---
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"
generated_at: "2026-06-08T23:39:23.531484+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Cara Therapeutics secures up to $40M non-dilutive royalty financing with HealthCare Royalty

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-113580
- JSON: https://secwatch.observer/filing/0001104659-23-113580.json
- Plain text: https://secwatch.observer/filing/0001104659-23-113580.txt

## Key facts
- Material Agreements
  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).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: HCRX Investments Holdco, L.P. and Healthcare Royalty Partners IV, L.P. (collectively, HCR)
  - Value: up to $40 million
  - Effective: 2023-11-01
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1346830/000110465923113580/0001104659-23-113580-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.