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Tvardi Therapeutics Inc (NASDAQ: TVRD) is a clinical-stage biopharmaceutical company headquartered in Houston, Texas. Founded in 2017, it develops oral small-molecule therapies that selectively inhibit STAT3, which is implicated in fibrosis-driven diseases and certain cancers. Its lead candidate, TTI-101, has received orphan drug designation for idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC), along with Fast Track status for HCC.
Corporate Structure
Tvardi is a public company with a workforce of 2 to 10 employees, led by a management team experienced in biotechnology and finance.
• Imran Alibhai, Ph.D., Chief Executive Officer, has held senior roles in biotech investment and oncolytic virus development.
• Dan Conn, J.D., M.B.A., Chief Financial Officer, has experience from Morgan Stanley, PJ Solomon, and major asset management firms.
• John Kauh, M.D., Chief Medical Officer, is a board-certified oncologist with experience in US and EU regulatory submissions.
• Jeff Larson, Ph.D., DABT, Senior Vice President of R&D, is a board-certified toxicologist with over 25 years in drug development.
STAT3 inhibitor by Mufid Majnun
Recent Developments and News
On April 15, 2025, Tvardi completed its merger with Cara Therapeutics, resulting in a Nasdaq Capital Market listing under the ticker TVRD beginning April 16, 2025. Concurrently, the company completed a private placement financing of $28 million. Following a 1-for-3 reverse stock split, approximately 9.4 million shares were outstanding, with pre-merger Tvardi investors representing 84.6% on a fully diluted basis.
Tvardi anticipates reporting top-line data from its Phase 2 REVERT IPF trial (NCT05671835) in the fourth quarter of 2025 and from its Phase 2 HCC program (NCT05440708) in the first half of 2026. The pipeline also includes TTI-109, a second-generation STAT3 inhibitor that has completed IND-enabling studies.
On August 14, 2025, the company filed Form 8-K to disclose material events, and on October 7, 2025, it submitted an S-1/A amendment to register additional securities, indicating plans for future fundraising. A Schedule 13G filed on August 14, 2025, indicated that Slate Path Capital LP and managing partner David Greenspan held beneficial ownership of 704,118 shares (7.5% of the class) as of June 30, 2025.
Financial and Strategic Analysis
As of October 13, 2025, Tvardi’s share price was $6.46, reflecting a decline of 84.47% over the preceding year, based on a trading volume of 426,592 shares. According to Yahoo Finance, the company’s market capitalization was approximately $350 million, with total cash of $41 million and a debt-to-equity ratio of 0.77. The cash from the April 2025 financing and the merger with Cara is expected to fund operations through the second half of 2026.
Strategically, Tvardi focuses on STAT3 inhibition to meet significant unmet medical needs in fibrotic and oncology indications. The orphan drug and Fast Track designations provide regulatory advantages, while the expanding pipeline of small molecules may present future value inflection points related to clinical data readouts.
Market Position and Industry Context
Tvardi operates within the biotechnology research sector, specifically targeting fibrosis-driven diseases where treatment options are limited. STAT3 is a significant target due to its role in fibrotic signaling and cancer cell survival. In 2021, Fierce Biotech recognized Tvardi among its Fierce 15 companies, indicating its potential in small-molecule innovation. The competitive landscape includes other STAT3 inhibitors in early development, along with a broader array of anti-fibrotic and oncology therapeutics.
tl;dr
Tvardi completed its merger with Cara Therapeutics on April 15, 2025, and began trading as TVRD on April 16, 2025. A $28 million private placement, in conjunction with existing cash, is expected to fund operations into the second half of 2026. The company expects Phase 2 data readouts in IPF (Q4 2025) and HCC (H1 2026). As of October 13, 2025, shares trade at $6.46, reflecting an 84.47% decline over the past year. Future milestones are tied to clinical data and financial activities.
