Tvardi Therapeutics, Inc. TVRD
We are a clinical-stage biopharmaceutical company focused on the development of novel, oral, small molecule therapies targeting Signal Transducer and Activator of Transcription 3 (STAT3) to treat inflammatory and proliferative diseases with significant unmet need. Based upon our founders' seminal work and deep understanding of the transcription factor STAT3, we have designed an innovative approach to directly inhibit STAT3, a highly validated, yet historically undruggable target. Leveraging this expertise, we are developing a pipeline of STAT3 inhibitors with a differentiated mechanism of action and convenient oral dosing.
Our pipeline includes two oral, small molecule STAT3 inhibitors: TTI-101 and TTI-109. TTI-101 is our first-generation direct STAT3 inhibitor, currently in Phase 1b/2 clinical development in hepatocellular carcinoma (HCC). TTI-109 is a phosphate prodrug of TTI-101 that is mechanistically identical to its parent molecule but is designed to enhance our ability to target STAT3. We have been developing TTI-109 for several years, based on our recognition that retaining the full STAT3 inhibition mechanism of TTI-101 while enhancing delivery would broaden the potential utility of our platform across inflammatory and proliferative indications. We filed an Investigational New Drug (IND) application for TTI-109 in June 2025 and, following FDA acceptance, initiated a Phase 1 trial in healthy volunteers evaluating safety, tolerability, pharmacokinetics, and bioequivalence to TTI-101. We expect to report topline data from this trial in the second quarter of 2026, after which we intend to announce the clinical indication in which we plan to advance TTI-109.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $7.1M | $21.0M | $41.9M | $23.0M | $135.1M | $19.9M | $13.5M | $911.0K | $86.0K |
| Cost of revenue | — | — | — | — | $0 | — | — | — | — | — |
| Gross profit | — | — | — | — | $23.0M | — | — | — | — | — |
| R&D | $18.0M | $23.6M | $108.5M | $91.9M | $82.7M | $107.9M | $113.8M | $75.5M | $48.5M | $49.3M |
| SG&A | $8.7M | $4.5M | $27.8M | $30.3M | $29.4M | $21.8M | $17.7M | $15.3M | $11.9M | $9.2M |
| Total operating expenses | $26.7M | $28.1M | $142.5M | $129.4M | $112.1M | $129.7M | $131.6M | $90.9M | $60.4M | $58.5M |
| Operating income | -$26.7M | -$28.1M | -$121.5M | -$87.5M | -$89.1M | $5.4M | -$111.7M | -$77.4M | -$59.5M | -$58.4M |
| Pre-tax income | -$18.2M | -$71.3M | -$118.5M | -$85.5M | -$88.4M | $7.7M | -$107.2M | -$74.4M | -$58.3M | -$57.7M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $691.0K | $816.0K | $389.0K | $204.0K | $468.0K |
| Net income | -$18.2M | -$29.4M | -$11.8M | -$85.5M | -$88.4M | $8.4M | -$106.4M | -$74.0M | -$58.1M | -$57.3M |
| EPS, basic | -2.46 | -11.42 | -26.26 | -19.12 | -1.74 | 0.18 | -2.49 | -2.06 | — | — |
| EPS, diluted | -3.26 | -11.42 | -26.26 | -19.12 | -1.74 | 0.18 | -2.49 | -2.06 | -1.86 | -2.10 |
| Shares, diluted (wtd. avg.) | 7.8M | 2.6M | 4.5M | 4.5M | 50.7M | 47.9M | 42.7M | 35.9M | 31.2M | 27.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.7M | $31.6M | $22.9M | $64.1M | $13.9M | $32.1M | $18.7M | $15.8M | $10.2M | $13.6M |
| Short-term investments | $10.1M | — | — | — | $153.6M | $149.2M | $136.7M | $146.3M | $83.2M | $46.2M |
| Receivables | — | $407.0K | $2.8M | $3.3M | — | — | — | — | — | — |
| Inventory | — | $900.0K | $2.8M | $2.4M | $2.6M | — | — | — | — | — |
| Total current assets | $31.5M | $31.7M | $116.2M | $168.9M | $173.3M | $195.1M | $165.7M | $168.1M | $95.1M | $61.4M |
| Property, plant and equipment | $52.0K | $84.0K | $3.3M | $426.0K | $631.0K | $840.0K | $700.0K | $880.0K | $1.2M | $1.6M |
| Other intangibles | $322.0K | $385.0K | — | — | — | — | — | — | — | — |
| Total assets | $32.1M | $35.2M | $125.8M | $182.2M | $247.1M | $271.2M | $233.0M | $190.8M | $97.0M | $63.8M |
| Accounts payable | $3.2M | $2.2M | $11.6M | $9.6M | $5.6M | $4.9M | $9.1M | $4.4M | $3.8M | $4.7M |
| Total current liabilities | $11.0M | $10.4M | $25.6M | $23.5M | $17.6M | $18.5M | $42.9M | $40.4M | $8.5M | $11.5M |
| Total liabilities | $11.1M | $40.8M | $68.8M | $23.5M | — | — | — | — | — | — |
| Retained earnings | -$110.5M | -$92.2M | -$684.7M | -$566.2M | -$480.8M | -$392.3M | -$400.7M | -$294.4M | -$220.3M | -$162.2M |
| Total equity | $20.9M | -$91.1M | -$62.1M | $158.8M | $227.5M | $249.0M | $186.7M | $133.6M | $86.8M | $50.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23.5M | -$18.3M | -$92.1M | -$78.7M | -$60.1M | -$5.5M | -$109.2M | -$22.3M | -$54.8M | -$47.4M |
| Depreciation and amortisation | $95.0K | $95.0K | $259.0K | $248.0K | $248.0K | $209.0K | $198.0K | $370.0K | $495.0K | $1.5M |
| Stock-based compensation | $1.4M | $319.0K | $13.7M | $17.7M | $20.8M | $14.8M | $12.6M | $9.5M | $5.8M | $2.8M |
| Capital expenditure | — | $1.0M | $2.4M | $43.0K | $39.0K | $349.0K | $18.0K | $73.0K | $58.0K | $717.0K |
| Investing cash flow | -$10.1M | $48.7M | $43.5M | $128.7M | -$4.8M | -$20.3M | -$30.5M | -$82.8M | -$36.5M | $45.0M |
| Financing cash flow | $22.7M | $27.0M | $38.2M | $311.0K | $46.6M | $39.1M | $142.6M | $110.8M | $87.9M | $123.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047695.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.0K | $911.0K | $13.5M | $19.9M | $135.1M | $23.0M | $41.9M | $21.0M | $7.1M | — |
| Gross profit | — | — | — | — | — | $23.0M | — | — | — | — |
| Net income | -$57.3M | -$58.1M | -$74.0M | -$106.4M | $8.4M | -$88.4M | -$85.5M | -$11.8M | -$29.4M | -$18.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LLY | ELI LILLY & Co | $1.20T | 55.5x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $635.76B | 23.9x | 6.0% |
| ABBV | AbbVie Inc. | $504.76B | 121.0x | 8.6% |
| MRK | Merck & Co., Inc. | $358.41B | 20.0x | 1.3% |
| ABT | ABBOTT LABORATORIES | $180.63B | 27.9x | 5.7% |
| PFE | PFIZER INC | $171.16B | 22.1x | -1.6% |
| VRTX | VERTEX PHARMACEUTICALS INC / MA | $132.80B | 34.2x | 8.9% |
| BMY | BRISTOL MYERS SQUIBB CO | $125.59B | 17.8x | -0.2% |