---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-030583"
form_type: "8-K"
ticker: "TVRD"
cik: "0001346830"
company_name: "Tvardi Therapeutics, Inc."
filed_at: "2025-04-01T23:59:59+00:00"
generated_at: "2026-05-24T00:26:12.831126+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Cara stockholders approve all six merger proposals with Tvardi; Tvardi posts $29.4M net loss

## Summary
- All proposals passed: stock issuance for merger (2,088,293 for), equity plan, ESPP, reverse split (1:2-1:4), authorized shares increase to 150M, and advisory compensation.
- Reverse stock split ratio between 1-for-2 and 1-for-4 to be mutually agreed by Cara and Tvardi boards before merger.
- Tvardi audited 2024: net loss $29.4M (vs $17.3M in 2023), cash $31.6M, with going concern qualification.
- Tvardi's lead candidate TTI-101 in Phase 2 for idiopathic pulmonary fibrosis and hepatocellular carcinoma.
- Merger completion subject to customary closing conditions including Cara net cash of at least $18M at closing.

## SEC filing metadata
- accession: 0001104659-25-030583
- form_type: 8-K
- ticker: TVRD
- cik: 0001346830
- company_name: Tvardi Therapeutics, Inc.
- filed_at: 2025-04-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.07, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1346830/000110465925030583/0001104659-25-030583-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1346830/000110465925030583/tm2510381d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-030583
- JSON: https://secwatch.observer/filing/0001104659-25-030583.json
- Plain text: https://secwatch.observer/filing/0001104659-25-030583.txt

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