TVRD · Tvardi Therapeutics, Inc.

Tvardi Therapeutics reported improved financial results for the fourth quarter and full year 2025, with net loss decreasing to $7.3 million from $12.7 million in the comparable 2024 quarter and to $18.2 million from $29.4 million for the full year. The reduction in net loss was driven primarily by declining research and development expenses, which decreased to $5.5 million in Q4 2025 from $8.6 million in Q4 2024, and to $18.0 million for the full year from $23.7 million in 2024. Management attributed the R&D expense decrease to declining clinical costs associated with TTI-101, partially offset by increased developmental costs for next-generation candidate TTI-109. General and administrative expenses increased to $8.7 million for the full year 2025 from $4.5 million in 2024, primarily due to professional fees related to the merger with Cara Therapeutics and subsequent public company filings. The company ended 2025 with $30.8 million in cash, cash equivalents, and short-term investments, compared to $31.6 million at the end of 2024, and anticipates this cash runway will fund operations through clinical readouts and into the fourth quarter of 2026. CEO Imran Alibhai highlighted two significant upcoming clinical milestones: topline data from the healthy volunteer study of TTI-109 in Q2 2026, and topline results from the Phase 2 trial of TTI-101 in hepatocellular carcinoma in H2 2026. The company also noted additional analysis from the REVERT IPF Phase 2 trial showed TTI-101 was associated with a 9.4% baseline-weighted reduction in fibrosis score compared to 2.4% for placebo, and a 4.5-fold greater decline in IL-6, consistent with preclinical data demonstrating reductions in established fibrosis and inflammatory signaling.