Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.0K | $911K | $13.5M | $19.9M | $135M | $23.0M | $41.9M | $21.0M | $7.14M | — |
| Revenue growth | — | 959.3% | 1378.5% | 47.6% | 579.3% | -83.0% | 81.8% | -49.9% | -66.0% | — |
| Operating income | -$58.4M | -$59.5M | -$77.4M | -$112M | $5.38M | -$89.1M | -$87.5M | -$121M | -$28.1M | -$26.7M |
| Operating margin | -67907.0% | -6529.6% | -574.5% | -561.6% | 4.0% | -386.8% | -209.1% | -579.4% | -393.8% | — |
| Net income | -$57.3M | -$58.1M | -$74.0M | -$106M | $8.41M | -$88.4M | -$85.5M | -$119M | -$29.4M | -$18.2M |
| Net margin | -66604.7% | -6380.4% | -549.5% | -534.9% | 6.2% | -384.1% | -204.2% | -565.2% | -411.9% | — |
| EPS (diluted) | -$2.10 | -$1.86 | -$2.06 | -$2.49 | $0.18 | -$1.74 | -$19.12 | -$26.26 | -$11.42 | -$3.26 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$47.4M | -$54.8M | -$22.3M | -$109M | -$5.49M | -$60.1M | -$78.7M | -$92.1M | -$18.3M | -$23.5M |
| Capital expenditures | $717K | $58.0K | $73.0K | $18.0K | $349K | $39.0K | $43.0K | $2.38M | $1.05M | — |
| Free cash flow | -$48.1M | -$54.9M | -$22.4M | -$109M | -$5.84M | -$60.1M | -$78.8M | -$94.5M | -$19.4M | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $12.1M | $9.39M | $15.1M | $18.3M | $31.7M | $13.5M | $63.7M | $51.8M | $31.6M | $20.7M |
| Total assets | $63.8M | $97.0M | $191M | $233M | $271M | $247M | $182M | $126M | $35.2M | $32.1M |
| Total liabilities | — | — | — | — | — | — | $23.5M | $68.8M | $40.8M | $11.1M |
| Shareholders' equity | $50.7M | $86.8M | $134M | $187M | $249M | $228M | $159M | -$62.1M | -$91.1M | $20.9M |
| Retained earnings | -$162M | -$220M | -$294M | -$401M | -$392M | -$481M | -$566M | -$685M | -$92.2M | -$110M |
| Shares (wtd avg diluted) | 27.3M | 31.2M | 35.9M | 42.7M | 47.9M | 50.7M | 4.47M | 4.51M | 2.57M | 7.78M |
Every figure is extracted from Tvardi Therapeutics, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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