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THAR

Tharimmune, Inc.

THAR

Tharimmune, Inc. • NASDAQ
$2.60 ▲ 1.56% (+0.04)
Market Cap $91.12 M
52w High $9.08
52w Low $0.95
Dividend Yield 0%
P/E -0.71
Volume 341.78K
Outstanding Shares 35.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $2.094M ▲ $-2.102M ▼ 0% $-0.34 ▲ $-2.092M ▼
Q2-2025 $0 $1.851M ▼ $-1.855M ▲ 0% $-0.64 ▲ $-1.849M ▲
Q1-2025 $0 $2.547M ▼ $-2.542M ▲ 0% $-0.99 ▲ $-2.533M ▲
Q4-2024 $0 $3.847M ▼ $-3.821M ▼ 0% $-1.94 ▲ $-3.82M ▼
Q3-2024 $0 $3.866M $-3.796M 0% $-2.45 $-3.793M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.61M ▲ $7.699M ▲ $1.545M ▼ $6.155M ▲
Q2-2025 $2.242M ▲ $2.53M ▲ $2.163M ▼ $367.359K ▲
Q1-2025 $1.076M ▼ $1.661M ▼ $2.476M ▲ $-814.671K ▼
Q4-2024 $3.559M ▼ $3.722M ▼ $2.414M ▲ $1.308M ▼
Q3-2024 $4.774M $5.251M $2.234M $3.018M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.102M ▼ $-1.855M ▼ $0 $7.224M ▲ $5.368M ▲ $-1.855M ▼
Q2-2025 $-1.855M ▲ $-1.143M ▲ $0 $2.309M ▲ $1.166M ▲ $-1.143M ▲
Q1-2025 $-2.542M ▲ $-2.689M ▲ $0 $205.568K ▼ $-2.483M ▼ $-2.689M ▲
Q4-2024 $-3.821M ▼ $-3.034M ▼ $0 ▲ $1.819M ▲ $-1.215M ▲ $-3.034M ▼
Q3-2024 $-3.796M $-2.864M $-3 $-257.73K $-3.122M $-2.864M

Five-Year Company Overview

Income Statement

Income Statement Tharimmune is still a pure development-stage company. It does not generate product revenue yet, so the income statement is driven almost entirely by research, development, and general corporate costs. Over the past few years, expenses have been fairly modest in absolute terms, but because there is no revenue, the company reports ongoing operating and net losses. The very large swings in reported loss per share mainly reflect changes in share count and reverse stock splits rather than big shifts in the underlying business. In practical terms: today this is a story about spending to build future products, not about current profitability or margins. As the pipeline and the digital asset strategy scale up, both operating expenses and the size of reported losses are likely to grow before any potential future revenue arrives.

Balance Sheet

Balance Sheet Historically, Tharimmune has operated with a very small asset base, largely just cash, and no financial debt. Equity has essentially matched cash, which is typical for an early-stage biotech that funds itself primarily through issuing shares rather than borrowing. The recent capital raise tied to its Canton Coin strategy likely transforms the balance sheet from being cash-light to holding a sizable pool of financial assets, including a concentrated position in a single digital token. That brings two contrasting features: - A potential increase in financial flexibility if those assets retain value. - A new layer of volatility and risk, because a large portion of the company’s worth may now be tied to the performance of one blockchain ecosystem. The lack of traditional debt is a clear positive for balance-sheet risk, but the move into digital assets introduces a different, less conventional risk profile that investors will need to watch closely.

Cash Flow

Cash Flow Cash flow so far reflects a small organization funding research and overhead, without incoming cash from product sales. Operating cash flow has been consistently negative, but at a relatively modest scale, and there has been essentially no capital spending on physical assets. Free cash flow is therefore negative, and the company has depended on external financing – mainly equity raises and, more recently, the large digital-asset-focused capital raise – to cover its spending and extend its runway. Looking forward, if clinical programs ramp up and the Canton Network activities expand, cash burn is likely to rise. The key questions will be how efficiently Tharimmune deploys its newly raised funds, how long that cash can support operations, and whether additional funding rounds are required before any meaningful revenue appears.

Competitive Edge

Competitive Edge Tharimmune’s competitive profile is unusual because it straddles two very different arenas: biotech and institutional-grade digital assets. In biotech, its position rests on: - A lead asset (TH104) addressing two focused areas: opioid countermeasures for defense / first responders and itch in a rare liver disease. This gives it exposure to both government and orphan-disease markets. - A regulatory edge for the opioid indication, with an accelerated path that could shorten time to market compared with companies developing entirely new molecules. - A proprietary antibody platform (EpiClick™) designed to hit difficult cancer targets and potentially differentiate future oncology drugs. However, Tharimmune is small and early-stage, competing against much larger pharmaceutical players with deeper resources, broader pipelines, and established commercial infrastructures. Its biotech moat is therefore more about specific science and regulatory positioning than about scale or brand. In digital assets, the company is a first mover in building a public-company treasury around Canton Coin and participating actively in the Canton Network. Partnerships with well-known trading and crypto firms add credibility and networks. But this is an emerging, unproven competitive space, with high regulatory, market, and execution risks and no clear, established playbook.

Innovation and R&D

Innovation and R&D Innovation is the core of Tharimmune’s story. On the biotech side: - TH104 uses a film placed in the mouth for rapid uptake of nalmefene, targeting both emergency opioid exposure and chronic itch in a rare autoimmune liver disease. The dual-opioid receptor approach and the delivery method are key scientific differentiators. - The EpiClick™ antibody engineering platform is designed to craft multispecific antibodies that can bind parts of cancer targets other drugs miss. This could unlock new approaches against well-known targets such as PD‑1, HER2, and HER3. - Early oncology candidates (like HS‑1940 and HS‑3215) are engineered to tackle immune evasion and resistance issues seen with current cancer therapies. - A vaccine platform (VaxGen) represents additional, longer-term optionality, even if it is not the current center of attention. On the digital-asset side: - Tharimmune is not just holding tokens; it intends to operate validator nodes and support applications on the Canton Network. That is an R&D-like activity in its own right, blending technology development with financial infrastructure. All of this means the company is highly innovation-heavy and future-focused, but also exposed to elevated scientific, clinical, technical, and regulatory uncertainty. Many of these projects are at stages where binary outcomes around trials, approvals, or network adoption will matter a great deal.

Summary

Tharimmune is an early-stage, high-risk, high-uncertainty company with a very unconventional mix of assets. Financially, it is pre-revenue, runs consistent operating losses, and relies on external capital. The balance sheet had been very small but is now being reshaped by a large raise directed into digital assets, which removes traditional debt risk but introduces concentrated exposure to a single blockchain token and ecosystem. Strategically, the company is pursuing two ambitious fronts at once: - A biotech pipeline led by TH104, with a potentially expedited regulatory path in one indication and a rare-disease opportunity in another, plus a novel antibody platform and early oncology programs. - A pioneering digital-asset treasury and infrastructure role on the Canton Network, backed by prominent partners but still largely untested in public markets. The upside case depends on successful execution in either or both of these domains: regulatory and clinical progress for TH104 and the antibody pipeline, and real-world adoption and value creation around Canton Coin and the Canton Network. The downside case centers on the typical biotech risks of trial or approval setbacks, combined with the added volatility and regulatory uncertainty of a concentrated digital-asset strategy. Overall, Tharimmune is best understood as a speculative, innovation-driven platform rather than a traditional operating business at this stage. Outcomes are likely to be driven by a handful of major scientific, regulatory, and network milestones rather than gradual, predictable financial trends.

NEWS

November 13, 2025 · 8:05 AM UTC

Tharimmune Receives Positive FDA Feedback for TH104 Prophylaxis Program Against Respiratory Depression from Fentanyl and Ultrapotent Opioids

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November 6, 2025 · 4:16 PM UTC

Tharimmune, Inc. Closes $545 Million Private Placement to Establish Canton Coin Treasury Strategy

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November 3, 2025 · 9:04 AM UTC

Tharimmune, Inc. Announces Private Placement of Approximately $540 Million Led by DRW and Liberty City Ventures to Establish Canton Coin Treasury Strategy

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September 4, 2025 · 8:01 AM UTC

Tharimmune Announces Upcoming Conference Presentations Highlighting Lead Asset TH104, A New Formulation Against Ultrapotent Opioids and Fentanyl

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