Tvardi Therapeutics (TVRD) Q3 2026 earnings summary

Executive summary

• Pipeline centers on oral STAT3 inhibitors TTI-101 and TTI-109; no product revenue to date, and significant operating losses are expected to continue.

• Cash and cash equivalents were $22.3M at September 30, 2026; planned operations were funded into Q3 2027, while management cited substantial doubt about going concern and the need for additional funding.

Financial highlights

• Q3 2026 operating expenses were $6.3M vs. $5.9M YoY; net loss was $6.1M vs. $5.5M, and basic and diluted loss per share was $0.48 vs. $0.59.

• Q3 R&D expense rose 24.2% to $4.5M, mainly on higher TTI-101 clinical costs; G&A fell 20.6% to $1.9M, mainly due to lower professional fees after merger-related costs in 2025.

• 9M 2026 operating expenses were $20.0M vs. $19.2M YoY; net loss was $19.4M vs. $10.9M, with prior-year results including $7.2M of other income, net.

• Product sales revenue remained zero; 9M operating cash use was $21.5M and accumulated deficit reached $129.8M.

Outlook and guidance

• TTI-101 HCC topline data across all three REVERT LIVER CANCER Phase 1b/2 cohorts is expected early in Q1 2027, after complete cohort evaluation.

• TTI-109 UC clinical trial initiation is targeted for 2027, subject to IND clearance and additional funding.

• R&D expense is expected to rise as TTI-101 and TTI-109 development advances; G&A is also expected to increase with hiring, public-company costs and commercialization preparation.

• Additional funding plans include equity or debt financing, credit facilities, strategic alliances and licensing; availability and favorable terms are not assured.