Product Development - Hillstream BioPharma's most advanced product candidate, HSB-1216, targets treatment-resistant solid tumors and aims to submit an IND to the FDA in late 2023 or early 2024 [101]. - Hillstream BioPharma is developing HSB-1940, a combination of PD-1 targeting Picobodies bound to Quatramers, to enhance targeting of "undruggable" epitopes [104]. - The company has entered into a collaboration agreement with Minotaur Therapeutics for the development of biologics targeting PD-1 [113]. - Hillstream BioPharma's Quatramer platform aims to improve drug delivery to the tumor microenvironment while minimizing off-target toxicity [103]. - The company is actively seeking collaborations with leading pharmaceutical companies to develop Quatramer-based therapeutics [109]. Financial Performance - The company did not recognize any revenues for the three months ended March 31, 2023 and 2022 [119]. - Research and development expenses increased by $739,848, or 240.3%, to $1,047,677 for the three months ended March 31, 2023, compared to $307,829 for the same period in 2022 [132]. - General and administrative expenses rose by $623,390, or 59.7%, to $1,666,721 for the three months ended March 31, 2023, from $1,043,331 in the prior year [133]. - Interest expense decreased by $1,585,106, or 100.0%, to $6,138 for the three months ended March 31, 2023, from $1,591,244 for the same period in 2022 [134]. - Interest income increased by $32,248, or 100.0%, to $32,248 for the three months ended March 31, 2023, from $0 in the prior year [135]. - The company incurred operating losses of approximately $2.7 million and had an accumulated deficit of approximately $18.1 million as of March 31, 2023 [136]. Cash Flow and Funding - Cash used in operating activities was $3,464,690 for the three months ended March 31, 2023, compared to $2,728,315 for the same period in 2022 [141]. - Cash provided by financing activities was $523,364 for the three months ended March 31, 2023, significantly lower than $13,845,813 in the prior year [144]. - The company closed a public offering on May 2, 2023, issuing 5,300,000 shares at $0.50 per share, resulting in net proceeds of approximately $2.2 million [117]. - The company will need substantial additional funding to support future operating activities due to recurring negative cash flows [137]. - The company may seek to raise additional funding through equity or debt securities, strategic partnerships, or grants, but there is no assurance of obtaining sufficient capital [138]. Operational Challenges - Research and development expenses are expected to increase as the company plans to commence clinical trials for HSB-1216, HSB-3215, and HSB-1940 [123]. - General and administrative expenses are expected to rise as the company increases personnel to support research and development activities [127]. - The impact of the COVID-19 pandemic on the company's operations and clinical development timelines remains uncertain [118].
Tharimmune(THAR) - 2023 Q1 - Quarterly Report