Executive Summary

Q3 2025 printed a smaller operating profile with R&D $3.60M and G&A $2.34M, driving a net loss of $(5.53)M and EPS of $(0.59); opex declined sequentially from Q2 as TTI-101 costs fell with IPF completion, partly offset by TTI-109 start-up costs .
Management disclosed that the Phase 2 REVERT IPF trial did not meet its goals in October and is under analysis, while HCC (TTI-101) remains on track for topline in H1 2026; TTI-109’s healthy volunteer study is underway with results also expected H1 2026 .
Liquidity remains adequate with $36.5M in cash, cash equivalents and short-term investments at 9/30, and runway into Q4 2026, consistent with prior quarter commentary .
Shares fell over 80% on Oct 13 after the preliminary IPF readout, prompting multiple third-party shareholder investigation press releases—a near-term overhang until the IPF post-mortem and HCC path crystallize .

What Went Well and What Went Wrong

What Went Well
- Sequential opex reduction: R&D fell to $3.60M (from $5.81M in Q2) and G&A to $2.34M (from $3.06M), reflecting lower TTI-101 costs post-IPF completion, partly offset by TTI-109 ramp .
- HCC remains on schedule: “On track for topline data from Phase 2 trial of TTI-101 in HCC in H1 2026,” with interim data showing “clinically meaningful activity” as mono and combo therapy, per CEO commentary .
- Pipeline progression: TTI-109 IND is in effect and a healthy volunteer study has started; results targeted for H1 2026, offering an additional catalyst and potential tolerability benefits via a prodrug design .
What Went Wrong
- IPF miss: Preliminary Phase 2 REVERT IPF data “did not meet its goals” in October; the company is conducting further analyses to determine next steps .
- Legal overhang: Multiple law firm press releases announced investigations after the stock dropped >80% on Oct 13, adding headline risk .
- Elevated G&A vs last year: G&A rose to $2.34M from $0.88M YoY due to higher legal, accounting/audit, personnel, insurance and rent, reflecting costs of being public and post-merger integration .

Metric	Q3 2024	Q2 2025	Q3 2025
Research & Development ($USD Millions)	$4.80	$5.81	$3.60
General & Administrative ($USD Millions)	$0.88	$3.06	$2.34
Total Operating Expenses ($USD Millions)	$5.68	$8.87	$5.94
Net Income (Loss) ($USD Millions)	$(5.51)	$4.17	$(5.53)
Basic EPS ($)	$(2.14)	$0.51	$(0.59)
Diluted EPS ($)	$(2.14)	$(1.00)	$(0.59)
Cash & Short-term Investments ($USD Millions, period-end)	—	$41.0	$36.5

Notes:

No product revenue reported; the statement of operations presents only operating expenses and other income (loss) .
Q2 net income was driven primarily by a $12.66M other income line (remeasurement gain on Convertible Notes) .

Program-related R&D change detail (YoY, Q3 2025 vs Q3 2024):

Item	Change ($USD Millions)	Commentary
TTI-101 HCC trial expense	$(1.4)	Lower due to changes in patient enrollments and estimated study costs
TTI-101 IPF trial expense	$(1.0)	Trial completed in Q2 2025
TTI-109 HV study & CMC	+$2.0	Healthy volunteer study began in Q3 2025; related CMC costs

Metric	Period	Previous Guidance	Current Guidance	Change
REVERT IPF Phase 2 topline (TTI-101)	IP timing	4Q 2025 targeted	Trial did not meet goals; additional analyses underway	Lowered/Withdrawn
REVERT HCC Phase 2 topline (TTI-101)	H1 2026	H1 2026 on track	H1 2026 on track; interim results clinically meaningful	Maintained
TTI-109 healthy volunteer topline	H1 2026	IND submitted (timing not given)	Results expected H1 2026	Introduced
Cash runway	Liquidity	Funded into Q4 2026	Funded into Q4 2026	Maintained

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
IPF (TTI-101)	Q1: on track 2H 2025; Q2: topline in 4Q 2025	Phase 2 REVERT IPF did not meet goals; analyzing options	Negative inflection
HCC (TTI-101)	H1 2026 topline; continued enrollment	On track H1 2026; interim data clinically meaningful mono/combo	Steady/constructive
TTI-109	Q1: IND planned 1H 2025 ; Q2: IND submitted	IND in effect; HV study initiated; results H1 2026	Progressing
Funding runway	Q1: into 2H 2026 ; Q2: into Q4 2026	Into Q4 2026	Stable
Legal/shareholder matters	—	Multiple shareholder investigation PRs post Oct 13 drop	Headwind

Note: No Q3 2025 earnings call transcript was located in the available document set; themes are derived from the 8-K press release .

Strategic posture: “We remain confident in the potential of STAT3 inhibition… Our lead program, TTI-101, has demonstrated encouraging clinical activity in oncology and continues to hold promise across a range of indications where STAT3 is a key driver” .
On HCC and pipeline: “We eagerly await data from our ongoing Phase 2 REVERT Liver Cancer trial in the first half of next year… At the same time, we are also advancing our next-generation STAT3 inhibitor, TTI-109… designed to rapidly convert to TTI-101… to improve tolerability” .
On balance sheet and focus: “With a balance sheet extending into the fourth quarter of next year, we remain focused on fully realizing the therapeutic potential of STAT3 inhibition across fibrotic diseases” .

No Q3 2025 earnings call transcript was found; no Q&A to summarize. Analysis and quotes are sourced from the 8-K press release and attached Exhibit 99.1 .

Metric	Period	Consensus	Actual	Surprise
EPS (GAAP)	Q3 2025	N/A*	$(0.59)	N/A*
Revenue	Q3 2025	N/A*	No revenue reported	N/A*

*Consensus data retrieved from S&P Global; no Wall Street consensus estimates were available for TVRD via S&P Global at the time of analysis.

IPF failure resets near-term narrative; the stock’s >80% drop on Oct 13 underscores heightened event risk and legal headline sensitivity until management completes the analysis and articulates next steps .
HCC becomes the primary value driver with a defined H1 2026 topline; interim data cited as “clinically meaningful” suggests biological activity, but a clear registrational path and effect size will determine re-rating potential .
TTI-109 offers a 2026 catalyst and potential tolerability edge through prodrug delivery; successful HV data could de-risk future TTI-101 exposure concerns and broaden the platform .
Operating discipline evident: sequential opex down materially (R&D $5.81M → $3.60M; G&A $3.06M → $2.34M), extending runway efficacy; monitor for sustained spend control as programs advance .
Liquidity into Q4 2026 provides breathing room to reach HCC and TTI-109 readouts without immediate financing, though outcomes will dictate capital strategy; watch for non-dilutive options .
Lack of Street coverage (no SPGI consensus) implies outsized impact from company disclosures; upcoming scientific/clinical updates could drive step-changes in sentiment and valuation.
Near-term trading setup: sentiment likely remains pressured by IPF outcome and investigation headlines; potential relief rallies could occur on HCC operational updates, study progress, or clarity on IPF learnings and strategy .