New York, July 7, 2026, 13:05 (EDT)
- Tvardi rose 39.8% to $2.81 in early afternoon trade, after touching $3.80, with volume of 53.9 million shares.
- The Phase 1 TTI-109 study showed rapid conversion to TTI-101, dose-proportional exposure and shorter diarrhea events than TTI-101.
- The rally lifted Tvardi’s market value to $26.3 million, close to its March 31 cash and short-term investments of about $25.0 million.
- New dermatology and gastrointestinal trials remain subject to IND clearance and more funding.
Tvardi Therapeutics, Inc. jumped as much as 89% on Tuesday after the STAT3 drug developer reported Phase 1 data for TTI-109, but the harder market signal was volume. About 53.9 million shares changed hands by early afternoon, equal to 5.7 times the 9.38 million shares outstanding listed in its latest quarterly filing.
That churn matters because the stock had been priced below cash before the readout. At Monday’s close of $2.01, Tvardi’s equity value was about $18.9 million. At $2.81, its market value was $26.3 million, only a small premium to the $25.0 million of cash and short-term investments reported at March 31.
| Tvardi valuation math | Before July 7 readout | Tuesday afternoon |
|---|---|---|
| Share price | $2.01 | $2.81 |
| Equity value | $18.9 mln | $26.3 mln |
| Cash + short-term investments, March 31 | $25.0 mln | $25.0 mln |
| Equity value / cash + investments | 0.75x | 1.05x |
| Volume / shares outstanding | — | 5.7x |
The data released Tuesday said TTI-109, a phosphate prodrug of TTI-101, converted to TTI-101 within two hours and produced near-identical plasma levels at molar-equivalent doses. Tvardi also said 21-day repeat dosing kept exposure above the STAT3 IC50 and cut diarrhea duration to 0.46 days, against 3.35 days for TTI-101 at near-equivalent doses.
| TTI-109 Phase 1 item | Tuesday readout |
|---|---|
| Study setting | Healthy volunteers |
| Study parts | Single ascending dose, crossover bioequivalence, multiple ascending dose |
| Repeat dosing | 21 days, twice daily |
| Target signal | Up to 60% reductions in STAT3-driven immune cell populations |
| Tolerability comparison | Diarrhea duration of 0.46 days for TTI-109 vs 3.35 days for TTI-101 |
Chief Executive Imran Alibhai said the results showed “substantially better tolerability” and backed a move toward Phase 2. He also said TTI-109 was a “promising molecule to test this hypothesis” in diseases still served mainly by injected single-pathway therapies. Tvardi Therapeutics
The caveat is clear in the filing. The data came from healthy volunteers, not patients with dermatologic or gastrointestinal disease. Tvardi also said the pharmacodynamic effects were exploratory, and any new TTI-109 programs need IND clearance and additional funding.
The stock also moved far more than the biotech tape. The SPDR S&P Biotech ETF (NYSEARCA:XBI) rose 2.1%, while the iShares Biotechnology ETF (NASDAQ:IBB) gained 1.7% at the same market snapshot.
| Security | Last price | Day move | Intraday range | Volume |
|---|---|---|---|---|
| Tvardi Therapeutics NASDAQ:TVRD | $2.81 | +39.8% | $1.96-$3.80 | 53.9 mln |
| SPDR S&P Biotech ETF (NYSEARCA:XBI) | $164.13 | +2.1% | $159.43-$164.33 | 5.1 mln |
| iShares Biotechnology ETF (NASDAQ:IBB) | $198.66 | +1.7% | $195.37-$198.66 | 1.3 mln |
H.C. Wainwright analyst Sara Nik had called Tvardi an “undervalued STAT3 play” in June and set a $9 target. Nik said the prior selloff after the failed IPF study had made the stock a “discounted entry point,” with TTI-109 designed to address tolerability limits seen with TTI-101. StreetInsider.com
The funding issue is still there. Tvardi’s 10-Q said March 31 capital resources would not fund planned operations for at least one year from issuance of the financial statements and raised substantial doubt about its ability to continue as a going concern. The company had no approved products for marketing and sale and had no product sales revenue.
Tvardi’s July presentation lists Phase 1b/2 hepatocellular carcinoma topline data for TTI-101 in the second half of 2026. It lists TTI-109 dermatology and/or gastroenterology study initiation in 2027, with an asterisk for IND clearance and funding.
