Tvardi Therapeutics, Inc. (TVRD): restructuring charge — Cara ends CKD program, cuts 50% staff, focuses on NP; cash into 2026

Tvardi Therapeutics, Inc.

Terminated Phase 3 oral difelikefalin program in pruritus with advanced CKD; KICK 1/2 trials stopped.
Workforce reduced by up to 50%; expects $2.5M-$3M Q1 2024 charges for termination benefits.
Cash ~$101M at year-end 2023; runway extended into 2026, funding NP program to milestones.
Phase 2/3 KOURAGE trial in notalgia paresthetica dose-finding readout expected Q3 2024, pivotal data by 2025/2026.
CSO Frédérique Menzaghi, Ph.D., to depart effective Feb 2, 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Tvardi Therapeutics, Inc. announced a restructuring with charges of between $2.5 million and $3 million (a reduction in the Company’s workforce).

Type: restructuring
Charge: between $2.5 million and $3 million
Headcount: a reduction in the Company’s workforce

Exact text from the filing

On January 17, 2024, in connection with a review of the company’s strategic priorities, the Board of Directors of Cara Therapeutics, Inc. (the “Company”) approved a strategic reprioritization to focus the Company’s resources on the Company’s late stage clinical program evaluating oral difelikefalin in pruritus associated with notalgia paresthetica, and approved the termination of the Company’s Phase 3 clinical program evaluating oral difelikefalin in pruritus associated with advanced chronic kidney disease, including the termination of the ongoing KICK 1 and KICK 2 clinical trials. In connection with the termination of the oral chronic kidney disease program, the Board of Directors also approved a reduction in the Company’s workforce, which the Company expects to substantially complete by January 31, 2024. The Company anticipates recognizing between $2.5 million and $3 million in total charges in the first quarter of 2024 in connection with the reduction in force.

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Tvardi Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-005579

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