Tvardi Therapeutics, Inc.

For the period ended Dec 31, 2025. Filed Mar 31, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 31, 2026

TVRD$1.41+47.2%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)


· · As of December 31,
· · 2025 · · 2024
Assets
Current assets: · · · · ·
Cash and cash equivalents	$20,734	$31,614
Short-term investments	10,077	—
Prepaid expenses and other current assets	727	72
Total current assets	31,538	31,686
Property and equipment, net	52	84
Intangible assets, net	322	385
Operating lease right-of-use assets	144	216
Deferred offering costs	—	2,811
Other non-current assets	17	17
Total assets	$32,073	$35,199

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$3,219	2,186
Accrued expenses	7,707	8,078
Operating lease liabilities, current portion	116	103
Total current liabilities	11,042	10,367
Operating lease liabilities, net of current portion	85	201
Convertible Notes	—	30,259
Total liabilities	11,127	40,827

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	—	85,503

Stockholders’ Equity (Deficit):
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	2
Additional paid-in capital	131,379	1,103
Accumulated other comprehensive income	8	—
Accumulated deficit	(110,450)	(92,236)
Total stockholders’ equity (deficit)	20,946	(91,131)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	$32,073	$35,199

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.