Tvardi Therapeutics (TVRD) Financials
Ticker history: CARA became TVRD (Tvardi Therapeutics, Inc.) on . Earlier news and filings retain their original names and dates. View CARA history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TVRD SEC filings page.
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 operates as a development-stage business, with research spending ahead of reported sales and financing reshaping its balance sheet.
In FY2025, the net loss narrowed to$18.2M even as operating cash flow reached-$23.5M , so accounting improvement did not translate into cash. That mismatch points to weak cash conversion rather than a simple reduction in underlying resource needs.
R&D was
The balance sheet moved from FY2024 negative equity of
Financial Health Signals
We do not publish a peer-relative financial health score for Tvardi Therapeutics, Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Tvardi Therapeutics, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Tvardi Therapeutics, Inc. reported a net loss of $18.2M while operations used $23.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Tvardi Therapeutics, Inc.'s EBITDA was -$6.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Tvardi Therapeutics, Inc. reported a net loss of $6.5M in Q2 2026. This represents a decrease of 255.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Tvardi Therapeutics, Inc. earned -$0.69 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Tvardi Therapeutics, Inc. held $15.8M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Tvardi Therapeutics, Inc.'s quarterly ROE was -77.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 89.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 30.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Tvardi Therapeutics, Inc. invested $4.0M in research and development in Q2 2026. This represents a decrease of 31.1% from the same quarter a year earlier. Against the prior quarter it is down 18.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
TVRD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | $2.6M+20.3% | $1.5M-51.6% | $2.6M-47.5% |
| R&D Expenses | $4.0M-31.1% | $4.9M+57.9% | $5.5M+3111.1% | $3.6M-24.9% | $5.8M-11.1% | $3.1M-85.8% | $171K-99.4% | $4.8M-81.2% |
| SG&A Expenses | $2.6M-14.2% | $2.1M+72.2% | $2.1M | $2.3M+165.0% | $3.1M+371.2% | $1.2M-81.8% | N/A | $881K-87.0% |
| Operating Income | -$6.6Mn/m | -$7.1Mn/m | -$7.6Mn/m | -$5.9Mn/m | -$8.9Mn/m | -$4.4Mn/m | -$10.8Mn/m | -$5.7Mn/m |
| EBITDA | -$6.6Mn/m | -$7.0Mn/m | N/A | -$5.9Mn/m | -$8.8Mn/m | -$4.3Mn/m | $14.4Mn/m | -$5.7Mn/m |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $558K | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0n/m | $0n/m | $0n/m |
| Net Income | -$6.5M-255.0% | -$6.8Mn/m | -$7.3Mn/m | -$5.5Mn/m | $4.2Mn/m | -$9.6Mn/m | -$12.7Mn/m | -$5.5Mn/m |
| EPS (Basic) | -$0.69-235.3% | -$0.73 | -$0.84 | -$0.59 | $0.51 | -$3.72 | -$4.94 | -$2.14 |
| EPS (Diluted) | -$0.69n/m | -$0.73 | -$0.76 | -$0.59 | -$1.00 | -$3.72 | -$4.94 | -$2.14 |
| Diluted Shares (Avg) | 9M+11.0% | 9M | N/A | 9M | 8M | 3M | N/A | 3M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TVRD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.5M-60.0% | $25.8M-33.7% | $32.1M-8.9% | $39.0M-24.0% | $43.8M-39.7% | $38.9M-56.8% | $35.2M-72.0% | $51.3M-55.5% |
| Current Assets | $17.1M-60.4% | $25.3M | $31.5M-0.5% | $38.4M-19.8% | $43.1M-32.5% | N/A | $31.7M-72.7% | $47.9M-52.4% |
| Cash & Equivalents | $15.8M-23.6% | $19.9M-42.0% | $20.7M-34.4% | $21.4M-42.2% | $20.6M-58.1% | $34.2M-27.2% | $31.6M-38.9% | $37.1M-41.1% |
| Short-Term Investments | $0-100.0% | $5.1Mn/m | $10.1Mn/m | $15.0M+202.4% | $20.3M+175.7% | $0-100.0% | $0-100.0% | $5.0M-68.2% |
| Inventory | N/A | N/A | N/A | N/A | N/A | $900K-67.2% | $900K-68.1% | $625K-80.9% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $1.2M-28.5% | $407K-85.3% | $435K-87.0% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% |
| Total Liabilities | $9.1M-15.6% | $11.3M-91.9% | $11.1M-91.2% | $11.2M-91.4% | $10.8M-92.6% | $139.6M-10.7% | $126.3M-32.8% | $129.8M+337.2% |
| Current Liabilities | $9.1M-14.7% | $11.3M+838.9% | $11.0M+6.5% | $11.0M+10.0% | $10.7M-23.2% | $1.2M-92.1% | $10.4M-59.5% | $10.0M-56.1% |
| Non-Current Liabilities | $22K-84.8% | $54K-100.0% | $85K-99.9% | $115K-99.9% | $145K-99.9% | $138.4M-2.0% | $116.0M-28.6% | $119.8M+1657.8% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $30.3M | N/A |
| Total Equity | $8.4M-74.5% | $14.5Mn/m | $20.9Mn/m | $27.9Mn/m | $32.9Mn/m | -$100.6Mn/m | -$91.1Mn/m | -$78.5M-191.7% |
| Retained Earnings | -$123.7Mn/m | -$117.3Mn/m | -$110.5Mn/m | -$103.2Mn/m | -$97.6Mn/m | -$760.5Mn/m | -$92.2Mn/m | -$747.9Mn/m |
Not reported in any period shown, so not listed: Goodwill.
TVRD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2Mn/m | -$5.9Mn/m | -$5.7Mn/m | -$4.3Mn/m | -$5.9M-124.8% | -$7.7Mn/m | -$4.8Mn/m | -$6.7Mn/m |
| Depreciation & Amortization | $23K0.0% | $24K0.0% | $24K0.0% | $24K0.0% | $23K+360.0% | $24K-42.9% | $24K-70.7% | $24K-59.3% |
| Stock-Based Compensation | $335K-46.6% | $370K+362.5% | N/A | $339K+323.8% | $627K+693.7% | $80K-97.6% | N/A | $80K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$4.8Mn/m | -$6.7M |
| Investing Cash Flow | $5.1Mn/m | $5.0Mn/m | $5.0M0.0% | $5.3M+114.0% | -$9.6M-162.5% | -$10.9M-141.9% | $5.0Mn/m | $2.5M-89.2% |
| Financing Cash Flow | N/A | N/A | $1K-100.0% | -$322Kn/m | $24.6M+3469.1% | -$1.6Mn/m | $27.0M-26.0% | -$14K-101.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TVRD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -169.5% | -742.4% | -222.1% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -372.9% | -873.3% | -215.7% |
| Return on Equity | -77.0%-89.7pp | -46.9% | -34.7% | -19.8% | 12.7% | N/A | N/A | N/A |
| Return on Assets | -36.9%-46.4pp | -26.4%-1.8pp | -22.7%+13.4pp | -14.2%-3.4pp | 9.5%+19.1pp | -24.6%-19.9pp | -36.1%-10.4pp | -10.7%+13.6pp |
| Current Ratio | 1.87-2.2x | 2.25 | 2.86-0.2x | 3.48-1.3x | 4.04-0.6x | N/A | 3.06-1.5x | 4.77+0.4x |
| Liabilities-to-Equity | 1.09+0.8x | 0.78 | 0.53 | 0.40 | 0.33 | N/A | N/A | N/A |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | 0.070.0x | 0.040.0x | 0.050.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -332.2% | -260.4% |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tvardi Therapeutics, Inc. TVRD | FY2025 | N/A | -$18.2M | N/A | $10.6M | — |
| Tempest Therapeutics, Inc. TPST | FY2025 | N/A | -$26.3M | N/A | $9.9M | — |
| Lisata Therapeutics, Inc. LSTA | FY2025 | $170K | -$16.6M | N/A | $11.0M | — |
| CalciMedica, Inc. CALC | FY2025 | N/A | -$29.6M | N/A | $10.0M | — |
| BioVie, Inc. BIVI | FY2026 | N/A | -$22.1M | N/A | $12.4M | — |
| aTyr Pharma, Inc. ATYR | FY2025 | $190K | -$74.1M | N/A | $12.3M | — |
Where Tvardi Therapeutics, Inc. Ranks
Frequently Asked Questions
No, Tvardi Therapeutics, Inc. (TVRD) reported a net loss of $26.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $18.2M.
Tvardi Therapeutics, Inc. (TVRD) had EBITDA of -$26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Tvardi Therapeutics, Inc. (TVRD) has a return on equity of -87.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Tvardi Therapeutics, Inc. (TVRD) recorded an outflow of $23.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Tvardi Therapeutics, Inc. (TVRD) had $32.1M in total assets as of fiscal year 2025, including both current and long-term assets.
Tvardi Therapeutics, Inc. (TVRD) invested $18.0M in research and development during fiscal year 2025.
Tvardi Therapeutics, Inc. (TVRD) had a current ratio of 2.86 as of fiscal year 2025, which is generally considered healthy.
Tvardi Therapeutics, Inc. (TVRD) had a liabilities-to-equity ratio of 0.53 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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.
Tvardi Therapeutics, Inc. (TVRD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $10.6M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Tvardi Therapeutics, Inc. (TVRD) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $10.6M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, Tvardi Therapeutics, Inc. (TVRD) held $30.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $23.5M over that year. Dividing the one by the other, the reported balance equals about 16 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Tvardi Therapeutics, Inc. (TVRD) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Tvardi Therapeutics, Inc. (TVRD) reported a net loss of $18.2M while operations used $23.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.