Tvardi has seen its total assets decline significantly from $115.3M in 2023Q3 to $32.1M in 2025Q4, reflecting a precarious erosion of equity as the company funds operations through capital reserves.
| Total Current Assets | 31.54M | 43.83M | 26.16M | 44.11M | 173.29M | 195.06M |
| Cash & Short-Term Investments | 30.81M | 37.9M | 22.92M | 43.74M | 167.03M | 180.93M |
| Cash Only | 20.73M | 37.9M | 22.92M | 21.49M | 13.45M | 31.68M |
| Short-Term Investments | 10.08M | 0 | 0 | 22.25M | 153.58M | 149.24M |
| Accounts Receivable | 0 | 4.5M | 4.02M | 4.45M | 1.15M | 2.06M |
| Days Sales Outstanding | - | 229.88 | 69.93 | 38.82 | 18.26 | 5.58 |
| Inventory | 0 | 900K | 0 | 0 | 2.58M | 0 |
| Days Inventory Outstanding | - | 404.56 | - | - | 606.92 | - |
| Other Current Assets | 0 | 0 | -4.02M | -4.45M | 0 | 0 |
| Total Non-Current Assets | 535K | 0 | 843K | 988K | 73.77M | 76.09M |
| Property, Plant & Equipment | 196K | 0 | 378K | 460K | 3.6M | 5.12M |
| Fixed Asset Turnover | - | - | 55.47x | 91.02x | 6.39x | 26.39x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 322K | 0 | 448K | 511K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 1.5M | 11.35M | 70.16M | 70.97M |
| Other Non-Current Assets | 17K | 0 | -1.48M | -11.33M | 0 | 0 |
| Total Assets | 32.07M | 43.83M | 27M | 45.1M | 247.06M | 271.16M |
| Asset Turnover | - | 0.16x | 0.78x | 0.93x | 0.09x | 0.50x |
| Asset Growth % | -26.82% | 62.32% | -40.13% | -81.75% | -8.89% | - |
| Total Current Liabilities | 11.04M | 3.97M | 3.28M | 4.28M | 17.62M | 18.48M |
| Accounts Payable | 3.22M | 1.43M | 1.61M | 2.41M | 5.63M | 4.89M |
| Days Payables Outstanding | 12.37K | 644.59 | 91.41 | 117.02 | 1.32K | - |
| Short-Term Debt | 0 | 0 | 0 | 1.92M | 1.75M | 1.6M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.3M | 1.97M | 942K | -1.24M | 5.28M | 7.03M |
| Current Ratio | 2.86x | 11.03x | 7.97x | 10.31x | 9.84x | 10.55x |
| Quick Ratio | 2.86x | 10.81x | 7.97x | 10.31x | 9.69x | 10.55x |
| Cash Conversion Cycle | - | -10.15 | - | - | -696 | - |
| Total Non-Current Liabilities | 85K | 44.45M | 85.78M | 85.87M | 1.92M | 3.67M |
| Long-Term Debt | 0 | 44.45M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 85K | 0 | 275K | 368K | 1.92M | 3.67M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 85.5M | 85.5M | 0 | 0 |
| Total Liabilities | 11.13M | 48.42M | 89.06M | 90.15M | 19.53M | 22.16M |
| Total Debt | 201K | 44.45M | 368K | 2.37M | 3.67M | 5.28M |
| Net Debt | -20.53M | 6.54M | -22.55M | -19.12M | -9.78M | -26.41M |
| Debt / Equity | 0.01x | - | - | - | 0.02x | 0.02x |
| Debt / EBITDA | - | - | - | - | - | 0.82x |
| Net Debt / EBITDA | - | - | - | - | - | -4.13x |
| Interest Coverage | - | -7.41x | - | -28491.33x | - | - |
| Total Equity | 20.95M | -4.59M | -62.06M | -45.05M | 227.52M | 249M |
| Equity Growth % | 556.04% | 92.6% | -37.75% | -119.8% | -8.63% | - |
| Book Value per Share | 2.69 | -3.02 | -6.63 | -4.82 | 161.49 | 187.08 |
| Total Shareholders' Equity | 20.95M | -4.59M | -62.06M | -45.05M | 227.52M | 249M |
| Common Stock | 9K | 5K | 19K | 19K | 53K | 50K |
| Retained Earnings | -110.45M | -755.61M | -62.84M | -45.49M | -480.76M | -392.32M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8K | 0 | 0 | -24K | -358K | 73K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial statements, Tvardi's total assets have declined from a peak of $115.3M in 2023Q3 to $32.1M by 2025Q4, reflecting a consistent liquidation of capital reserves to fund ongoing research and development activities without any offsetting revenue generation or asset replacement.
The steady contraction of the asset base suggests that the company is consuming its primary resources to sustain clinical operations. This trajectory indicates that the business model remains entirely dependent on external financing, as internal asset growth is non-existent.
Based on the company's 2025Q4 balance sheet, Tvardi holds $20.7M in cash, a figure that has remained relatively stagnant over the last three quarters despite significant ongoing clinical trial expenditures, suggesting that the company is managing its remaining liquidity with extreme caution to extend its operational runway.
While the current ratio of 2.86 appears adequate on the surface, the lack of revenue means this liquidity is a finite resource. Investors should monitor whether this cash buffer is sufficient to reach the next major clinical data readout without requiring a dilutive equity issuance.
According to the provided balance sheet data, Tvardi's equity position has experienced significant volatility, falling from $85.6M in 2023Q3 to $20.9M in 2025Q4, primarily driven by the accumulation of substantial retained losses as the company continues to prioritize R&D over near-term profitability.
The negative trend in retained earnings, which reached -$110.5M by 2025Q4, highlights the high cost of developing the TTI-101 pipeline. This erosion of equity suggests that shareholders are absorbing the full burden of the company's clinical development risks.
As indicated by historical filings, the company's balance sheet has shifted from a period of high debt in 2024 to a nearly debt-free state in 2025Q4, which may mask the underlying pressure to secure non-dilutive funding or partnerships to avoid future insolvency risks.
While the minimal debt level is a positive for solvency, it also implies that the company lacks traditional leverage options to bridge funding gaps. The absence of significant PPE or tangible assets suggests that the company's value is almost entirely tied to intangible intellectual property, which carries high impairment risk.
Quick answers to the most common questions about buying TVRD stock.
As of 2025, Tvardi Therapeutics, Inc. (TVRD) had total assets of $32.1M including $31.5M in current assets.
Tvardi Therapeutics, Inc. (TVRD) carries total debt of $0.2M, offset by $30.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tvardi Therapeutics, Inc. (TVRD) has total shareholders' equity (book value) of $20.9M ($2.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tvardi Therapeutics, Inc. (TVRD) reported a current ratio of 2.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.