Tvardi Therapeutics, Inc.

tvarditherapeutics.com

What Do They Do?

Develops oral drug candidates that target a cell-signaling protein for patients with diseases involving inflammation and abnormal cell growth.

How Do They Make Money?

FY2024 revenue by product or service revenue

Segment	Share	Revenue
Collaborative revenue	29% FY2021: 3.1%
Commercial supply revenue	9.0% FY2021: 3.0%
Clinical compound revenue	1.2% FY2021: 1.7%
Other revenue (non-cash)	61%

Do Revenues Turn Into Profits?

No. It lost $29.4M in FY2024.

Operating income, FY2024

−394% of revenue

▼ −77% (Loss) vs FY2023 (−$121.5M, −579%)

Net income, FY2024

−412% of revenue

▼ −75% (Loss) vs FY2023 (−$118.5M, −565%)

Free cash flow, FY2024

−271% of revenue

▼ −80% (Loss) vs FY2023 (−$94.5M, −450%)

How Are They Changing?

Shrinking. Revenue fell 95% in 4 years, from $135.1M in FY2020 to $7.1M in FY2024, about 52% a year.

From itch treatments to inflammation therapies The older report centered on a marketed injection for kidney-disease-related itch and oral difelikefalin for other itch conditions; the latest report centers on oral drug candidates for inflammatory and proliferative diseases.