Core Points - Tvardi Therapeutics has completed its merger with Cara Therapeutics, transitioning into a publicly traded company listed on Nasdaq under the ticker symbol "TVRD" starting April 16, 2025 [1][2] - The combined company will focus on developing novel oral small molecule therapies targeting STAT3 for fibrosis-driven diseases, with significant unmet medical needs [8][9] - Tvardi expects to have sufficient cash to fund operations into the second half of 2026, following a private placement financing of approximately $28 million and existing cash reserves [3][5] Financial and Operational Highlights - The merger includes a reverse stock split of Cara's shares at a ratio of 1-for-3, resulting in approximately 9.4 million shares of the combined company being issued and outstanding [4][5] - Pre-merger equityholders of Cara will own approximately 15.4% of the combined company's common stock on a fully diluted basis, while Tvardi's pre-merger equityholders will own approximately 84.6% [5] - Tvardi anticipates reporting topline data from two Phase 2 clinical programs in idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC) in the second half of 2025 and the first half of 2026, respectively [1][9] Company Leadership and Recognition - The combined company will be led by Imran Alibhai, Ph.D., as CEO, along with the existing Tvardi management team [1] - Tvardi has been invited to ring the Nasdaq closing bell on April 16, 2025, to celebrate its transition to a publicly traded entity [6]