Revenue Recognition - Tharimmune did not recognize any revenue for the years ended December 31, 2023 and 2022[336] Expenses - Research and development expenses increased to $3,559,635 in 2023 from $2,278,424 in 2022, a change of $1,281,211[347] - General and administrative expenses rose to $5,895,585 in 2023 from $4,603,514 in 2022, an increase of $1,292,071[347] - Total operating expenses for 2023 were $9,455,220, up from $6,881,938 in 2022, reflecting a change of $2,573,282[347] - Research and development expenses increased by $1.3 million, or 56.2%, to $3.6 million for the year ended December 31, 2023, from $2.3 million for the year ended December 31, 2022[350] - General and administrative expenses increased by approximately $1.3 million, or 28.1%, to $5.9 million for the year ended December 31, 2023, from $4.6 million for the year ended December 31, 2022[351] Clinical Developments - The FDA approved the IND application for TH104 in February 2023, targeting chronic pruritis in patients with primary biliary cholangitis[330] - Tharimmune entered into a patent license agreement with Avior Inc. on November 3, 2023, involving mid-six digit upfront and milestone payments totaling $24.25 million[335] - The company plans to advance TH3215 and TH1940 into IND-enabling studies in 2024, focusing on high unmet need cancers[331] - Tharimmune has deprioritized the development of HSB-1216 to concentrate on therapeutics for high unmet need cancers[332] - The company expects an increase in research and development expenses as it prepares for clinical trials of TH3215 and TH1940[339] - General and administrative expenses are anticipated to rise as the company increases personnel to support ongoing research activities[343] Financial Performance - Interest expense decreased by $1.6 million, or 99%, to $16,505 for the year ended December 31, 2023, from $1.6 million for the year ended December 31, 2022[352] - Interest income increased by $0.2 million, or 100.0%, to $0.2 million for the year ended December 31, 2023, from $0 for the year ended December 31, 2022[353] - Net loss increased by $0.8 million, or 10.0%, to $9.3 million for the year ended December 31, 2023, from $8.5 million for the year ended December 31, 2022[354] - Operating losses for the year ended December 31, 2023, were approximately $9.5 million, with an accumulated deficit of approximately $24.7 million as of December 31, 2023[355] Cash Flow - Cash used in operating activities for the year ended December 31, 2023, was $7.3 million, compared to $6.6 million for the year ended December 31, 2022[361] - Cash provided by financing activities for the year ended December 31, 2023, was $11.7 million, compared to $13.1 million for the year ended December 31, 2022[363] - The company received gross proceeds of approximately $13.6 million through public offerings of common stock on May 2, 2023, and November 30, 2023[355] - The company will need substantial additional funding to support future operating activities, raising substantial doubt about its ability to continue as a going concern for at least one year[357]
Tharimmune(THAR) - 2023 Q4 - Annual Report