Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tvardi Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.09
0.91
13.5
19.9
135
23
41.9
21
7.14
Cost of revenue
0
Gross profit
23
Research and development
49.3
48.5
75.5
114
108
82.7
91.9
109
23.7
18
General and administrative
9.23
11.9
15.3
17.7
21.8
29.4
30.3
27.8
4.46
8.74
Operating expenses
58.5
60.4
90.9
132
130
112
129
142
28.1
26.7
Operating income
-58.4
-59.5
-77.4
-112
5.39
-89.1
-87.5
-121
-28.1
-26.7
Interest income
0.7
0.7
Other non-operating income
0.65
1.16
2.98
4.49
2.33
0.64
2.06
3.59
-2.04
7.16
Pre-tax income
-57.7
-58.3
-74.4
-107
7.72
-88.4
-85.5
-119
-71.3
Income tax
-0.47
-0.2
-0.39
-0.82
-0.69
0
0
0
0
0
Net income
-57.3
-58.1
-74
-106
8.41
-88.4
-85.5
-119
-29.4
-18.2
EBITDA
-56.9
-59
-77
-111
5.59
-88.8
-87.3
-121
-28
-26.7
EPS, basic
-18.57
-16.45
-18.22
-22.02
1.59
-15.39
-14.06
-19.31
-11.42
-2.46
EPS, diluted
-18.57
-16.45
-18.22
-22.02
1.59
-15.39
-14.06
-19.31
-11.42
-3.26
Shares, basic (weighted)
3.08
3.53
4.06
4.83
5.36
5.74
6.08
6.14
2.57
7.42
Shares, diluted (weighted)
3.08
3.53
4.06
4.83
5.42
5.74
6.08
6.14
2.57
7.78
Dividend per share
0.00
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.1
9.39
15.1
18.3
31.7
13.5
63.7
51.8
31.6
20.7
Short-term investments
46.2
83.2
146
137
149
154
10.1
Receivables
3.26
2.77
0.41
Inventory
2.58
2.38
2.82
0.9
Other current assets
1.53
1.64
4.81
8.86
12.1
2.52
16.3
8.15
0.07
0.73
Total current assets
61.4
95.1
168
166
195
173
169
116
31.7
31.5
Property, plant and equipment
1.61
1.18
0.88
0.7
0.84
0.63
0.43
3.32
0.08
0.05
Lease right-of-use assets
3.04
4.28
2.97
1.55
4.86
0.22
0.14
Intangible assets
0.39
0.32
Long-term investments
21.4
63.2
70.6
69.8
Other non-current assets
0.02
0.02
Total assets
63.8
97
191
233
271
247
182
126
35.2
32.1
Accounts payable
4.74
3.83
4.37
9.1
4.89
5.63
9.6
11.6
2.19
3.22
Accrued liabilities
8.08
7.71
Deferred revenue
26.8
22.3
Total current liabilities
11.5
8.51
40.4
42.9
18.5
17.6
23.5
25.6
10.4
11
Lease liabilities
3.35
3.67
1.92
6.09
0.2
0.09
Total liabilities
13.1
10.2
57.2
46.2
22.2
19.5
23.5
68.8
40.8
11.1
Paid-in capital
213
307
428
587
641
709
727
742
1.1
131
Retained earnings
-162
-220
-294
-401
-392
-481
-566
-685
-92.2
-110
Other comprehensive income
0
-0.07
-0.11
0.17
0.07
-0.36
-1.67
-0.26
0.01
Shareholders' equity
50.7
86.8
134
187
249
228
159
-62.1
-91.1
20.9
Total equity
50.7
86.8
134
187
249
228
159
-62.1
-91.1
20.9
Total liabilities and equity
63.8
97
191
233
271
247
182
126
35.2
32.1
Shares outstanding
3.09
3.69
4.47
5.28
5.64
6.05
73.2
6.17
2.57
9.38
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-57.3
-58.1
-74
-106
8.41
-88.4
-85.5
-119
-29.4
-18.2
Depreciation and amortization
1.47
0.5
0.37
0.2
0.21
0.25
0.25
0.26
0.1
0.1
Stock-based compensation
2.8
5.79
9.48
12.6
14.8
20.8
17.7
13.7
0.32
1.4
Deferred income tax
0
0
0
Change in inventory
-2.58
0.2
-0.44
-1.04
Change in payables
6.27
-3.03
5.12
6.04
-2.78
-1.02
5.68
3.28
5.57
0.92
Cash from operations
-47.4
-54.8
-22.3
-109
-5.49
-60.1
-78.7
-92.1
-18.3
-23.5
Capital expenditures
-0.72
-0.06
-0.07
-0.02
-0.35
-0.04
-0.04
-2.38
-1.05
Purchases of investments
-68.6
-127
-338
-286
-233
-209
-95.7
-114
-32.2
-31.5
Sales and maturities of investments
80.4
82.2
175
254
144
173
220
155
82
Cash from investing
45
-36.5
-82.8
-30.5
-20.3
-4.75
129
43.5
48.7
-10.1
Stock issued
0.12
86.2
92.1
136
0.69
1.64
0.31
1.12
0.01
0.53
Cash from financing
0.12
87.9
111
143
39.1
46.6
0.31
38.2
27
22.7
Net change in cash
-3.01
-2.7
5.69
2.86
13.4
-18.2
50.3
-10.5
8.7
-10.9
Free cash flow
-48.1
-54.9
-22.4
-109
-5.84
-60.1
-78.8
-94.5
-19.4
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.27 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-310.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-148.8%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value CAGR, 3y
-49.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-39.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-8.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-44.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-34.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
202.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
8.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
7.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.87x
Current assets / current liabilities.
Quick ratio
1.73x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.73x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$2.67
Cash from operations / diluted weighted shares.
Book value per share
$0.89
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.02x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.09x
Market cap / tangible book value, when positive.
Earnings yield
-153.9%
Net income / market cap (the inverse of P/E).
Was Tvardi Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $18.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.