Tvardi Therapeutics, Inc. (TVRD) Income Statement
TVRD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTVRD revenue and net income
TVRD profit margins
TVRD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Gross profit | −101.5% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TVRD quarterly EPS vs estimates
Tvardi Therapeutics beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.51).
TVRD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $7.1M | $21.0M | $41.9M | $23.0M | $135.1M |
| Cost of revenue | $95,000 | $812,000 | $6.4M | $7.5M | $1.6M | — |
| Gross profit | −$95,000 | $6.3M | $14.5M | $34.4M | $21.5M | — |
| Research & development | $18.0M | $32.8M | $108.4M | $91.8M | $82.6M | $107.7M |
| Sales, general & admin | $8.7M | $4.5M | $2.8M | $2.7M | — | — |
| Total operating expenses | $26.7M | $62.1M | $136.0M | $121.9M | $110.6M | $128.7M |
| Operating income | −$26.7M | −$55.8M | −$121.5M | −$87.5M | −$89.1M | $5.4M |
| Interest income | $1.4M | $747,000 | $1.3M | $654,000 | — | — |
| Interest expense | — | $8.5M | $0 | $3,000 | — | — |
| Income before taxes | −$18.2M | −$71.3M | −$118.5M | −$85.5M | −$88.4M | $7.7M |
| Income taxes | — | −$398,000 | — | — | — | −$691,000 |
| Net income | −$18.2M | −$70.9M | −$118.5M | −$85.5M | −$88.4M | $8.4M |
| EBITDA | −$18.1M | −$62.6M | −$117.7M | −$85.4M | −$86.9M | $8.7M |
| EPS (diluted) | −$1.36 | −$14.23 | −$2.18 | −$1.59 | −$1.73 | $0.08 |
| Gross margin | — | 88.6% | 69.3% | 82.1% | 93.3% | — |
| Operating margin | — | −781.6% | −579.4% | −209.1% | −386.8% | 4.0% |
| Net margin | — | −993.0% | −565.2% | −204.2% | −384.1% | 6.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $2.6M | $1.5M | $2.6M | $991,000 | $2.1M | $3.0M | $4.9M |
| Cost of revenue | — | — | — | — | $47,000 | $0 | $42,000 | $73,000 | $5,000 | $620,000 | $690,000 | $1.6M |
| Gross profit | — | — | — | — | −$47,000 | $2.6M | $1.4M | $2.5M | −$5,000 | $1.5M | $2.3M | $3.2M |
| Research & development | $4.0M | $4.9M | $5.5M | $3.6M | $5.8M | $319,000 | $8.6M | $4.8M | $6.5M | $22.0M | $28.4M | $25.4M |
| Sales, general & admin | $2.6M | $2.1M | $2.1M | $2.3M | $3.1M | $4.6M | $2.2M | $881,000 | $650,000 | $6.8M | $682,000 | — |
| Total operating expenses | $6.6M | $7.1M | $7.6M | $5.9M | $8.8M | $5.0M | $10.8M | $5.7M | $7.2M | $31.2M | $34.9M | $32.1M |
| Operating income | −$6.6M | −$7.1M | −$7.6M | −$5.9M | −$8.9M | −$2.4M | −$10.8M | −$5.7M | −$7.2M | −$29.7M | −$32.6M | −$28.9M |
| Interest income | $172,000 | $247,000 | $312,000 | $411,000 | $377,000 | $275,000 | $132,000 | $163,000 | $206,000 | — | $313,000 | — |
| Interest expense | — | — | — | — | — | $2.9M | $2.6M | $2.0M | $1.9M | $2.0M | — | — |
| Income before taxes | −$6.5M | −$6.8M | −$7.3M | −$5.5M | $4.2M | −$4.9M | −$12.7M | −$5.5M | −$7.0M | −$30.7M | −$32.3M | −$28.0M |
| Income taxes | — | — | — | — | — | — | −$398,000 | — | — | — | — | — |
| Net income | −$6.5M | −$6.8M | −$7.3M | −$5.5M | $4.2M | −$4.9M | −$12.7M | −$5.5M | −$7.0M | −$30.7M | −$32.3M | −$28.0M |
| EBITDA | −$6.6M | −$6.8M | −$7.3M | −$5.5M | $4.2M | −$2.0M | −$10.1M | −$3.5M | −$7.0M | −$28.7M | −$31.7M | −$27.5M |
| EPS (diluted) | −$0.69 | −$0.73 | −$0.78 | −$0.59 | $0.51 | −$0.50 | −$5.21 | −$8.19 | −$0.27 | −$0.56 | −$0.59 | −$0.52 |
| Gross margin | — | — | — | — | — | 100.0% | 97.1% | 97.1% | −0.5% | 71.0% | 77.0% | 66.8% |
| Operating margin | — | — | — | — | — | −92.9% | −742.4% | −222.1% | −724.6% | −1,389.5% | −1,085.5% | −593.9% |
| Net margin | — | — | — | — | — | −191.0% | −873.3% | −215.7% | −703.8% | −1,437.8% | −1,076.5% | −576.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TVRD's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TVRD financial results
Tvardi Therapeutics reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $18.2 million. Diluted earnings per share came to −$1.36.
See the TVRD stock overview for the latest quote and news, or the TVRD chart for price history and technical indicators.
TVRD income statement FAQ
Does Tvardi Therapeutics have revenue?
Tvardi Therapeutics reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Tvardi Therapeutics profitable?
No. Tvardi Therapeutics reported a net loss of $18.2 million in fiscal 2025.
How much does Tvardi Therapeutics spend on research and development?
Tvardi Therapeutics spent $18.0 million on research and development in fiscal 2025.
What are Tvardi Therapeutics's earnings per share?
Tvardi Therapeutics earned $-1.36 per diluted share in fiscal 2025, compared with $-14.23 a year earlier.
When will Tvardi Therapeutics report its next earnings?
Tvardi Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Tvardi Therapeutics's fiscal year end?
Tvardi Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.