Here are a few analogies for Tvardi Therapeutics (TVRD):

• A young Amgen or Gilead Sciences, but in its early clinical trials stage, striving to develop breakthrough drug therapies for cancer and fibrosis.

• Think of them as a drug discovery startup, similar to an early-stage Moderna, but focused on developing small molecule therapies for cancer and fibrotic diseases instead of mRNA vaccines.

• Tvardi-301 (T301): An investigational oral, small molecule inhibitor targeting the STAT3 pathway, currently in clinical trials for various cancers (including hepatocellular carcinoma and gastrointestinal stromal tumors) and fibrotic diseases (such as idiopathic pulmonary fibrosis).

Tvardi Therapeutics (symbol: TVRD) is a clinical-stage biopharmaceutical company. This means that it is primarily focused on the research, development, and testing of novel drug candidates in clinical trials, rather than on the commercial sale of approved products.

Consequently, Tvardi Therapeutics does not currently have "major customers" in the traditional sense of companies or individuals purchasing its products, as it does not yet have any commercialized drugs on the market.

During its current clinical stage, the company's funding primarily comes from:

• Equity financing (e.g., investments from institutional investors, venture capital firms, or public stock offerings)
• Potential grants for research and development
• Future collaboration or licensing agreements with larger pharmaceutical companies (if such agreements are established, these partners could be considered strategic "customers" or collaborators, but not purchasers of finished products from TVRD today).

Should Tvardi Therapeutics successfully develop and gain regulatory approval for its drug candidates in the future, its ultimate customers would typically include:

1. Hospitals and Healthcare Systems: Institutions that purchase and administer prescription medications to patients.
2. Pharmacies and Pharmaceutical Distributors: Entities responsible for dispensing and distributing approved drugs to patients and healthcare providers.
3. Patients (indirectly through prescribers and payers): While patients do not directly purchase drugs from the manufacturer, they are the ultimate beneficiaries, with physicians prescribing the medications and insurance companies or government programs often covering the cost.

Tvardi Therapeutics (symbol: TVRD), a clinical-stage biopharmaceutical company, has several expected drivers of future revenue growth over the next 2-3 years, primarily centered around the advancement and potential commercialization of its pipeline assets targeting STAT3 inhibition:

1. Successful Clinical Advancement and Potential Commercialization of TTI-101 for Hepatocellular Carcinoma (HCC): Tvardi's lead clinical program, TTI-101, is undergoing Phase 2 trials for hepatocellular carcinoma. Topline data from the REVERT Liver Cancer trial is anticipated in the first half of 2026. Positive results from this trial could unlock a significant market opportunity and drive future revenue.
2. Overcoming Challenges and Demonstrating Efficacy for TTI-101 in Idiopathic Pulmonary Fibrosis (IPF): TTI-101 is also in Phase 2 clinical trials for idiopathic pulmonary fibrosis. While preliminary Phase 2 REVERT trial results for TTI-101 in IPF have been disappointing, leading to analyst downgrades, future revenue growth in this indication is contingent upon overcoming current challenges and demonstrating improved efficacy and safety in subsequent data readouts or future trials. Topline data from the Phase 2 REVERT trial was initially expected in the fourth quarter of 2025.
3. Progression and Positive Clinical Outcomes for the Next-Generation STAT3 Inhibitor, TTI-109: Tvardi's pipeline includes TTI-109, a next-generation STAT3 inhibitor. An Investigational New Drug (IND) application for TTI-109 was submitted in June 2025. Data from healthy volunteer studies for this program are expected in the first half of 2026, which could potentially establish an improved tolerability profile and expand the company's therapeutic offerings for fibrotic disorders.
4. Expansion into New Indications Based on the STAT3 Inhibition Platform: The company's focus on STAT3 inhibitors, such as TTI-101 and TTI-109, targets a critical molecule involved in the initiation and progression of cancer and fibrosis. Successful development in one indication could pave the way for exploring and developing these therapies for other fibrosis-driven diseases or various cancer types, thereby significantly broadening the market opportunity and driving future revenue streams.

Capital Allocation Decisions (Last 3-5 Years) for Tvardi Therapeutics (TVRD)

Share Issuance

• In April 2025, Tvardi Therapeutics completed a private placement financing, raising approximately $28 million from new and existing institutional investors, concurrent with its merger with Cara Therapeutics.
• Prior to the merger in April 2025, Cara Therapeutics executed a 1-for-3 reverse stock split of its outstanding common stock.

Inbound Investments

• In June 2021, Tvardi Therapeutics closed a $74 million Series B financing round, with new investors including Slate Path Capital, Palkon Capital, ArrowMark Partners, and 683 Capital, along with existing backers.
• In April 2025, the company completed a private placement financing of approximately $28 million from a syndicate of new and existing institutional investors.
• Collaborators have received approximately $25 million in grant funding to date from entities such as the National Cancer Institute and the National Institutes of Health to support the development and clinical trials of Tvardi's lead compound, TTI-101.

Capital Expenditures

• For the three months ended June 2025, Tvardi Therapeutics reported capital expenditures of $0.00 million.
• Following its April 2025 merger, Tvardi Therapeutics expects to have sufficient cash to cover its operating expenses and capital expenditure requirements into the second half of 2026, supporting planned Phase 2 data readouts.