THAR - NASDAQ

Tharimmune, Inc.

THAR·NASDAQ

$3.38

+0.86%

HealthcareBiotechnology

Tharimmune, Inc., a clinical-stage biotechnology company, engages in the development of therapeutic candidates for rare, inflammatory, and oncologic diseases. The company's pre-clinical immuno-oncology pipeline includes TH104, a product candidate for the treatment of liver-related and other pruritogenic inflammatory conditions; TH3215 and TH0059 that are product candidates used to treat various solid tumors; and TH1940, which targets programmed cell death protein 1 (PD-1). It has a research collaboration and product license agreement with Minotaur Therapeutics, Inc. for the development of proprietary targeted biologics. The company was formerly known as Hillstream BioPharma, Inc. and changed its name to Tharimmune, Inc. in September 2023. Tharimmune, Inc. was incorporated in 2017 and is headquartered in Bridgewater, New Jersey.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$133.41M

EPS-1.1200

P/E Ratio-3.14

Earnings Date06/03/2026

-16.13M

Operating Cash Flow

48%

3Y+146.0%

5Y+1396.0%

10Y+2184.0%

-77.57M

Investing Cash Flow

3Y-

5Y-

10Y-

107.17M

Financing Cash Flow

2940%

3Y+720.0%

5Y+8599.0%

10Y+15029.0%

Tharimmune, Inc. Cash Conversion Engine

THAR · NASDAQ

FCF Components

Net Income-35.92M

Depreciation & Amortization24.83K

Stock-Based Compensation2.88M

Change in Working Capital986.41K

Others22.09M

Capital Expenditures0.00

Free Cash Flow-16.13M

Cash Flow Quality Analysis

FCF Conversion Rate

44.9%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

FCF Growth Trend

-47.9%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$986.41K

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

Tharimmune, Inc. Cash Flow Statement

THAR • NASDAQ

Tharimmune, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
OPERATING ACTIVITIES
Net Income	-35.9M	-12.2M	-9.3M	-8.5M	-2.2M	-2.4M	-1.5M
Depreciation & Amortization	24.8K	0.0	0.0	0.0	0.0	0.0	0.0
Change in Deferred Taxes	-6.2M	0.0	0.0	0.0	0.0	0.0	0.0
Stock-Based Compensation	2.9M	710.3K	831.9K	800.7K	1.2M	234.6K	0.0
Other Non-Cash Items	22.1M	20.6K	350K	1.7M	-1.2M	797K	576.7K
Change in Working Capital	986.4K	564.7K	837.1K	-569.1K	1M	307.3K	242.7K
Cash from Operating Activities	-16.1M	-10.9M	-7.3M	-6.6M	-1.1M	-1.1M	-706.1K
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-77.6M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Cash from Investing Activities	-77.6M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock	117.4M	4.2M	12.2M	13.6M	0.0	0.0	127.5K
Net Issuance of Debt	-221.9K	0.0	0.0	-14.6K	1.1M	1.2M	580.9K
Share Repurchases	(0.0)	(0.0)	(0.0)	-70K	(0.0)	(0.0)	(0.0)
Other Financing Items	-10M	-661.7K	-510K	-521.3K	-179.3K	0.0	0.0
Cash from Financing Activities	107.2M	3.5M	11.7M	13.1M	898.7K	1.2M	708.4K
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	0.0	0.0	0.0	0.0	0.0	0.0	36K
Net Change in Cash	13.5M	-7.4M	4.4M	6.5M	-187.5K	153.6K	38.3K
Cash at Beginning of Period	3.6M	10.9M	6.5M	4.4K	191.9K	38.3K	0.0
Cash at End of Period	17M	3.6M	10.9M	6.5M	4.4K	191.9K	38.3K
Free Cash Flow	-16.1M	-10.9M	-7.3M	-6.6M	-1.1M	-1.1M	-706.1K

SEC Filings

THAR - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-K 10-K 2025 FY FY	March 31, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	March 31, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 03, 2026	March 03, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 03, 2026	March 03, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 18, 2026	February 18, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 06, 2026	February 05, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 02, 2026	January 30, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 26, 2026	January 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 22, 2026	January 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 20, 2026	January 20, 2026	2026	View Filing

Showing 1 to 10 of 113 filings

Related Guides

Blog Categories

Continue your THAR research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.