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 2025 were $18.0 million compared to $23.7 million in 2024 [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 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, a slight decrease from $31.6 million in 2024, with the company expecting this cash runway to fund operations through Q4 2026 [10] Clinical Trials and Data - The ongoing healthy volunteer study of TTI-109 is expected to yield topline data in Q2 2026, while the Phase 1b/2 REVERT LIVER CANCER trial of TTI-101 will report topline results in the second half of 2026 [5][4] - Interim results from the REVERT IPF Phase 2 trial indicated a 9.4% reduction in fibrosis score for TTI-101 compared to 2.4% for placebo, alongside a 4.5-fold greater decline in IL-6 levels [4]