Tvardi Therapeutics, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 13, 2026, reporting a net loss of $6.1 million for the third quarter and disclosing an at-the-market equity offering completed during the quarter.

Key Highlights

  • Net loss (Q3 2026): $6,124 thousand for the three months ended September 30, 2026, compared to $5,527 thousand in the same period of 2025, according to the filing.
  • Nine-month net loss: $19,385 thousand for the nine months ended September 30, 2026, versus $10,939 thousand for the nine months ended September 30, 2025.
  • ATM equity issuance: 3,964,612 shares of common stock were issued under an at-the-market facility during Q3 2026, raising gross proceeds of approximately $13,344 thousand, net of $532 thousand in commissions and issuance costs.
  • Cash and cash equivalents: $22,275 thousand as of September 30, 2026, up from $20,734 thousand at December 31, 2025; short-term investments decreased from $10,077 thousand to zero.
  • Total assets: $23,533 thousand as of September 30, 2026, down from $32,073 thousand at December 31, 2025.
  • Shares outstanding: 13,363,391 shares of common stock outstanding as of November 10, 2026, as reported on the filing's cover page.
  • Accumulated deficit: $129,835 thousand as of September 30, 2026, compared to $110,450 thousand at December 31, 2025.

Tvardi Therapeutics Reports Q3 2026 Financial Results and ATM Stock Issuance

According to the Form 10-Q filed with the SEC on November 13, 2026, Tvardi Therapeutics, Inc. (NASDAQ:TVRD) reported a net loss of $6,124 thousand for the three months ended September 30, 2026, compared to a net loss of $5,527 thousand in the corresponding prior-year quarter. Research and development expenses totaled $4,474 thousand in Q3 2026, up from $3,603 thousand in Q3 2025. General and administrative expenses were $1,854 thousand in Q3 2026, compared to $2,335 thousand in Q3 2025. Basic and diluted net loss per share attributable to common stockholders was $(0.48) for Q3 2026, versus $(0.59) in Q3 2025, based on weighted-average basic shares outstanding of 12,653,836 and 9,377,079, respectively.

For the nine months ended September 30, 2026, the company disclosed total operating expenses of $20,008 thousand, producing a loss from operations of $20,008 thousand. Interest income of $623 thousand partially offset the loss, resulting in a nine-month net loss of $19,385 thousand. This compares to a nine-month net loss of $10,939 thousand in the same period of 2025, which the filing shows included $7,159 thousand of other income, net. The filing classifies Tvardi as a non-accelerated filer and smaller reporting company.

During the third quarter of 2026, the company issued 3,964,612 shares of common stock under its at-the-market facility, receiving net proceeds of $13,344 thousand before deducting $532 thousand in commissions and issuance costs. The company reported total stockholders' equity of $15,456 thousand as of September 30, 2026, compared to $20,946 thousand at December 31, 2025. Total liabilities decreased to $8,077 thousand from $11,127 thousand over the same period. The company's registered principal offices are located at 3 Sugar Creek Ctr. Blvd., Suite 525, Sugar Land, Texas 77478.

What Was Disclosed

Tvardi Therapeutics filed its unaudited condensed consolidated financial statements for the quarter and nine months ended September 30, 2026, disclosing a quarterly net loss of $6,124 thousand, an at-the-market issuance of approximately 3.96 million shares, and total assets of $23,533 thousand at quarter-end.