities, net of current portion | 85,000 | 201,000 | 6 | — | 2 | |
| Convertible Notes | — | 30 | — | — | — | |
| Total liabilities | 11 | 41 | 69 | 23 | — | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Redeemable convertible preferred stock (Series A, B), $0.001 par value; 0 shares and 29,723,540 shares authorized as of December 31, 2025 and 2024, respectively; 0 shares and 3,963,910 shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $0 and $85,902 as of December 31, 2025 and 2024, respectively | — | 86 | 86 | — | — | |
| Common stock, $0.001 par value; 150,000,000 shares and 58,251,629 shares authorized as of December 31, 2025 and 2024, respectively; 9,381,344, and 2,574,767 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 9,000 | 2,000 | 5,000 | 53,000 | 53,000 | |
| Additional paid-in capital | 131 | 1 | — | — | — | |
| Accumulated other comprehensive income | 8,000 | — | −260,000 | −2 | −358,000 | |
| Accumulated deficit | −111 | −92 | −685 | −566 | −481 | |
| Total stockholders' equity (deficit) | 21 | −91 | −62 | 159 | 228 | |
| Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) | 32 | 35 | 126 | 182 | 247 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −18 | −29 | −119 | −85 | −88 | |
| Depreciation and amortization expense | 95,000 | 95,000 | 259,000 | 248,000 | 248,000 | |
| Stock-based compensation expense | 1 | 319,000 | 14 | 18 | 21 | |
| Change in fair value of Convertible Notes | −8 | 2 | — | — | — | |
| Non-cash lease expense | 72,000 | 76,000 | — | — | — | |
| Accretion of net discounts on short-term investments | −200,000 | −543,000 | −400,000 | 264,000 | 861,000 | |
| Interest accrued on Convertible Notes | 651,000 | 154,000 | — | — | — | |
| Prepaid expenses and other assets | −308,000 | 3 | — | — | — | |
| Accounts payable and accrued expenses | 919,000 | 6 | 3 | 6 | −1 | |
| Operating lease liabilities | −103,000 | −93,000 | −2 | −2 | −2 | |
| Net cash used in operating activities | −24 | −18 | −92 | −79 | −60 | |
| Purchases of short-term investments | −31 | — | — | — | — | |
| Maturities of short-term investments | 21 | — | — | — | — | |
| Net cash used in investing activities | −10 | 49 | 43 | 129 | −5 | |
| Cash acquired in connection with the Merger | 25 | — | — | — | — | |
| Payments for Merger transaction costs | −3 | −1 | — | — | — | |
| Proceeds from Convertible Notes | — | 28 | — | — | — | |
| Proceeds from exercise of stock options | 532,000 | 5,000 | 560,000 | 311,000 | 2 | |
| Net cash provided by financing activities | 23 | 27 | 38 | 311,000 | 47 | |
| Net (decrease) increase in cash and cash equivalents | −11 | 9 | — | — | — | |
| Merger transaction costs included in accounts payable and accrued expenses | — | 2 | — | — | — | |
| Conversion of redeemable convertible preferred stock to common stock | 86 | — | — | — | — | |
| Conversion of Convertible Notes to common stock | 23 | — | — | — | — |
Filings
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