Tvardi Therapeutics Reports $2.57 Million Revenue in Q1 2025, Driven by Collaborative Revenue Growth

Tvardi Therapeutics, Inc., formerly known as Cara Therapeutics, Inc., reported a total revenue of $2.57 million for the first quarter of 2025, marking a 20% increase from $2.14 million in the same period of 2024. The revenue growth was primarily driven by a 52% rise in collaborative revenue, which reached $1.20 million compared to $0.79 million in the prior year. However, the company did not generate any commercial supply revenue in the latest quarter, a significant decline from $0.64 million in the previous year. Clinical compound revenue also decreased to $48,000 from $84,000 year-over-year. The overall operating loss for the quarter was $2.39 million, a substantial improvement from the $29.67 million loss reported in the first quarter of 2024.

The company underwent significant organizational changes, including a merger with Legacy Tvardi on April 15, 2025, which resulted in a reverse stock split and a name change to Tvardi Therapeutics, Inc. This merger is expected to enhance the company’s focus on developing novel therapies targeting STAT3 for fibrosis-driven diseases. Following the merger, the company’s stock began trading on the Nasdaq Capital Market under the new ticker symbol "TVRD." The merger also involved the acquisition of approximately $23.8 million in cash and cash equivalents, which is anticipated to support ongoing operations and clinical development.

Operationally, Tvardi Therapeutics is advancing its lead product candidate, TTI-101, which is currently in Phase 2 clinical trials for idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC). The company expects to report unblinded data from the Phase 2 IPF trial in the second half of 2025 and anticipates submitting an Investigational New Drug application for its second candidate, TTI-109, in the first half of 2025. As of March 31, 2025, the company had a total of 12 full-time employees, reflecting a significant reduction in workforce as part of its restructuring efforts.

Despite the positive revenue growth, the company reported a net loss of $4.91 million for the first quarter of 2025, a decrease from the $30.70 million loss in the same quarter of the previous year. The company’s accumulated deficit now stands at $760.5 million. Looking ahead, Tvardi Therapeutics anticipates continued operating losses as it invests in research and development activities. The company is actively seeking additional funding through equity offerings, debt financings, and strategic collaborations to support its operations and clinical trials. However, there remains substantial doubt about its ability to continue as a going concern without securing further capital.