Tvardi Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
View on SEC.govAbout 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.
See the whole filing, with its images and exhibitsContents
Table of Contents
TVARDI THERAP****EUTICS, INC.
2025 ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
| TABLE OF CONTENTS | | | |
|---|---|---|---|
| · · PAGE | |||
| | | | |
| | PART I | | |
| | | | |
| Item 1. | Business. | | 8 |
| | | | |
| Item 1A. | Risk Factors. | | 46 |
| | | | |
| Item 1B. | Unresolved Staff Comments. | | 108 |
| | | | |
| Item 1C. | Cybersecurity. | | 108 |
| | | | |
| Item 2. | Properties. | | 109 |
| | | | |
| Item 3. | Legal Proceedings. | | 109 |
| | | | |
| Item 4. | Mine Safety Disclosures. | | 110 |
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| | PART II | | |
| | | | |
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | | 110 |
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| Item 6. | [Reserved] | | 110 |
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| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | | 111 |
| | | | |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. | | 127 |
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| Item 8. | Financial Statements and Supplementary Data. | | 128 |
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| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | | 158 |
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| Item 9A. | Controls and Procedures. | | 158 |
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| Item 9B. | Other Information. | | 159 |
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| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | | 159 |
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| | PART III | | |
| | | | |
| Item 10. | Directors, Executive Officers and Corporate Governance. | | 159 |
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| Item 11. | Executive Compensation. | | 160 |
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| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | | 160 |
| | | | |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. | | 160 |
| | | | |
| Item 14. | Principal Accountant Fees and Services. | | 160 |
| | | | |
| | PART IV | | |
| | | | |
| Item 15. | Exhibits and Financial Statement Schedules. | | 161 |
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