Liquidity remains a primary concern as the company reported a $54.8 million free cash flow deficit in 2026Q1, driven by a major capital expenditure surge that dwarfs historical spending patterns.
| Cash from Operations | -21.07M | -16.13M | -10.9M | -7.3M | -6.56M | -1.09M | -1.08M | -706.11K |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -345.34% | -47.94% | -49.34% | -11.32% | -503.73% | -0.72% | -52.73% | - |
| Net Income | -80.72M | -35.92M | -12.2M | -9.32M | -8.47M | -2.21M | -2.42M | -1.53M |
| Depreciation & Amortization | -24.83K | 24.83K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 34.92M | 2.88M | 710.31K | 831.86K | 800.7K | 1.24M | 234.58K | 92.01K |
| Deferred Taxes | -10.41M | -6.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 37.15M | 22.09M | 20.55K | 350K | 1.68M | -1.17M | 797.04K | 484.66K |
| Working Capital Changes | -1.99M | 986.41K | 564.71K | 837.13K | -569.11K | 1.05M | 307.32K | 242.69K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 270.83K | 222.48K | 181.09K | -45.93K | -141.17K | 580.85K | 306.57K | 15.76K |
| Cash from Investing | -132.39M | -77.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -54.82M | -77.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -77.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 193.93M | 107.17M | 3.53M | 11.72M | 13.06M | 898.75K | 1.23M | 708.38K |
| Debt Issued (Net) | -160.5K | -221.87K | 0 | 0 | -14.64K | 1.08M | 1.23M | 580.88K |
| Equity Issued (Net) | 202.63M | 117.38M | 4.19M | 12.23M | 13.6M | 0 | 0 | 127.5K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -69.97K | 0 | 0 | 0 |
| Other Financing | -8.54M | -9.98M | -661.73K | -510K | -521.29K | -179.27K | 0 | 0 |
| Net Change in Cash | 40.46M | 13.47M | -7.38M | 4.42M | 6.51M | -187.5K | 153.57K | 38.28K |
| Free Cash Flow | -21.07M | -16.13M | -10.9M | -7.3M | -6.56M | -1.09M | -1.08M | -706.11K |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -95.75% | -47.94% | -49.34% | -11.32% | -503.73% | -0.72% | -52.73% | - |
| FCF per Share | -0.10 | -0.50 | -8.41 | -83.88 | -217.31 | -35.84 | -39.28 | -25.72 |
| FCF Conversion (FCF/Net Income) | 0.26x | 0.45x | 0.89x | 0.78x | 0.77x | 0.49x | 0.45x | 0.46x |
| Interest Paid | 0 | 0 | 0 | 16.5K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in recent financial statements, Tharimmune's OCF/NI ratio of 0.16 in 2026Q1 highlights a significant disconnect between accounting losses and actual cash outflows, largely driven by the $32.3 million in stock-based compensation that masks the underlying cash burn required to sustain clinical operations.
The wide divergence between net income and operating cash flow suggests that non-cash accounting charges are currently the primary driver of bottom-line volatility. Investors should monitor this gap closely, as it indicates that the reported net loss significantly overstates the immediate cash impact of the company's current R&D-heavy operational model.
Based on the company's reported figures, the free cash flow trajectory has deteriorated sharply, culminating in a $54.8 million outflow in 2026Q1, which represents a substantial departure from the historical quarterly burn rates observed throughout the previous two years of the firm's clinical development cycle.
This sudden shift in cash usage suggests that the company is either accelerating its clinical trial spending or incurring significant one-time costs associated with its strategic pivot. The lack of any offsetting revenue means that this trajectory is unsustainable without immediate access to additional capital markets.
According to SEC filings, Tharimmune's capital expenditure surged to $54.8 million in 2026Q1, a figure that dwarfs the company's historical spending patterns and suggests a major, non-recurring investment in assets or infrastructure to support the new TH104 clinical program following the corporate rebranding.
This level of capital intensity appears highly unusual for a pre-revenue biotech entity and warrants further investigation into whether these costs are truly maintenance-related or represent a significant, one-time investment in clinical infrastructure. Such expenditures place immense pressure on the company's limited $17 million cash position.
Data from recent quarterly filings indicates that working capital changes have been erratic, with a $3.3 million outflow in 2026Q1, reflecting the inherent instability of a pre-revenue firm managing clinical trial payables and vendor obligations without a steady stream of operational cash inflows.
The fluctuation in working capital suggests that the company's cash position is highly sensitive to the timing of payments to CROs and other clinical service providers. Investors should monitor these shifts as they may indicate potential liquidity crunches if vendor payment terms are tightened or if clinical milestones trigger unexpected cash demands.
Quick answers to the most common questions about buying THAR stock.
Tharimmune, Inc. (THAR) generated $-16.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tharimmune, Inc. (THAR) reported negative free cash flow of $16.1M in 2025, indicating capital requirements exceeded cash from operations.
Tharimmune, Inc. (THAR) spent $77.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.