Tvardi Therapeutics (TVRD) Q2 2025 earnings summary

Executive summary

• Completed a reverse merger with Cara Therapeutics in April 2025, resulting in a new public entity and $23.9 million in net assets acquired.

• Lead candidate TTI-101 is in Phase 2 trials for IPF and HCC; TTI-109 IND submitted in June 2025.

• Completed enrollment in Phase 2 REVERT IPF trial for TTI-101; topline data expected Q4 2025.

• Net income of $4.2 million for Q2 2025, driven by a $12.8 million gain on convertible notes remeasurement.

• Cash runway projected to fund operations into Q4 2026, but substantial doubt exists about ability to continue as a going concern.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $41.0 million as of June 30, 2025.

• Research and development expenses decreased 11% year-over-year to $5.8 million for Q2 2025.

• General and administrative expenses rose 371% to $3.1 million, mainly due to merger-related costs.

• Interest income increased to $0.4 million for Q2 2025, reflecting higher balances and investment returns.

• Weighted-average shares outstanding increased significantly post-merger.

Outlook and guidance

• Expects to report unblinded Phase 2 IPF data in Q4 2025 and topline HCC data in H1 2026.

• Anticipates continued significant operating losses and will require substantial additional capital to fund operations and clinical programs.

• Plans to seek additional funding through equity, debt, or strategic partnerships; no assurance of success.

• Cash runway expected to support operations into Q4 2026.