As of September 30, 2024, Tharimmune, Inc. reported significant financial changes compared to the previous fiscal period. The company’s cash and cash equivalents decreased to $4.8 million from $10.9 million at the end of 2023. Total current assets also fell to $5.3 million, down from $10.9 million, while total assets mirrored this decline, dropping to $5.3 million from $10.9 million. Current liabilities increased to $2.2 million from $1.8 million, contributing to a total liabilities rise to $2.2 million from $1.8 million. The accumulated deficit expanded to $(33.1 million) from $(24.7 million), and total stockholders’ equity decreased to $3.0 million from $9.1 million.

In terms of operational performance, Tharimmune reported research and development expenses of $2.3 million for the three months ended September 30, 2024, a substantial increase from $488,177 in the same period of 2023. Total operating expenses for the quarter rose to $3.9 million from $1.8 million year-over-year. Consequently, the loss from operations for the quarter was $(3.9 million), compared to $(1.8 million) in the prior year. The net loss for the three months ended September 30, 2024, was $(3.8 million), up from $(1.8 million) in 2023, resulting in a net loss per share of $(2.45) compared to $(39.42) in the previous year.

For the nine months ended September 30, 2024, the net loss totaled $(8.4 million), an increase from $(6.8 million) in the same period of 2023. Net cash used in operating activities also rose to $(7.9 million) from $(5.9 million) year-over-year. The company did, however, report proceeds of $2.1 million from a private investment in public equity offering during the nine months ended September 30, 2024, compared to no proceeds in the same period of 2023.

Strategically, Tharimmune has made notable developments, including entering into patent license agreements with Avior Inc. and Intract Pharma for its therapeutic candidates. The company is advancing its pipeline, with plans for IND-enabling studies for several drug candidates in the coming years. Additionally, on September 30, 2024, Tharimmune entered a nonbinding letter of intent to acquire Intract, with Intract shareholders expected to own 49% of the combined entity post-merger.

The company has raised concerns regarding its ability to continue as a going concern due to recurring negative cash flows and limited operating history, necessitating substantial additional funding to support future operations.