C
Canton Strategic Holdings, Inc.
CNTNCIK 0001861657NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-35.92M
Total Assets
$519.15M
Equity
$397.93M
Shares Out
56.66M
Op. Cash Flow
$-16.13M
Business
Tharimmune, Inc. is a clinical-stage biotechnology company developing therapeutic candidates for inflammatory and immunologic conditions with high unmet need. Its main products include TH104, a transmucosal buccal film delivering nalmefene for chronic pruritus, TH023 (an oral infliximab program) and early-stage multispecific and bispecific biologics such as HS1940 (PD-1/VEGF) and HS3215 (HER2/HER3), plus ADC and picobody technologies. The company operates through licensed development programs, collaborations and CMC development activities under multiple partnership agreements. It pursues global development and commercialization, conducting clinical trials in the U.S. and ex‑U.S., and relies on contract manufacturers and partner delivery platforms for distribution.
Summary from filing dated 2025-03-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 3 | 6 | 4 | 2 | 2 | |
| General and administrative | 17 | 6 | 6 | 5 | 1 | |
| Total operating expenses | 20 | 12 | 9 | 7 | 3 | |
| Loss from operations | −20 | −12 | −9 | −7 | −3 | |
| Interest expense | −28,345 | −13,684 | −16,505 | — | — | |
| Interest income | 41,410 | 249,908 | 152,631 | — | — | |
| Unrealized loss from digital assets holdings | −22 | — | — | — | — | |
| Total other income (expense), net | −22 | 236,224 | 136,126 | −2 | 1 | |
| Total loss before income taxes | −42 | −12 | — | — | — | |
| Provision (benefit) for income taxes | −6 | — | — | — | — | |
| Net loss | −36 | −12 | −9 | −8 | −2 | |
| Basic (per share) | −1.12 | −9.41 | −107.02 | −18.72 | −0.35 | |
| Diluted (per share) | −1.12 | −9.41 | −107.02 | −18.72 | — | |
| Basic (shares) | 32 | 1 | 87,079 | 452,686 | 6 | |
| Diluted (shares) | 32 | 1 | 87,079 | 452,686 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 17 | 4 | 11 | 7 | 4,356 | |
| Prepaid expenses and other current assets | 353,318 | 45,263 | 11,041 | 178,094 | 70,670 | |
| Deferred offering costs | 0 | 117,000 | — | — | 546,651 | |
| Total current assets | 17 | 4 | 11 | 7 | 621,677 | |
| Digital assets | 502 | — | — | — | — | |
| Total assets | 519 | 4 | 11 | 7 | 621,677 | |
| Accounts payable | 1 | 1 | 908,577 | 954,505 | 1 | |
| Accrued expenses | 2 | 1 | 906,469 | 190,468 | 318,223 | |
| Total current liabilities | 3 | 2 | 2 | 1 | 5 | |
| Deferred tax liability | 118 | — | — | — | — | |
| Total liabilities | 121 | 2 | 2 | 1 | 5 | |
| Commitments and contingencies (see Note 8) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | — | — | — | |
| Common stock, $0.0001 par value, 1,000,000,000 and 250,000,000 shares authorized as of December 31, 2025 and 2024, respectively, 37,112,466 shares and 1,973,999 shares issued and 37,112,220 shares and 1,973,753 shares outstanding as of December 31, 2025 and 2024, respectively | 3,711 | 198 | 89 | 46 | 636 | |
| Additional paid-in capital | 471 | 38 | 34 | 21 | 2 | |
| Accumulated deficit | −73 | −37 | −25 | −15 | −7 | |
| Treasury stock, at cost, 246 shares held in treasury as of December 31, 2025 and 2024 | −69,965 | −69,965 | −69,965 | −69,965 | — | |
| Total stockholders equity | 398 | 1 | 9 | 6 | −5 | |
| Total liabilities and stockholders equity | 519 | 4 | 11 | 7 | 621,677 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Deferred tax benefit | −6 | — | — | — | — | |
| Writeoff of deferred offering costs | 92,168 | — | — | — | — | |
| Stock based compensation | 3 | 710,313 | — | — | 1 | |
| Stock issuance pursuant to services agreement | 8,253 | 20,550 | 350,000 | 100,000 | — | |
| Prepaid expenses and other current assets | −308,055 | −34,222 | 167,053 | −107,424 | 32,276 | |
| Accounts payable | 222,477 | 181,089 | −45,928 | −141,170 | 580,847 | |
| Accrued expenses | 1 | 417,847 | 716,001 | −127,755 | 269,446 | |
| Net cash used in operating activities | −16 | −11 | −7 | −7 | −1 | |
| Purchase of digital assets | −78 | — | — | — | — | |
| Net cash used in investing activities | −78 | — | — | — | — | |
| Proceeds from issuance of common stock upon private investment in public equity offerings | 4 | 4 | — | — | — | |
| Proceeds from issuance of common stock upon registered direct public offerings | 7 | — | — | — | — | |
| Proceeds from issuance of common stock upon cash and cryptocurrency private investment in public equity offering | 99 | — | 12 | — | — | |
| Proceeds from issuance of common stock upon at-the-market offerings | 5 | 83,568 | — | — | — | |
| Proceeds from exercise of common stock warrants | 2 | — | — | — | — | |
| Proceeds from exercise of options | 166,250 | — | — | 24,389 | — | |
| Payment of deferred offering costs and other issuance costs | −10 | −661,729 | — | — | — | |
| Proceeds from insurance premium financing liability | 285,178 | 393,960 | 716,775 | 917,472 | — | |
| Repayment of insurance premium financing liability | −285,178 | −393,960 | −716,775 | −917,472 | — | |
| Repayments of note payable | −221,869 | — | — | −139,645 | — | |
| Net cash provided by financing activities | 107 | 4 | 12 | 13 | 898,748 | |
| Net increase (decrease) in cash | 13 | −7 | 4 | 7 | −187,496 | |
| Cash paid for interest expense | 28,345 | 13,684 | 16,505 | 22,241 | — | |
| Placement agent warrants as issuance costs of private investment in public equity offerings | 169,019 | 154,983 | — | — | — | |
| Amortization of deferred offering costs from ATM offering | 24,832 | — | — | — | — | |
| Reduction of premium related to insurance premium financing | 101,102 | — | — | — | — | |
| Issuance of note payable for settlement of previously incurred professional fees | 314,485 | — | — | 186,858 | — | |
| Forgiveness of note payable principal | 92,616 | — | — | — | — | |
| Issuance of options to settle liability | 200,212 | — | — | — | — | |
| Digital assets received in cash and cryptocurrency private investment in public equity offering | 446 | — | — | — | — |
Filings
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