Tvardi Therapeutics, Inc. (TVRD) is a clinical-stage biopharmaceutical company focused on oral small molecule therapies targeting STAT3 for inflammatory and proliferative diseases. The company completed a merger with Cara Therapeutics, Inc. on April 15, 2025, acquiring approximately $23.9 million in net assets. Net loss for the year ended December 31, 2025, was $18.2 million, an improvement from $29.4 million in 2024. As of December 31, 2025, the accumulated deficit was $110.5 million, and cash and cash equivalents totaled $20.7 million, with $10.1 million in short-term investments. Management has concluded that there is substantial doubt about the company's ability to continue as a going concern, necessitating additional funding. The Phase 2 clinical trial of TTI-101 in idiopathic pulmonary fibrosis (IPF) did not meet its goals, as reported in October 2025. A post-hoc exploratory analysis of the IPF trial, excluding certain patients, showed TTI-101 treatment led to greater reductions in fibrosis score (9.4% vs. 2.4% for placebo) and a 4.5-fold greater decline in IL-6 compared to placebo. The REVERT LIVER CANCER Phase 1b/2 clinical trial for TTI-101 in hepatocellular carcinoma (HCC) had its anticipated data readout extended from the first half of 2026 to the second half of 2026 to allow data to mature and optimize dosing. Preliminary efficacy data from the HCC trial's Phase 1b portion showed a 67% disease control rate (DCR) for TTI-101 monotherapy (Cohort A) and a 93% DCR for TTI-101 in combination with atezolizumab and bevacizumab (Cohort C). An Investigational New Drug (IND) application for TTI-109, a prodrug of TTI-101, was accepted by the FDA in June 2025, and a Phase 1 trial in healthy volunteers was initiated. Material weaknesses in internal control over financial reporting were identified as of December 31, 2025, including an ineffective control environment, insufficient finance personnel, lack of formalized risk assessment, and inadequate review processes. The company does not own composition of matter patent protection for the TTI-101 molecule, relying instead on method-of-use, manufacturing, and pharmaceutical composition patents. Legal proceedings related to the Cara Merger, challenging proxy statement disclosures, were resolved by August 15, 2025, with supplemental disclosures and a mootness fee.