{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-113580","form_type":"8-K","ticker":"TVRD","cik":"0001346830","company_name":"Tvardi Therapeutics, Inc.","filed_at":"2023-11-02T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.715904+00:00","generated_at":"2026-06-08T23:39:23.531484+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Cara Therapeutics secures up to $40M non-dilutive royalty financing with HealthCare Royalty","bullets":["Upfront cash payment of $17.5M; up to $20M additional if Kapruvia gets a German price threshold in Q4 2023.","Up to $2.5M more if KORSUVA meets a 2024 Japan sales milestone; total potential proceeds $40M.","Cash runway expected to extend into 2025; proceeds fund late-stage oral difelikefalin trials for pruritus.","Royalties to HCRx are capped at 2.0x payments if received by end-2029, else 2.8x; royalties revert to Cara thereafter.","Excluded: U.S. KORSUVA injection rights and all oral difelikefalin internal programs."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-113580","json":"https://secwatch.observer/filing/0001104659-23-113580.json","markdown":"https://secwatch.observer/filing/0001104659-23-113580.md","text":"https://secwatch.observer/filing/0001104659-23-113580.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1346830/000110465923113580/0001104659-23-113580-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1346830/000110465923113580/tm2329618d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T23:39:23.531484+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"420580f947bcb1c8f77a2ec87e9129ad6b5c8317","claim":"Tvardi Therapeutics, Inc. entered into Purchase and Sale Agreement with HCRX Investments Holdco, L.P. and Healthcare Royalty Partners IV, L.P. (collectively, HCR) valued at up to $40 million (effective 2023-11-01).","evidence_excerpt":"On November 1, 2023 (the \" Closing Date \"), Cara Therapeutics, Inc. (the \" Company \"), through its wholly-owned subsidiary Cara Royalty Sub, LLC, a Delaware limited liability company (\" Royalty Sub \"), entered into a Purchase and Sale Agreement (the \" Purchase and Sale Agreement \") with HCRX Investments Holdco, L.P., a Delaware limited partnership (\" HCRx \"), and Healthcare Royalty Partners IV, L.P., a Delaware limited partnership (collectively with HCRx, \" HCR \").","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1346830/000110465923113580/0001104659-23-113580-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"HCRX Investments Holdco, L.P. and Healthcare Royalty Partners IV, L.P. (collectively, HCR)"},{"label":"Value","value":"up to $40 million"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}