Tvardi Therapeutics Announces Fourth Quarter and Full-Year 2025 Results and Provides Business Update

Core Insights - Tvardi Therapeutics is advancing its clinical pipeline with two significant milestones expected in 2026: topline data from a healthy volunteer study of TTI-109 in Q2 and topline data from a Phase 2 trial of TTI-101 in hepatocellular carcinoma (HCC) in H2 [1][3] Financial Performance - Research and development expenses for Q4 2025 were $5.5 million, down from $8.6 million in Q4 2024, while total R&D expenses for the full year 2025 were $18.0 million compared to $23.7 million in 2024, primarily due to reduced clinical costs for TTI-101 [4] - General and administrative expenses for Q4 2025 were $2.1 million, slightly down from $2.2 million in Q4 2024, but increased for the full year to $8.7 million from $4.5 million in 2024, mainly due to higher professional fees related to the merger with Cara Therapeutics [7] - The net loss for Q4 2025 was $7.3 million, an improvement from a net loss of $12.7 million in Q4 2024, with a full-year net loss of $18.2 million compared to $29.4 million in 2024 [8][9] Cash Position - As of December 31, 2025, cash, cash equivalents, and short-term investments totaled $30.8 million, slightly down from $31.6 million in 2024, with the company expecting this cash runway to fund operations through Q4 2026 [10] Clinical Development Updates - The ongoing Phase 2 REVERT LIVER CANCER trial is expected to report topline results in the second half of 2026, allowing for additional data maturation and insights [5][6] - Preliminary data from the Phase 2 IPF trial of TTI-101 showed a 9.4% reduction in fibrosis score compared to 2.4% for placebo, indicating promising efficacy [5]