Here are the 10-Q quarterly reports from Tharimmune, Inc. (THAR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow THAR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full THAR filings page.
Canton Strategic Holdings reported a sharp increase in scale and a much larger loss for the quarter ended March 31, 2026, reflecting its pivot to a digital asset treasury strategy built around Canton Coin (CC). Total assets rose to $584.7 million, driven mainly by CC holdings with a fair value of $541.6 million and cash of $41.5 million.
The company posted a quarterly net loss of $47.3 million versus $2.5 million a year earlier, largely due to $36.9 million in operating expenses and a $15.0 million unrealized loss on CC. General and administrative costs surged to $36.6 million, including $32.3 million of stock-based compensation linked to its capital markets and strategic advisory arrangements.
To fund the new strategy, Canton raised substantial capital: a January 2026 registered direct offering plus at-the-market sales and warrant exercises generated about $87.0 million of financing cash inflows during the quarter, following more than $537 million of private placement proceeds in November 2025. Management believes existing liquidity can support operations through at least March 2027 while it runs both the CC-centric treasury segment and its legacy clinical-stage biotechnology programs.
Tharimmune, Inc. is a clinical-stage biotech focused on immunology and inflammation programs, including TH104 (buccal film) and oral infliximab programs licensed from Avior and Intract. The company received FDA IND approval for TH104 in February 2023 and reported positive FDA feedback in March 2025 on a Pre-IND request for a prophylactic high-potency opioid indication (PrHPO), where the FDA indicated a 505(b)(2) NDA pathway is feasible with additional nonclinical in vitro toxicology but no new clinical trials expected to define the prophylactic dosing window.
Financially, Tharimmune had $2.24 million in cash and at June 30, 2025, reported a $4.40 million net loss for the six months ended June 30, 2025, used $3.83 million in operating cash in the same period, and had an accumulated deficit of $41.3 million. The company raised proceeds from PIPE and ATM financings (combined net proceeds of approximately $5.9 million through June 30, 2025 and a June 2025 PIPE net of ~$2.3 million) but disclosed substantial doubt about its ability to continue as a going concern for at least one year.