The positive TTI-109 data and extended cash runway are incremental positives, but the EPS miss and need for additional funding cap upside. The key catalyst is the HCC topline data in 4Q 2026, which will determine the value of TTI-101. Monitor the KOL webinar on Aug 19 for further color on TTI-109's UC potential and any financing announcements.
Price Chart
Executive Summary
Tvardi Therapeutics reported Q2 2026 EPS of $(0.69), a 6.2% miss vs consensus of $(0.65), with no revenue. The company announced positive topline healthy volunteer data for next-generation STAT3 inhibitor TTI-109, confirming improved tolerability and target engagement, and selected ulcerative colitis as the initial indication. Cash runway was extended to Q3 2027 through the HCC readout, but advancing TTI-109 into UC requires additional funding.
Key Financial Metrics
Key Facts
- Q2 2026 EPS $(0.69) vs consensus $(0.65) (6.2% miss)
- Net loss $6.5M vs net income $4.2M in Q2 2025 (prior year included $12.7M non-cash gain)
- Cash, cash equivalents and short-term investments $15.8M as of June 30, 2026 (down from $30.8M at Dec 31, 2025)
- TTI-109 healthy volunteer study topline results confirm prodrug design, improved tolerability, and reductions in disease-relevant immune cell populations
- Ulcerative colitis selected as initial disease indication for TTI-109; KOL webinar scheduled Aug 19, 2026
- TTI-101 Phase 1b/2 HCC topline data expected in 4Q 2026
- Cash runway sufficient through HCC readout into Q3 2027; TTI-109 UC trial requires additional funding and IND clearance
Financial Impact
EPS miss of 6.2% on a small base; net loss of $6.5M for the quarter; cash burn of ~$15M in H1 2026
Risk Factors
- Requires additional capital to advance TTI-109 into UC and other indications
- Clinical trial risks for TTI-101 HCC readout and TTI-109 UC trial
- Dilution risk from future equity offerings
- Limited cash runway beyond Q3 2027 without additional funding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-096417 |
| Document: tm2623143d1_8k.htm | 0001104659-26-096417 |
| Document: 0001104659-26-096417-index-headers.html | 0001104659-26-096417 |
| Document: 0001104659-26-096417-index.html | 0001104659-26-096417 |
| Document: 0001104659-26-096417.txt | 0001104659-26-096417 |
| 8-K Data (Synthetic) | 0001104659-26-096417 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 9w ago | Institutional Cluster | $1.86 $1.61 | ▲ +13.44% | ▲ +12.91% | $0.8651 (+53.49%) |
Aug 14, 2026 10w ago | 8-K | $1.90 $1.83 | ▼ −3.68% | ▼ −1.69% | $0.8651 (−54.47%) |
Aug 14, 2026 10w ago | Press Release | $1.90 $1.83 | ▼ −3.68% | ▼ −1.69% | $0.8651 (−54.47%) |
Jul 30, 2026 12w ago | 8-K | $2.10 $1.80 | ▼ −14.29% | ▼ −18.25% | $0.8651 (−58.80%) |
Jul 7, 2026 16w ago | 8-K | $3.10 $2.02 | ▼ −34.84% | ▼ −36.17% | $0.8651 (−72.09%) |
May 14, 2026 23w ago | EFFECT | $3.96 $2.64 | ▲ +33.33% | ▲ +32.48% | $0.8651 (+78.15%) |
May 13, 2026 23w ago | EFFECT | $3.95 $2.71 | ▲ +31.39% | ▲ +30.78% | $0.8651 (+78.10%) |
May 8, 2026 24w ago | Press Release | $4.18 $2.89 | ▼ −30.86% | ▼ −30.88% | $0.8651 (−79.30%) |
Apr 23, 2026 26w ago | DEFA14A | $3.10 $3.59 | ▲ +15.81% | ▲ +11.78% | $0.8651 (−72.09%) |
Mar 31, 2026 29w ago | 8-K | $3.00 $3.06 | ▲ +2.00% | ▼ −7.72% | $0.8651 (−71.16%) |
US Market Status
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