Tvardi Therapeutics, Inc. (TVRD) Balance Sheet
TVRD balance sheet, 2025
December 31, 2025 · U.S. dollars$32.1M assets = $11.1M liabilities + $20.9M equity
Both columns are drawn to the same scale: what TVRD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TVRD financial health
Descriptive bands, not a rating. Fiscal 2025.
TVRD balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $271.2M2020 | $32.1M2025 | −34.7%/yr | |
| Total liabilities | $22.2M2020 | $11.1M2025 | −12.9%/yr | |
| Shareholders’ equity | $249.0M2020 | $20.9M2025 | −39.0%/yr | |
| Cash & short-term investments | $180.9M2020 | $30.8M2025 | −29.8%/yr | |
| Total debt | $5.3M2020 | $201,0002025 | −48.0%/yr | |
| Net cash (debt) | $175.7M2020 | $30.6M2025 | −$145.0M | |
| Working capital | $176.6M2020 | $20.5M2025 | −$156.1M | |
| Book value per share | −$4.822022 | $2.692025 | — | |
| Current ratio | 10.552020 | 2.862025 | −7.70 | |
| Debt / equity | 0.022020 | 0.012025 | −0.01 | |
| Shares outstanding | 9.4M2022 | 7.8M2025 | −5.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TVRD assets
TVRD liabilities and equity
TVRD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TVRD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $30.8M | $37.9M | $22.9M | $43.7M | $167.0M | $180.9M |
| Cash & equivalents | $20.7M | $37.9M | $22.9M | $21.5M | $13.5M | $31.7M |
| Short-term investments | $10.1M | $0 | $49.0M | $22.2M | $153.6M | $149.2M |
| Receivables | $0 | $4.5M | $4.0M | $4.5M | $1.2M | $2.1M |
| Inventory | $0 | $900,000 | $0 | $0 | $2.6M | $0 |
| Other current assets | $727,000 | $529,000 | $0 | $0 | $2.5M | $12.1M |
| Total current assets | $31.5M | $43.8M | $26.2M | $44.1M | $173.3M | $195.1M |
| Property, plant & equipment (net) | $196,000 | $300,000 | $378,000 | $460,000 | $3.6M | $5.1M |
| Goodwill & intangible assets | $322,000 | $385,000 | $448,000 | $511,000 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $17,000 | $0 | $17,000 | $17,000 | $70.2M | $71.0M |
| Total assets | $32.1M | $43.8M | $27.0M | $45.1M | $247.1M | $271.2M |
| Liabilities | ||||||
| Accounts payable | $3.2M | $1.4M | $1.6M | $2.4M | $5.6M | $4.9M |
| Short-term debt | $116,000 | — | $93,000 | $2.0M | $1.8M | $1.6M |
| Total current liabilities | $11.0M | $4.0M | $3.3M | $4.3M | $17.6M | $18.5M |
| Long-term debt | $0 | $30.3M | $0 | $0 | $0 | $0 |
| Lease obligations | $201,000 | $304,000 | $368,000 | $450,000 | — | — |
| Other long-term liabilities | $85,000 | $14.2M | $85.8M | $85.9M | $1.9M | $3.7M |
| Total liabilities | $11.1M | $48.4M | $89.1M | $90.1M | $19.5M | $22.2M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $9,000 | $5,000 | $19,000 | $19,000 | $53,000 | $50,000 |
| Retained earnings (deficit) | −$110.5M | −$755.6M | −$62.8M | −$45.5M | −$480.8M | −$392.3M |
| Accumulated other comprehensive income | $8,000 | — | −$260,000 | −$24,000 | −$358,000 | $73,000 |
| Total shareholders' equity | $20.9M | −$4.6M | −$62.1M | −$45.1M | $227.5M | $249.0M |
| Key figures | ||||||
| Total debt | $201,000 | $44.4M | $368,000 | $2.4M | $3.7M | $5.3M |
| Net cash (debt) | $30.6M | −$6.5M | $22.6M | $41.4M | $163.4M | $175.7M |
| Working capital | $20.5M | $39.9M | $22.9M | $39.8M | $155.7M | $176.6M |
| Tangible book value | $20.6M | −$5.0M | −$62.5M | −$45.6M | $227.5M | $249.0M |
| Book value per share | $2.69 | — | −$6.63 | −$4.82 | — | — |
| Shares outstanding | 7.8M | — | 9.4M | 9.4M | — | — |
| Current ratio | 2.86 | 11.03 | 7.97 | 10.31 | 9.84 | 10.55 |
| Quick ratio | 2.79 | 10.67 | 8.21 | 11.27 | 9.55 | 9.90 |
| Debt / equity | 0.01 | — | — | — | 0.02 | 0.02 |
| Equity / assets | 65.3% | −10.5% | −229.8% | −99.9% | 92.1% | 91.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $15.8M | $25.0M | $30.8M | $36.5M | $41.0M | $22.3M | $37.9M | $43.5M | $56.6M | $69.8M | $22.9M | $78.9M |
| Cash & equivalents | $15.8M | $19.9M | $20.7M | $21.4M | $20.6M | $11.4M | $37.9M | $38.6M | $49.2M | $47.0M | $22.9M | $63.3M |
| Short-term investments | $0 | $5.1M | $10.1M | $15.0M | $20.3M | $10.9M | $0 | $5.0M | $7.4M | $22.8M | $49.0M | $15.7M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $2.2M | $4.5M | $1.4M | $1.8M | $2.9M | $4.0M | $5.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $900,000 | $900,000 | $625,000 | $1.6M | $2.7M | $0 | $3.3M |
| Other current assets | $1.3M | $345,000 | $727,000 | $2.0M | $2.1M | $0 | $529,000 | $2.4M | $3.8M | $5.8M | $0 | $12.7M |
| Total current assets | $17.1M | $25.3M | $31.5M | $38.4M | $43.1M | $23.5M | $43.8M | $47.9M | $63.9M | $81.2M | $26.2M | $100.6M |
| Property, plant & equipment (net) | $140,000 | $168,000 | $196,000 | $223,000 | $249,000 | $275,000 | $300,000 | $3.4M | $7.1M | $7.4M | $378,000 | $8.5M |
| Goodwill & intangible assets | $291,000 | $612,000 | $322,000 | $338,000 | $354,000 | $369,000 | $385,000 | $401,000 | $0 | $0 | $448,000 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $17,000 | $0 | $17,000 | $17,000 | $17,000 | $3.7M | $0 | $0 | $1.5M | $1.5M | $17,000 | $6.2M |
| Total assets | $17.5M | $25.8M | $32.1M | $39.0M | $43.8M | $27.8M | $43.8M | $51.3M | $72.5M | $90.1M | $27.0M | $115.3M |
| Liabilities | ||||||||||||
| Accounts payable | $4.6M | $4.6M | $3.2M | $4.1M | $2.4M | $1.7M | $1.4M | $2.5M | $6.8M | $5.0M | $1.6M | $8.0M |
| Short-term debt | $123,000 | $120,000 | $116,000 | $113,000 | $109,000 | $106,000 | — | $3.4M | $168,000 | $220,000 | $93,000 | $497,000 |
| Total current liabilities | $9.1M | $11.3M | $11.0M | $11.0M | $10.7M | $7.0M | $4.0M | $10.0M | $13.9M | $15.1M | $3.3M | $22.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $30.3M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $145,000 | $174,000 | $201,000 | $228,000 | $254,000 | — | $304,000 | $299,000 | — | — | $368,000 | — |
| Other long-term liabilities | $22,000 | $54,000 | $85,000 | $115,000 | $145,000 | $35.9M | $14.2M | $40.6M | $47.0M | $45.2M | $85.8M | $6.8M |
| Total liabilities | $9.1M | $11.3M | $11.1M | $11.2M | $10.8M | $42.9M | $48.4M | $50.6M | $60.9M | $60.3M | $89.1M | $29.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $19,000 | $5,000 | $54,000 | $54,000 | $54,000 | $19,000 | $54,000 |
| Retained earnings (deficit) | −$123.7M | −$117.3M | −$110.5M | −$103.2M | −$97.6M | −$101.8M | −$755.6M | −$747.9M | −$735.5M | −$715.4M | −$62.8M | −$652.4M |
| Accumulated other comprehensive income | — | $1,000 | $8,000 | $7,000 | −$13,000 | $2,000 | — | −$25,000 | −$121,000 | −$191,000 | — | −$439,000 |
| Total shareholders' equity | $8.4M | $14.5M | $20.9M | $27.9M | $32.9M | −$15.1M | −$4.6M | $707,000 | $11.6M | $29.8M | −$62.1M | $85.6M |
| Key figures | ||||||||||||
| Total debt | $145,000 | $174,000 | $201,000 | $228,000 | $254,000 | $36.0M | $44.4M | $44.0M | $47.2M | $45.4M | $368,000 | $7.3M |
| Net cash (debt) | $15.6M | $24.8M | $30.6M | $36.2M | $40.7M | −$13.7M | −$6.5M | −$464,000 | $9.5M | $24.4M | $22.6M | $71.6M |
| Working capital | $8.0M | $14.1M | $20.5M | $27.4M | $32.5M | $16.5M | $39.9M | $37.9M | $50.0M | $66.1M | $22.9M | $77.7M |
| Tangible book value | $8.1M | $13.9M | $20.6M | $27.5M | $32.6M | −$15.5M | −$5.0M | $306,000 | $11.6M | $29.8M | −$62.5M | $85.6M |
| Book value per share | $0.89 | $1.55 | $2.23 | $2.97 | $3.89 | −$1.62 | — | — | — | $3.19 | −$6.63 | — |
| Shares outstanding | 9.4M | 9.4M | 9.4M | 9.4M | 8.5M | 9.4M | — | — | — | 9.4M | 9.4M | — |
| Current ratio | 1.87 | 2.25 | 2.86 | 3.48 | 4.04 | 3.35 | 11.03 | 4.77 | 4.59 | 5.38 | 7.97 | 4.40 |
| Quick ratio | 1.73 | 2.22 | 2.79 | 3.30 | 3.84 | 3.51 | 10.67 | 4.47 | 4.20 | 4.82 | 8.21 | 3.70 |
| Debt / equity | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | — | — | 62.23 | 4.07 | 1.52 | — | 0.09 |
| Equity / assets | 47.9% | 56.2% | 65.3% | 71.4% | 75.3% | −54.4% | −10.5% | 1.4% | 16.0% | 33.1% | −229.8% | 74.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
TVRD financial position
At the end of fiscal 2025 (December 31, 2025), Tvardi Therapeutics had total assets of $32.1 million (down 26.8% from a year earlier), total liabilities of $11.1 million and shareholders' equity of $20.9 million. It held $30.8 million in cash and short-term investments against $0.2 million of debt, a net cash position of $30.6 million. Its current ratio was 2.86. In the latest quarter (ended June 30, 2026) total assets were $17.5 million and equity $8.4 million.
Related: TVRD income statement, TVRD cash flow statement, TVRD key metrics. See the TVRD stock overview for the latest quote and news.
TVRD balance sheet FAQ
What are Tvardi Therapeutics's total assets?
Tvardi Therapeutics reported total assets of $32.1 million at the end of fiscal 2025 (December 31, 2025), compared with $43.8 million a year earlier.
How much debt does Tvardi Therapeutics have?
Tvardi Therapeutics had $0.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Tvardi Therapeutics have?
Tvardi Therapeutics held $30.8 million in cash and short-term investments at the end of fiscal 2025; with $0.2 million of debt that is net cash of $30.6 million.
What is Tvardi Therapeutics's book value?
Tvardi Therapeutics's shareholders' equity (book value) was $20.9 million at the end of fiscal 2025, or $2.69 per share.
What is Tvardi Therapeutics's current ratio?
Tvardi Therapeutics had current assets of $31.5 million and current liabilities of $11.0 million, a current ratio of 2.86 (it can cover its short-term obligations).
How much goodwill does Tvardi Therapeutics have?
Tvardi Therapeutics carried $0.3 million of goodwill and intangible assets, 1.0% of total assets, at the end of fiscal 2025.