Tvardi Therapeutics Inc Financials
This page shows Tvardi Therapeutics Inc (TVRD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Tvardi’s statements show an R&D-heavy business still funded by external capital rather than internally generated cash.
FY2025 balance-sheet repair did not come from operations: equity moved from-$91.1M in FY2024 to$20.9M in FY2025 and liabilities fell from$126.3M to$11.1M , while operating cash burn widened to-$23.5M from-$18.3M . With$22.7M of financing inflow in FY2025, the cleaner balance sheet reflects recapitalization more than a business that has started to fund itself.
The cost base remains research-led: FY2025 R&D was
This is a capital-light but cash-hungry model. FY2024 capital spending was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Tvardi Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tvardi Therapeutics Inc carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Tvardi Therapeutics Inc's current ratio of 2.86 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
Tvardi Therapeutics Inc generates a -86.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Tvardi Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Tvardi Therapeutics Inc generates $1.29 in operating cash flow (-$23.5M OCF vs -$18.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Tvardi Therapeutics Inc's EBITDA was -$26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.9% from the prior year.
Tvardi Therapeutics Inc reported -$18.2M in net income in fiscal year 2025. This represents an increase of 38.1% from the prior year.
Tvardi Therapeutics Inc earned $-3.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 71.5% from the prior year.
Cash & Balance Sheet
Tvardi Therapeutics Inc held $20.7M in cash against $0 in long-term debt as of fiscal year 2025.
Tvardi Therapeutics Inc paid $0.00 per share in dividends in fiscal year 2025.
Tvardi Therapeutics Inc had 9M shares outstanding in fiscal year 2025. This represents an increase of 264.4% from the prior year.
Margins & Returns
Tvardi Therapeutics Inc's ROE was -86.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Tvardi Therapeutics Inc invested $18.0M in research and development in fiscal year 2025. This represents a decrease of 23.8% from the prior year.
TVRD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $2.6M+76.6% | $1.5M-43.1% | $2.6M+157.9% | $991K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $4.9M | N/A | $3.6M-37.9% | $5.8M+86.6% | $3.1M+132.3% | -$9.6M-301.0% | $4.8M-26.6% | $6.5M |
| SG&A Expenses | $2.1M | N/A | $2.3M-23.8% | $3.1M+146.4% | $1.2M+132.0% | -$3.9M-541.5% | $881K+35.5% | $650K |
| Operating Income | -$7.1M | N/A | -$5.9M+33.0% | -$8.9M-103.7% | -$4.4M-130.2% | $14.4M+354.0% | -$5.7M+21.0% | -$7.2M |
| Interest Expense | N/A | N/A | N/A | N/A | $558K | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
| Net Income | -$6.8M | N/A | -$5.5M-232.6% | $4.2M+143.5% | -$9.6M+24.6% | -$12.7M-130.5% | -$5.5M+21.0% | -$7.0M |
| EPS (Diluted) | $-0.73 | N/A | $-0.59+41.0% | $-1.00+73.1% | $-3.72 | N/A | $-2.14+21.0% | $-2.71 |
TVRD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.8M-19.5% | $32.1M-17.8% | $39.0M-10.8% | $43.8M+12.3% | $38.9M+10.6% | $35.2M-31.4% | $51.3M-29.2% | $72.5M |
| Current Assets | $25.3M-19.7% | $31.5M-18.0% | $38.4M-10.9% | $43.1M | N/A | $31.7M-33.9% | $47.9M-25.0% | $63.9M |
| Cash & Equivalents | $19.9M-4.3% | $20.7M-3.2% | $21.4M+3.7% | $20.6M-39.7% | $34.2M+8.2% | $31.6M-14.7% | $37.1M-24.7% | $49.2M |
| Inventory | N/A | N/A | N/A | N/A | $900K0.0% | $900K+44.0% | $625K-62.0% | $1.6M |
| Accounts Receivable | N/A | N/A | N/A | N/A | $1.2M+202.0% | $407K-6.4% | $435K+21.2% | $359K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $11.3M+1.7% | $11.1M-0.3% | $11.2M+3.1% | $10.8M-92.2% | $139.6M+10.5% | $126.3M-2.7% | $129.8M-10.8% | $145.6M |
| Current Liabilities | $11.3M+2.0% | $11.0M0.0% | $11.0M+3.4% | $10.7M+790.6% | $1.2M-88.4% | $10.4M+3.3% | $10.0M-27.8% | $13.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $14.5M-30.8% | $20.9M-24.8% | $27.9M-15.4% | $32.9M+132.7% | -$100.6M-10.4% | -$91.1M-16.1% | -$78.5M-7.4% | -$73.1M |
| Retained Earnings | -$117.3M-6.2% | -$110.5M-7.1% | -$103.2M-5.7% | -$97.6M+87.2% | -$760.5M-724.5% | -$92.2M+87.7% | -$747.9M-1.7% | -$735.5M |
TVRD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.9M-3.1% | -$5.7M-33.5% | -$4.3M+27.5% | -$5.9M+23.7% | -$7.7M-59.1% | -$4.8M+27.4% | -$6.7M-128.2% | $23.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $210K |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$4.8M+27.4% | -$6.7M-128.4% | $23.4M |
| Investing Cash Flow | $5.0M-0.5% | $5.0M-6.5% | $5.3M+156.0% | -$9.6M+12.2% | -$10.9M-317.7% | $5.0M+100.0% | $2.5M-83.6% | $15.3M |
| Financing Cash Flow | N/A | $1K+100.3% | -$322K-101.3% | $24.6M+1636.3% | -$1.6M-105.9% | $27.0M+193021.4% | -$14K-102.0% | $690K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TVRD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | -169.5%-1160.3pp | 990.8%+1212.9pp | -222.1%+502.6pp | -724.6% |
| Net Margin | N/A | N/A | N/A | N/A | -372.9%+500.7pp | -873.5%-657.9pp | -215.7%+488.1pp | -703.8% |
| Return on Equity | -46.9% | N/A | -19.8%-32.5pp | 12.7% | N/A | N/A | N/A | N/A |
| Return on Assets | -26.4% | N/A | -14.2%-23.7pp | 9.5%+34.1pp | -24.6%+11.5pp | -36.1%-25.4pp | -10.7%-1.1pp | -9.6% |
| Current Ratio | 2.25-0.6 | 2.86-0.6 | 3.48-0.6 | 4.04 | N/A | 3.06-1.7 | 4.77+0.2 | 4.59 |
| Debt-to-Equity | 0.78+0.2 | 0.53+0.1 | 0.40+0.1 | 0.33+1.7 | -1.390.0 | -1.39+0.3 | -1.65+0.3 | -1.99 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -332.2%-71.8pp | -260.4%-2624.2pp | 2363.9% |
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Frequently Asked Questions
Is Tvardi Therapeutics Inc profitable?
No, Tvardi Therapeutics Inc (TVRD) reported a net income of -$18.2M in fiscal year 2025.
What is Tvardi Therapeutics Inc's EBITDA?
Tvardi Therapeutics Inc (TVRD) had EBITDA of -$26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tvardi Therapeutics Inc's return on equity (ROE)?
Tvardi Therapeutics Inc (TVRD) has a return on equity of -86.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tvardi Therapeutics Inc's operating cash flow?
Tvardi Therapeutics Inc (TVRD) generated -$23.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tvardi Therapeutics Inc's total assets?
Tvardi Therapeutics Inc (TVRD) had $32.1M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Tvardi Therapeutics Inc spend on research and development?
Tvardi Therapeutics Inc (TVRD) invested $18.0M in research and development during fiscal year 2025.
What is Tvardi Therapeutics Inc's current ratio?
Tvardi Therapeutics Inc (TVRD) had a current ratio of 2.86 as of fiscal year 2025, which is generally considered healthy.
What is Tvardi Therapeutics Inc's debt-to-equity ratio?
Tvardi Therapeutics Inc (TVRD) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tvardi Therapeutics Inc's return on assets (ROA)?
Tvardi Therapeutics Inc (TVRD) had a return on assets of -56.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tvardi Therapeutics Inc's cash runway?
Based on fiscal year 2025 data, Tvardi Therapeutics Inc (TVRD) had $20.7M in cash against an annual operating cash burn of $23.5M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tvardi Therapeutics Inc's Piotroski F-Score?
Tvardi Therapeutics Inc (TVRD) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tvardi Therapeutics Inc's earnings high quality?
Tvardi Therapeutics Inc (TVRD) has an earnings quality ratio of 1.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Tvardi Therapeutics Inc?
Tvardi Therapeutics Inc (TVRD) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.