Tvardi Therapeutics (TVRD) Q4 2025 earnings summary

Executive summary

• Advanced clinical pipeline with two STAT3 inhibitors: TTI-101 and next-generation TTI-109, targeting inflammatory and proliferative diseases.

• Anticipated key clinical milestones in 2026, including topline data from healthy volunteer and liver cancer trials.

• Interim results from the REVERT LIVER CANCER trial showed clinically meaningful activity for TTI-101.

Financial highlights

• Research and development expenses decreased to $18.0M for 2025 from $23.7M in 2024, mainly due to lower TTI-101 clinical costs offset by higher TTI-109 development costs.

• General and administrative expenses rose to $8.7M in 2025 from $4.5M in 2024, driven by increased professional fees post-merger.

• Net loss for 2025 was $18.2M, improving from $29.4M in 2024.

• Cash, cash equivalents, and short-term investments totaled $30.8M as of December 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations through clinical readouts and into Q4 2026.

• Topline data from TTI-109 healthy volunteer study expected in Q2 2026; Phase 2 TTI-101 HCC trial data anticipated in H2 2026.