The company remains pre-revenue with no gross profit, while operating losses were exacerbated by a $36.6 million SG&A expense in 2026Q1, significantly exceeding the historical quarterly run rate of approximately $1.5 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - |
| Operating Expenses | 54.43M | 20.11M | 12.43M | 9.46M | 6.88M | 3.21M | 1.52M | 994.54K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 51.68M | 17.03M | 6.04M | 5.9M | 4.6M | 1.37M | 671.88K | 625.81K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 2.75M | 3.07M | 6.39M | 3.56M | 2.28M | 1.84M | 847.27K | 368.73K |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -54.43M | -20.11M | -12.43M | -9.46M | -6.88M | -3.21M | -1.52M | -994.54K |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -61.7% | -31.5% | -37.39% | -114.52% | -111.17% | -52.75% | - |
| EBITDA | -91.11M | -42.08M | -12.66M | -9.3M | -6.65M | -1.38M | -2.17M | -1.45M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -630.85% | -232.44% | -36.05% | -39.82% | -383.76% | 36.64% | -49.67% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | -222.54K | 152.63K | 228.49K | 0 | 0 | 0 |
| EBIT | -91.11M | -42.08M | -12.21M | -9.3M | -6.88M | -1.38M | -2.17M | -1.45M |
| Net Interest Income | 326.28K | 13.06K | 236.22K | 136.13K | -1.59M | -831.28K | -246.53K | -75.07K |
| Interest Income | 346.15K | 41.41K | 249.91K | 152.63K | 0 | 0 | 0 | 0 |
| Interest Expense | 19.87K | 28.34K | 13.68K | 16.5K | 1.59M | 831.28K | 246.53K | 75.07K |
| Other Income/Expense | -36.7M | -22M | 236.22K | 136.13K | -1.59M | 1M | -898.22K | -530.93K |
| Pretax Income | -91.13M | -42.1M | -12.2M | -9.32M | -8.47M | -2.21M | -2.42M | -1.53M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | -10.41M | -6.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 11.42% | 14.7% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -80.72M | -35.92M | -12.2M | -9.32M | -8.47M | -2.21M | -2.42M | -1.53M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -546.61% | -194.45% | -30.89% | -9.98% | -283.99% | 8.72% | -58.47% | - |
| Net Income (Continuing) | -80.72M | -35.92M | -12.2M | -9.32M | -8.47M | -2.21M | -2.42M | -1.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -1.12 | -9.41 | -107.08 | -280.77 | -72.81 | -88.05 | -55.56 |
| EPS Growth % | 74.36% | 88.1% | 91.21% | 61.86% | -285.62% | 17.31% | -58.48% | - |
| EPS (Basic) | - | -1.12 | -9.41 | -107.08 | -280.77 | -72.81 | -88.05 | -55.56 |
| Diluted Shares Outstanding | 207.71M | 32.05M | 1.3M | 87.03K | 30.18K | 30.3K | 27.45K | 27.45K |
| Basic Shares Outstanding | 207.71M | 32.05M | 1.3M | 87.03K | 30.18K | 30.3K | 27.45K | 27.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
According to recent financial disclosures, Tharimmune experienced a significant spike in SG&A expenses to $36.6 million in 2026Q1, which stands in stark contrast to the historical quarterly run rate of approximately $1.5 million observed throughout the preceding two years of the company's operational history.
The sudden surge in administrative costs suggests a potential one-time restructuring or legal event that warrants further investigation by stakeholders. This deviation from the established cost baseline complicates the assessment of the company's underlying burn rate and operational efficiency.
Based on reported figures, Tharimmune's net loss of $47.3 million in 2026Q1 was heavily influenced by $32.3 million in stock-based compensation, indicating that non-cash charges are currently the primary driver of the company's bottom-line volatility rather than core operational research and development activities.
Investors should monitor the impact of these equity-based awards on future dilution, as the current compensation structure appears aggressive relative to the company's clinical-stage status. This reliance on non-cash accounting items obscures the true cash-based operational deficit required to advance the TH104 pipeline.
As reported in financial statements, the company maintains a pre-revenue status with no gross profit generation, meaning that operating leverage is currently non-existent as the firm continues to incur significant losses to fund its clinical development and administrative overhead without any offsetting commercial revenue streams.
The absence of revenue implies that the company's operating margin is entirely dependent on the management of fixed costs, which have shown signs of instability. Until the company achieves a commercial milestone or licensing agreement, operating leverage will remain a theoretical concept rather than an operational reality.
Data from the most recent quarterly filings suggests that the company's cash burn, exacerbated by the $36.6 million SG&A expense in 2026Q1, may rapidly deplete the reported $17 million cash position, potentially forcing a dilutive capital raise sooner than the market currently anticipates for this entity.
Short-term liquidity risks appear elevated given the mismatch between the current cash balance and the recent spike in operating expenses. Investors should remain cautious regarding the company's ability to fund its clinical trials without further equity issuance, which would likely result in significant shareholder dilution.
Quick answers to the most common questions about buying THAR stock.
For fiscal year 2025, Tharimmune, Inc. (THAR) reported total revenue of $0.0M.
Tharimmune, Inc. (THAR) reported a net loss of $35.9M for the fiscal year ending 2025.