Tvardi Raises R&D Spending to $4.5 Million as It Awaits Cancer Therapy Data
Key Facts
Tvardi Therapeutics reported its financial and operating results on November 13 for the quarter ended September 30, 2026, in a statement furnished with a Form 8-K. Research and development expenses rose to $4.5 million from $3.6 million in the year-earlier period. The company attributed the increase mainly to higher clinical costs associated with its investigational drug TTI-101. General and administrative expenses, meanwhile, fell to $1.9 million from $2.3 million, driven by lower professional fees. These movements put spending on therapy development at the top of the cost items the company reported for the quarter.
The company had $22.3 million in cash and cash equivalents on September 30, 2026. Its cash, cash equivalents and short-term investments totaled $30.8 million on December 31, 2025, a comparison that includes short-term investments in the earlier balance. Tvardi said it expects its current cash resources to fund operations, under its current plans, through the third quarter of 2027. That financial runway sets a timeline for the programs the company has outlined, while it tied progress on a new treatment program to obtaining additional financing. In trading on November 12, TVRD closed at $1.16, according to EL7 data.
Tvardi is preparing to advance TTI-109 into clinical development for ulcerative colitis, but made the move conditional on IND clearance and additional financing. That means the program remains dependent on meeting both conditions before the trial begins. The company is targeting a trial launch in 2027. The timeline places the program in its plan for next year, alongside continued work on the ongoing trial of TTI-101. The information provided here did not give a more precise start date for the TTI-109 trial than the target year.
The nearest announced milestone for the TTI-101 program is the release of topline data from its Phase 1b/2 trial for liver cancer. Tvardi expects the data in early Q1 2027. The timing follows the company’s attribution of higher third-quarter R&D expenses to increased clinical trial costs for the drug. The anticipated data will provide an update on the trial’s progress, while the ulcerative colitis program remains conditional on clearance of the application and financing. The company’s upcoming milestones are therefore split between the TTI-101 data readout and preparations, subject to conditions, to launch the TTI-109 trial.