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Possible new TVRD shares

TVRDDilution

Last raise Apr 1, 2026, 424B3: 2.1M shares (22.2% of the 9.4M then)

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, options, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($207M float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3 of May 1, 2026: not limited by the baby-shelf rule, because the $207M public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3 May 1, 2026, effective May 12, 2026 · public float, as of Jun 30, 2025.

What could become new Tvardi Therapeutics (TVRD) shares, from its 10-Q, 10-K, S-3 or 424B filings.

Read so far: the cover share count (13.3M shares, +42% from 9.4M on Aug 8, 2025). Not read yet: warrants, convertible notes, options and RSUs and an ATM program. Read them on EDGAR: the latest 10-Q · S-3 shelf filings.

Shares outstanding

13.3M

Nov 2024 to Aug 2026: from 4.6M to 13.3M. Adjusted for the 1-for-12 reverse split by Mar 6, 2025: each earlier count is divided by the ratio of every split after it.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.