Product Development - Hillstream BioPharma is developing novel therapeutic candidates targeting high-value immuno-oncology targets including HER2, HER3, and PD-1, with plans to advance HSB-3215 into IND-enabling studies in 2024[117] - The company anticipates that HSB-0059, a HER2/HER3 bispecific ADC, and HSB-1940, a PD-1 Picobody, will also progress to IND-enabling studies in 2024[117] - Hillstream BioPharma has entered into a research collaboration and product license agreement with Minotaur Therapeutics and a commercial license agreement with Taurus Biosciences to develop targeted biologics against PD-1[125] - The company has extended its collaboration agreement in July 2023 to include an additional target (HER3) and an oncology target[126] - The impact of the COVID-19 pandemic on the company's operations and clinical development timelines remains uncertain[128] Financial Performance - Hillstream BioPharma has not recognized any revenue for the three months ended June 30, 2023, and 2022[130] - Research and development expenses are expected to increase as the company plans to commence clinical trials for HSB-3215 and HSB-1940[133] - General and administrative expenses primarily consist of compensation, consulting, and professional fees, which are essential for corporate operations[136] - Research and development expenses increased by $575,510, or 126.3%, to $1,031,056 for the three months ended June 30, 2023, compared to $455,546 for the same period in 2022[141] - General and administrative expenses rose by $152,232, or 12.9%, to $1,333,540 for the three months ended June 30, 2023, from $1,181,308 in the prior year[142] - Total operating expenses for the three months ended June 30, 2023, were $2,364,596, an increase of $727,742 from $1,636,854 in the same period of 2022[140] - Net loss for the three months ended June 30, 2023, was $2,336,914, compared to a net loss of $1,636,854 for the same period in 2022, reflecting an increase of $700,060[140] - For the six months ended June 30, 2023, research and development expenses increased by $1,315,358, or 172.3%, to $2,078,733 from $763,375 in the same period of 2022[146] - General and administrative expenses for the six months ended June 30, 2023, increased by $775,622, or 34.9%, to $3,000,261 from $2,224,639 in the prior year[147] - Interest income for the six months ended June 30, 2023, was $66,447, a 100.0% increase from $0 in the same period of 2022[149] - The company incurred operating losses of approximately $5.1 million for the six months ended June 30, 2023, with an accumulated deficit of approximately $20.4 million as of the same date[151] - Cash used in operating activities for the six months ended June 30, 2023, was $4,975,713, compared to $4,116,342 for the same period in 2022[155] - The company closed a public offering of shares on May 2, 2023, generating net proceeds of approximately $2.1 million[151] Accounting and Compliance - Stock-based compensation costs are recognized over the requisite service period based on the estimated fair value of the awards[165] - The fair value of stock options is estimated using the Black-Scholes option-pricing model, with an expected term of five to seven years[167] - The company has chosen to take advantage of the extended transition periods under the JOBS Act for complying with new accounting standards[170] - The company will remain an "emerging growth company" until total annual gross revenues reach $1.235 billion or more[171] - The company is not required to provide market risk disclosures as it qualifies as a "smaller reporting company"[172]
Tharimmune(THAR) - 2023 Q2 - Quarterly Report