Tvardi Therapeutics Inc. reported cash, cash equivalents and short-term investments of $36.5 million as of September 30, 2025, up from $31.6 million at December 31, 2024. Research and development expenses for the third quarter of 2025 were $3.6 million, a decrease from $4.8 million in the same period of 2024, primarily due to lower costs related to TTI-101 trials and the completion of the IPF trial in the second quarter of 2025. These decreases were partially offset by a $2.0 million increase in expenses associated with the healthy volunteer study of TTI-109. Tvardi stated that its current cash runway is expected to fund operations into the fourth quarter of 2026. The company continues to advance its Phase 2 study of TTI-101 in hepatocellular carcinoma, with topline data expected in the first half of 2026, and has initiated a healthy volunteer study for TTI-109, with results also anticipated in the first half of 2026.