Tvardi Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | $7.1M | $21.0M | $41.9M | $23.0M |
| Cost of revenue | — | — | — | — | $0 |
| Research and development | $18.0M | $23.6M | $108.5M | $91.9M | $82.7M |
| Operating expenses | $26.7M | $28.1M | $142.5M | $129.4M | $112.1M |
| Operating income | -$26.7M | -$28.1M | -$121.5M | -$87.5M | -$89.1M |
| Pretax income | — | -$71.3M | -$118.5M | -$85.5M | -$88.4M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$18.2M | -$29.4M | -$118.5M | -$85.5M | -$88.4M |
| Balance Sheet | |||||
| Cash and equivalents | $20.7M | $31.6M | $51.8M | $63.7M | $13.5M |
| Current assets | $31.5M | $31.7M | $116.2M | $168.9M | $173.3M |
| Total assets | $32.1M | $35.2M | $125.8M | $182.2M | $247.1M |
| Current liabilities | $11.0M | $10.4M | $25.6M | $23.5M | $17.6M |
| Total liabilities | $11.1M | $40.8M | $68.8M | $23.5M | — |
| Stockholders' equity | $20.9M | -$91.1M | -$62.1M | $158.8M | $227.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$23.5M | -$18.3M | -$92.1M | -$78.7M | -$60.1M |
| Depreciation and amortization | $95,000 | $95,000 | $259,000 | $248,000 | $248,000 |
| Stock-based compensation | $1.4M | $319,000 | $13.7M | $17.7M | $20.8M |
| Capital expenditure | — | $1.0M | $2.4M | $43,000 | $39,000 |
| Free cash flow | — | -$19.4M | -$94.5M | -$78.8M | -$60.1M |
| Impairments | $0 | $0 | $0 | $0 | — |
Shares outstanding 9.4M
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.