TVRD · Tvardi Therapeutics, Inc.

Tvardi Therapeutics’ Q1 2026 financial results reflect a strategic pivot in R&D investment: while net loss improved year-over-year from $9.6 million to $6.8 million, the $4.9 million in R&D expenses—up 58% YoY—was driven primarily by increased spending on the next-generation STAT3 inhibitor TTI-109, partly offset by reduced clinical costs for TTI-101. This shift underscores management’s prioritization of TTI-109’s development, with topline healthy volunteer data and a formal clinical development strategy anticipated in June 2026—a high-impact inflection point. Concurrently, TTI-101 remains on track for Phase 1b/2 HCC topline results in 2H 2026, supported by encouraging prior IPF data showing statistically differentiated antifibrotic and anti-inflammatory effects versus placebo. The $25.0 million in total cash and short-term investments as of March 31, 2026—down from $30.8 million at year-end—provides runway through upcoming clinical readouts and into Q4 2026, aligning with management’s stated capital planning. Importantly, the improved EPS of $(0.73) versus $(3.72) in Q1 2025 reflects both lower absolute loss and a significantly expanded share count (9.38M vs 2.58M weighted-average shares), diluting per-share impact but signaling execution against a larger operational scale. No forward revenue or profitability guidance was provided; the company’s near-term value drivers remain entirely clinical and cash-constrained, making June and 2H 2026 catalysts critical for investor assessment of pipeline viability and capital efficiency.