Tvardi Therapeutics reported a Phase 2 failure for its STAT3 inhibitor TTI‑101, citing high dropout rates tied to side effects and lack of efficacy versus placebo. Financial market reactions were immediate, with shares plunging following the disclosure. The company’s lead fibrosis program now faces de‑risking decisions; investors and partners will watch whether Tvardi pivots the asset, narrows indications, or reprioritizes its pipeline.