Tvardi Therapeutics Inc 2026年季度报告

(MarkOne)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934COMMISSION FILE NUMBER 001-36279 TVARDI THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code: (713)489-8654 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).☒Yes☐No. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “acceleratedfiler”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Largeacceleratedfiler☐AcceleratedfilerNon-accelerated filer☒Smallerreportingcompany☒Emerginggrowthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).☐Yes☒No. The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, as of May 5, 2026 was:9,381,344. TVARDI THERAPEUTICS, INC. INDEX TO FORM 10-QFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 Part IFinancial Information3Item1.Financial Statements (Unaudited):3Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31,20253Condensed Consolidated Statements of Operations and Comprehensive Loss for theThree Months Ended March 31, 2026 and 20254Condensed Consolidated Statements of Redeemable Convertible Preferred Stockand Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2026 and20255Condensed Consolidated Statements of Cash Flows for the Three Months EndedMarch 31, 2026 and 20256Notes to Condensed Consolidated Financial Statements7Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations20Item3.Quantitative and Qualitative Disclosures about Market Risk32Item4.Controls and Procedures33Part IIOther Information35Item1.Legal Proceedings35Item1A.Risk Factors35Item2.Unregistered Sales of Equity Securities and Use of Proceeds35Item3.Defaults Upon Senior Securities35Item4.Mine Safety Disclosures35Item5.Other Information35Item6.Exhibits35Signatures38 PART I —FINANCIAL INFORMATION Item 1. Financial Statements TVARDI THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited, amounts in thousands, except share and per share amounts) As of March31,As ofDecember31,20262025AssetsCurrent assets:Cash and cash equivalents$19,851$20,734Short-term investments5,13010,077Prepaid expenses and other current assets345727Total current assets25,32631,538Property and equipment, net4452Intangible assets, net306322Operating lease right-of-use assets124144Other non-current assets1717Total assets$25,817$32,073 TVARDI THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited, amounts in thousands, except share and per share amounts) TVARDI THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERREDSTOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)(Unaudited, amounts in thousands, except share amounts) TVARDI THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, amounts in thousands) The accompanying notes are an integral part of these condensed consolidated financial statements. TVARDI THERAPEUTICS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 1.Nature of the Business and Basis of Presentation Tvardi Therapeutics,Inc. and its subsidiaries (Tvardi or the Company) is a Delaware corporationheadquartered in Houston, Texas. The Company is a clinical-stage biopharmaceutical company focused onthe development of novel, oral, small molecule therapies targeting STAT3 to treat inflammatory andproliferative diseases with significant unmet need. Based upon its founders’ seminal work and deepunderstanding of the transcription factor STAT3, the Company has designed an innovative approach todirectly inhibit STAT3, a highly validated, yet historically undru