Tvardi Therapeutics, Inc.
TVRDHealthcare|Biotechnology|US
$0.96
+0.09 (+10.79%)
DCF Value
$2.25
Tangible Book / Share
$0.86
Cash / Share
$1.68
Financials
Financial Snapshot
Market Cap
$12.8M
Enterprise Value
-$2.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$26.1M
Cash & Investments
$15.8M
Net Cash
$15.6M
Free Cash Flow (TTM)
-$25.0M
Operating CF (TTM)
-$25.0M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$15.8M
Quarterly Burn
$6.3M
Monthly Burn
$2.1M
Est. Runway
~2.5 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $180.9M | $167.0M | $43.7M | $22.9M | $37.9M | $30.8M | $15.8M | |
| Operating Cash Flow | -$5.5M | -$60.1M | -$17.9M | -$92.1M | -$60.9M | -$23.5M | -$25.0M | |
| Free Cash Flow | -$5.8M | -$60.1M | -$17.9M | -$94.5M | -$62.0M | -$23.5M | -$25.0M | |
| Capital Expenditure | -$349.0K | -$39.0K | -$50.0K | -$2.4M | -$1.0M | $0.00 | $0.00 | |
| Financing Cash Flow | $39.1M | $46.6M | $4.0K | $38.2M | -$3.6M | $22.7M | -$321.0K |
R&D Spending
R&D (TTM)
$18.0M
R&D Intensity
—
R&D Growth vs Prior
-0.0%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $135.1M | $23.0M | $41.9M | $21.0M | $7.1M | $0.00 | $0.00 | |
| R&D Expense | $107.7M | $82.6M | $91.8M | $108.4M | $32.8M | $18.0M | $18.0M | |
| R&D % of Revenue | 79.8% | 358.6% | 219.2% | 516.9% | 458.9% | — | — | |
| SG&A | $20.9M | $28.0M | $30.1M | $27.6M | $26.4M | $8.7M | $9.2M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $135.1M | $23.0M | $41.9M | $21.0M | $7.1M | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $1.6M | $7.5M | $6.4M | $812.0K | $95.0K | $0.00 | |
| Gross Profit | $0.00 | $21.5M | $34.4M | $14.5M | $6.3M | -$95.0K | $0.00 | |
| R&D | $107.7M | $82.6M | $91.8M | $108.4M | $32.8M | $18.0M | $18.0M | |
| SG&A | $20.9M | $28.0M | $30.1M | $27.6M | $26.4M | $8.7M | $9.2M | |
| Operating Income | $5.4M | -$89.1M | -$87.5M | -$121.5M | -$55.8M | -$26.7M | -$27.2M | |
| Interest Expense | $0.00 | $0.00 | $3.0K | $0.00 | $8.5M | $0.00 | $0.00 | |
| Pretax Income | $7.7M | -$88.4M | -$85.5M | -$118.5M | -$71.3M | -$18.2M | -$26.1M | |
| Net Income | $8.4M | -$88.4M | -$85.5M | -$118.5M | -$70.9M | -$18.2M | -$26.1M | |
| EPS (Diluted) | 6.32 | -62.77 | -2.20 | -1.85 | -46.59 | -3.26 | -2.79 | |
| EBITDA | $8.7M | -$86.9M | -$85.4M | -$117.7M | -$62.6M | -$18.1M | -$26.1M | |
| Shares Out. (M) | 1.33 | 1.41 | 9.36 | 9.36 | 1.52 | 7.78 | 9.38 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.7M | $13.5M | $21.5M | $22.9M | $37.9M | $20.7M | $15.8M | |
| Short-Term Investments | $149.2M | $153.6M | $22.3M | $0.00 | $0.00 | $10.1M | $0.00 | |
| Total Current Assets | $195.1M | $173.3M | $44.1M | $26.2M | $43.8M | $31.5M | $17.1M | |
| Total Assets | $271.2M | $247.1M | $45.1M | $27.0M | $43.8M | $32.1M | $17.5M | |
| Total Current Liabilities | $18.5M | $17.6M | $4.3M | $3.3M | $4.0M | $11.0M | $9.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $44.4M | $0.00 | $0.00 | |
| Total Liabilities | $22.2M | $19.5M | $90.1M | $89.1M | $48.4M | $11.1M | $9.1M | |
| Stockholders' Equity | $249.0M | $227.5M | -$45.1M | -$62.1M | -$4.6M | $20.9M | $8.4M | |
| Retained Earnings | -$392.3M | -$480.8M | -$45.5M | -$62.8M | -$755.6M | -$110.5M | -$123.7M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.5M | -$60.1M | -$17.9M | -$92.1M | -$60.9M | -$23.5M | -$25.0M | |
| Capital Expenditure | -$349.0K | -$39.0K | -$50.0K | -$2.4M | -$1.0M | $0.00 | $0.00 | |
| Free Cash Flow | -$5.8M | -$60.1M | -$17.9M | -$94.5M | -$62.0M | -$23.5M | -$25.0M | |
| Investing Cash Flow | -$20.3M | -$4.8M | -$22.0M | $43.5M | $48.7M | -$10.1M | $20.5M | |
| Financing Cash Flow | $39.1M | $46.6M | $4.0K | $38.2M | -$3.6M | $22.7M | -$321.0K | |
| Issuance of Stock | $39.1M | $46.6M | $4.0K | $1.7M | $0.00 | $532.0K | $108.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $36.5M | -$3.6M | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $246.0K | $314.0K | $0.00 | $1.4M | $1.1M | |
| Net Change in Cash | $13.4M | -$18.2M | -$39.9M | -$12.0M | -$14.3M | -$10.9M | -$4.9M |
Dilution Tracker
Shares outstanding grew 484.8% over 5 years — significant dilution
Shares Outstanding
13M
5-Year Share Growth
+484.8%
Stock Issuance (TTM)
$108.0K
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.33 | 1.41 | 9.36 | 9.36 | 1.52 | 7.78 | 9.38 | |
| Change vs Prior % | — | 5.9% | 564.1% | 0.0% | -83.7% | 411.7% | 20.5% | |
| Stock Issuance | $39.1M | $46.6M | $4.0K | $1.7M | $0.00 | $532.0K | $108.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $246.0K | $314.0K | $0.00 | $1.4M | $1.1M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 93.3% | 82.1% | 69.3% | 88.6% | — | — | |
| Operating Margin % | 4.0% | -386.8% | -209.1% | -579.4% | -781.6% | — | — | |
| Net Margin % | 6.2% | -384.1% | -204.2% | -565.2% | -993.0% | — | — | |
| EBITDA Margin % | 6.5% | -377.3% | -204.0% | -561.1% | -877.1% | — | — | |
| FCF Margin % | -4.3% | -261.1% | -42.8% | -450.5% | -868.2% | — | — | |
| ROE % | 3.4% | -38.9% | 189.7% | 191.0% | 1542.9% | -87.0% | -145.4% | |
| ROA % | 3.1% | -35.8% | -189.5% | -438.9% | -161.7% | -56.8% | -148.8% | |
| ROIC % | 2.1% | -38.5% | -204.4% | -510.2% | -139.2% | -126.5% | -319.0% | |
| R&D / Revenue % | 79.8% | 358.6% | 219.2% | 516.9% | 458.9% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -83.0% | 81.8% | -49.9% | -66.0% | -100.0% | |
| Gross Profit | 0.0% | 0.0% | 60.0% | -57.7% | -56.5% | -101.5% | |
| Operating Income | 0.0% | -1754.3% | 1.7% | -38.8% | 54.1% | 52.0% | |
| Net Income | 0.0% | -1151.6% | 3.4% | -38.7% | 40.2% | 74.3% | |
| EPS (Diluted) | 0.0% | -1093.2% | 96.5% | 15.9% | -2418.4% | 93.0% | |
| Operating Cash Flow | 0.0% | -995.1% | 70.3% | -415.4% | 33.8% | 61.4% | |
| Free Cash Flow | 0.0% | -930.3% | 70.2% | -427.2% | 34.4% | 62.1% | |
| R&D Expense | 0.0% | -23.4% | 11.1% | 18.1% | -69.8% | -45.0% | |
| SG&A Expense | 0.0% | 33.6% | 7.7% | -8.2% | -4.6% | -66.9% | |
| Total Assets | 0.0% | -8.9% | -81.7% | -40.1% | 62.3% | -26.8% | |
| Book Value / Share | 0.0% | -14.6% | -103.0% | -37.8% | 54.5% | 193.5% | |
| Debt | 0.0% | -30.4% | -35.5% | -84.5% | 11978.3% | -99.5% | |
| Diluted Shares | 0.0% | 5.9% | 564.1% | 0.0% | -83.7% | 411.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.05 / 1.04 / 2.19
P/B1.07
10Y Low / Med / High0.03 / 0.03 / 1.52
EV/EBITDA0.11
EV/Revenue0.00
10Y Low / Med / High0.64 / 1.11 / 1.96
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.25
Tangible Book / Share
$0.86
Net Current Assets / Share
$0.59
Graham Net-Net
$0.71
Cash / Share
$1.68
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 0.77 | -0.08 | -2.23 | -2.65 | -0.11 | -1.75 | -0.34 | |
| P/S Ratio | 0.05 | 0.30 | 1.09 | 2.19 | 1.04 | 0.00 | 0.00 | |
| P/B Ratio | 0.03 | 0.03 | -1.02 | -0.74 | -1.62 | 1.52 | 1.07 | |
| EV/EBITDA | -2.28 | 0.03 | -0.31 | -0.20 | -0.22 | -0.63 | 0.11 | |
| EV/Revenue | -0.15 | -0.12 | 0.64 | 1.11 | 1.96 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-13.45
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $1.2M |
| Net Income | -$18.0M | -$17.5M | -$27.7M |
| EPS | $-2.23 | $-2.18 | $-3.16 |
| # Analysts (EPS) | 7 | 7 | 5 |