---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-129596"
form_type: "8-K"
ticker: "TVRD"
cik: "0001346830"
company_name: "Tvardi Therapeutics, Inc."
filed_at: "2024-12-18T23:59:59+00:00"
generated_at: "2026-05-29T01:56:41.364251+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Cara Therapeutics to Merge with Tvardi Therapeutics and Sell Difelikefalin Assets to CSL Vifor

## Summary
- Cara enters Merger Agreement with Tvardi; pre-Merger Cara holders will own ~15.25%, Tvardi holders ~12.54%, convertible note holders ~72.21% of combined company.
- Cara agrees to sell difelikefalin assets to CSL Vifor for $900,000 plus $3 million payment to CSL Vifor for estimated future expenses.
- Tvardi CEO Imran Alibhai, Ph.D., will become CEO of combined company; Tvardi CFO Dan Conn to be CFO; existing Cara officers expected to depart.
- Tvardi convertible notes of ~$28 million principal automatically convert into Cara common stock at closing; lock-up agreements restrict transfer for 180 days.
- Support agreements from Cara holders representing ~1.0% of Cara stock and Tvardi holders representing ~97% of Tvardi capital stock to vote in favor.

## SEC filing metadata
- accession: 0001104659-24-129596
- form_type: 8-K
- ticker: TVRD
- cik: 0001346830
- company_name: Tvardi Therapeutics, Inc.
- filed_at: 2024-12-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 5.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1346830/000110465924129596/0001104659-24-129596-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1346830/000110465924129596/tm2431150d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-129596
- JSON: https://secwatch.observer/filing/0001104659-24-129596.json
- Plain text: https://secwatch.observer/filing/0001104659-24-129596.txt

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