Tvardi Therapeutics, Inc. (NASDAQ: TVRD), a clinical-stage biopharmaceutical company, has announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported a net loss of $7.3 million for the fourth quarter, a significant decrease from the $12.7 million loss reported in the same period of 2024. For the full year, the net loss was $18.2 million, down from $29.4 million in 2024. Research and development expenses for Q4 2025 were $5.5 million, compared to $8.6 million in Q4 2024, reflecting a decrease primarily driven by lower clinical costs associated with TTI-101, offset by increased costs for TTI-109. General and administrative expenses were slightly lower at $2.1 million for Q4 2025 compared to $2.2 million in Q4 2024, but increased for the full year to $8.7 million from $4.5 million in 2024 due to higher professional fees related to the merger with Cara Therapeutics. The company also highlighted upcoming milestones, including topline data from a healthy volunteer study of TTI-109 expected in Q2 2026 and topline data from a Phase 2 trial of TTI-101 in hepatocellular carcinoma anticipated in H2 2026. Tvardi's cash runway is projected to be sufficient to fund operations into Q4 2026, following these clinical readouts. CEO Imran Alibhai expressed optimism about the company's pipeline and the potential impact of their therapies on patients with significant unmet medical needs.

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