Logo

TVRD

Tvardi Therapeutics, Inc.

TVRD

Tvardi Therapeutics, Inc. • NASDAQ
$4.12 ▲ 2.49% (+0.10)
Market Cap $38.65 M
52w High $43.65
52w Low $3.78
Dividend Yield 0%
P/E -1.83
Volume 74.83K
Outstanding Shares 9.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $5.938M ▼ $-5.527M ▼ 0% $-0.59 ▼ $-5.527M ▲
Q2-2025 $0 ▼ $8.822M ▲ $4.167M ▲ 0% ▲ $0.51 ▲ $-8.822M ▼
Q1-2025 $2.569M ▲ $4.955M ▼ $-4.906M ▲ -190.969% ▲ $-0.52 ▲ $-2.039M ▲
Q4-2024 $1.455M ▼ $7.456M ▼ $-7.679M ▲ -527.766% ▼ $-5.04 ▲ $-5.456M ▲
Q3-2024 $2.556M $8.784M $-12.476M -488.106% $-8.19 $-10.443M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $36.46M ▼ $39.021M ▼ $11.155M ▲ $27.866M ▼
Q2-2025 $40.994M ▲ $43.75M ▲ $10.823M ▼ $32.927M ▲
Q1-2025 $22.31M ▼ $27.809M ▼ $42.931M ▼ $-15.122M ▼
Q4-2024 $37.903M ▼ $43.827M ▼ $48.42M ▼ $-4.593M ▼
Q3-2024 $43.536M $51.329M $50.622M $707K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-506K ▲ $-8.865M ▼ $-20.433M ▼ $22.018M ▲ $-13.569M ▼ $-8.865M ▼
Q1-2025 $-4.906M ▲ $-4.692M ▼ $0 ▼ $1.006M ▲ $-3.686M ▼ $-4.692M ▼
Q4-2024 $-7.679M ▲ $-4.043M ▲ $5M ▲ $-1.615M ▼ $-658K ▲ $-4.043M ▲
Q3-2024 $-12.476M ▲ $-13.984M ▼ $2.5M ▼ $-694K ▼ $-10.678M ▼ $-13.984M ▼
Q2-2024 $-20.016M $-12.437M $15.29M $-610K $2.243M $-12.647M

Five-Year Company Overview

Income Statement

Income Statement Tvardi looks like a classic early‑stage biotech: almost no product revenue and steady research and operating costs that create ongoing losses. Revenue has been tiny and inconsistent, and it does not yet play a meaningful role in funding the business. Losses have persisted over the past several years and ticked up most recently, reflecting the cost of clinical trials, scientific staff, and public-company expenses. The rare profitable year in the history shown is likely driven by one‑off or accounting items rather than a repeatable business model. Overall, the income statement tells the story of a company still firmly in the investment phase, not yet in the commercial phase.

Balance Sheet

Balance Sheet Historically, Tvardi has had a very small asset base, made up mostly of cash and little else, which is typical for a lean clinical‑stage biotech without manufacturing or large physical facilities. Equity has swung from positive to negative and back toward breakeven, showing that cumulative losses have largely absorbed prior capital, and that the balance sheet has been fragile at times. Debt only appears very recently and remains modest in absolute terms, but its presence adds some financial risk on top of the ongoing cash burn. Importantly, the merger with Cara Therapeutics (described in the narrative, even if not yet visible in these historical figures) appears to have strengthened the balance sheet and extended the cash runway into late 2026, which is a meaningful improvement from the very thin historical position.

Cash Flow

Cash Flow Cash flow is what you would expect from a development‑stage biotech: steady cash outflows from operations and no real offsetting inflows from product sales. Operating and free cash flow are both consistently negative, reflecting ongoing spending on R&D, clinical trials, and overhead. Capital spending has been negligible, underscoring that this is an intellectual‑property‑driven business, not a capital‑intensive manufacturer. The company has depended on external funding — now including the Cara merger — to cover its cash needs. The key question going forward is whether the current cash runway is sufficient to reach the major data milestones without needing to raise additional capital under pressure.

Competitive Edge

Competitive Edge Tvardi operates in a very competitive space, but with a differentiated focus. It is targeting STAT3, a protein long viewed as extremely difficult to drug, which creates both scientific upside and execution risk. Many other companies, including large pharmaceutical firms and well‑funded biotechs, are also pursuing STAT3 or related pathways, so the field is crowded and fast‑moving. Tvardi’s advantages include: a first‑in‑class, oral small‑molecule approach; a meaningful head start in understanding this biology; patent protection around its compounds; and regulatory designations (Fast Track and Orphan) for its lead cancer program, which can help with development and potential market access. On the other hand, the company is small relative to major competitors, has experienced at least one high‑profile trial setback in fibrosis, and is heavily reliant on a limited number of programs. Its competitive position is promising but far from guaranteed, and still highly dependent on upcoming clinical data.

Innovation and R&D

Innovation and R&D Innovation is the core of Tvardi’s story. The company is focused on directly inhibiting STAT3 with oral small molecules, aiming at a target often described as a “holy grail” in oncology and fibrosis. Its lead drug, TTI‑101, has shown early signs of activity in certain cancers, especially liver cancer, and benefits from special regulatory designations that recognize unmet medical need. However, the failure of a recent lung‑fibrosis trial highlighted tolerability and efficacy challenges, forcing a strategic pivot away from that indication. In response, Tvardi is advancing a next‑generation drug, TTI‑109, designed to improve gut tolerability while preserving the same biological mechanism. This shows the R&D organization is learning from clinical experience and iterating on its chemistry. The pipeline is still narrow, and the company’s future hinges heavily on the success of these two related candidates, but the scientific rationale is strong and the approach clearly differentiated within the biotech landscape.

Summary

Tvardi is an early‑stage, high‑risk, high‑potential biotech focused on a very ambitious scientific target. Financially, it has the hallmarks of a typical clinical‑stage company: minimal revenue, consistent losses, a historically thin balance sheet, and ongoing cash burn. The merger with Cara Therapeutics appears to have eased immediate funding pressure by extending the cash runway, but the business remains fully dependent on future financing or partnerships until it can successfully bring a drug to market. Competitively, Tvardi holds a meaningful position in the STAT3 space with protected intellectual property, regulatory support for its lead liver cancer program, and a next‑generation follow‑on compound designed to address prior safety issues. At the same time, it faces numerous better‑resourced competitors and substantial clinical uncertainty. The company’s trajectory over the next few years will be shaped largely by mid‑decade trial results in liver cancer and early safety data for its new compound, which together will determine whether its bold scientific thesis can translate into a sustainable business.

NEWS

November 29, 2025 · 8:51 AM UTC

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tvardi Therapeutics

Read more

November 28, 2025 · 11:27 AM UTC

TVRD INVESTOR ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tvardi Therapeutics

Read more

November 26, 2025 · 9:41 AM UTC

DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tvardi Therapeutics

Read more

November 25, 2025 · 8:35 AM UTC

TVRD INVESTOR NOTICE: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tvardi Therapeutics

Read more

November 22, 2025 · 7:48 AM UTC

TVRD SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Tvardi Therapeutics

Read more