Revenue Recognition - Tharimmune did not recognize any revenues for the three and nine months ended September 30, 2023 and 2022[123]. Research and Development Expenses - Research and development expenses decreased by $343,667, or 41.3%, to $488,177 for the three months ended September 30, 2023, primarily due to the deprioritization of HSB-1216[135]. - Research and development expenses increased by $971,691, or 60.9%, to $2,566,910 for the nine months ended September 30, 2023, from $1,595,219 for the same period in 2022, driven by pre-clinical activities and stock-based compensation[142]. - Tharimmune expects an increase in research and development expenses as it prepares for clinical trials of TH3215 and TH1940[126]. - The company has deprioritized HSB-1216 to focus on therapeutics for high unmet need cancers[117]. General and Administrative Expenses - General and administrative expenses increased by $61,251, or 4.7%, to $1,356,893 for the three months ended September 30, 2023, driven by higher investor relations and legal expenses[136]. - General and administrative expenses rose by $836,873, or 23.8%, to $4,357,154 for the nine months ended September 30, 2023, from $3,520,281 for the same period in 2022, primarily due to increased investor relations and legal expenses[143]. Operating Expenses and Losses - Total operating expenses decreased by $282,416 to $1,845,070 for the three months ended September 30, 2023[134]. - The net loss for the three months ended September 30, 2023, was $1,820,115, a decrease of $307,371 compared to the same period in 2022[134]. - Net loss decreased by $307,371, or 14.4%, to $1,820,115 for the three months ended September 30, 2023, from $2,127,486 for the same period in 2022, attributed to a decrease in research and development expenses[139]. - The company incurred operating losses of approximately $6.9 million for the nine months ended September 30, 2023, with an accumulated deficit of approximately $22.2 million as of the same date[147]. - The company reported a net loss increase of $138,573, or 2.1%, to $6,845,317 for the nine months ended September 30, 2023, from $6,706,744 for the same period in 2022, due to rising research and development and general administrative expenses[146]. Cash Flow - Net cash used in operating activities was $5,884,679 for the nine months ended September 30, 2023, compared to $5,665,274 for the same period in 2022[151]. Financing and Agreements - Tharimmune entered into a patent license agreement with Avior Inc. on November 3, 2023, for the commercialization of TH104 and TH103, involving mid six-digit upfront fees and milestone payments totaling $24,250,000[122]. - Tharimmune issued $250,000 worth of common stock to ABSI as part of a research and development collaboration agreement[121]. - The company raised approximately $2.1 million from a public offering of common stock on May 2, 2023, following net proceeds of approximately $13.0 million from its IPO on January 14, 2022[147]. Interest Income and Expense - Interest expense increased by $3,496, or 100.0%, to $3,496 for the three months ended September 30, 2023, from $0 for the same period in 2022, primarily due to insurance premium financing liability[137]. - Interest income increased by $28,451, or 100.0%, to $28,451 for the three months ended September 30, 2023, from $0 for the same period in 2022, mainly from funds held in cash accounts[138]. Going Concern - The company expressed substantial doubt about its ability to continue as a going concern for at least one year following the issuance of its financial statements, highlighting ongoing liquidity risks[148].
Tharimmune(THAR) - 2023 Q3 - Quarterly Report