Tvardi Therapeutics, Inc.
Business
Tvardi Therapeutics is a clinical-stage biopharmaceutical company developing oral, small-molecule STAT3 inhibitors to treat inflammatory and proliferative diseases. The company's pipeline includes TTI-101, a first-generation direct STAT3 inhibitor in Phase 1b/2 development for hepatocellular carcinoma, and TTI-109, a phosphate prodrug of TTI-101 in Phase 1 development. Tvardi's approach targets the STAT3 transcription factor, which is believed to drive disease pathogenesis across fibrosis, inflammation, and oncology indications. The company intends to independently commercialize approved products in the United States and selected geographies, with potential partnerships in other markets.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Tvardi Therapeutics, Inc.'s CIK number?
Tvardi Therapeutics, Inc.'s SEC CIK number is 0001346830 (1346830). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Tvardi Therapeutics, Inc.'s SEC filings?
All of Tvardi Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Tvardi Therapeutics, Inc. last report earnings?
Tvardi Therapeutics, Inc. (TVRD) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-057524). This is Tvardi Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Tvardi Therapeutics, Inc.'s most recent earnings 8-K?
Tvardi Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001104659-26-057524. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Tvardi Therapeutics, Inc.'s latest earnings 8-K →
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