Tharimmune appoints new CFO following resignation

Tharimmune, Inc. (NASDAQ:THAR), a Delaware-based pharmaceutical company with a market capitalization of $2.92 million, announced today that its Board of Directors has accepted the resignation of Thomas Hess (NYSE:HES) as Chief Financial Officer, effective March 26, 2025. According to InvestingPro data, the company maintains a healthy liquidity position with more cash than debt on its balance sheet. According to the company’s statement, Hess’s departure is not due to any disagreements with the company’s operations, policies, or practices.

Following Hess’s resignation, Tharimmune has appointed Don Kim as the new Chief Financial Officer, with his term beginning on March 27, 2025. The company entered into a consulting agreement with Kim on February 21, 2025, the details of which are disclosed in an accompanying exhibit to the 8-K filing. The transition comes at a challenging time for Tharimmune, with the stock trading near its 52-week low of $1.39 and showing a current ratio of 2.35, indicating sufficient short-term liquidity.

Don Kim brings a wealth of financial expertise to Tharimmune, particularly in the pharmaceutical industry. He formerly served as CFO of UroGen Pharma Ltd. from March 2022 to October 2024 and was VP Finance at Urogen since August 2021. Before UroGen, Kim held positions at Strides Pharma Inc., including Head of Finance and a board appointment in March 2021. His experience also includes roles at Sun Pharma Inc. and Zoetis Inc (NYSE:ZTS)., where he served as Controller and Director-Corporate Audit, respectively. Kim’s early career included a stint as Audit/Assurance Manager at Deloitte, NY. He is a licensed CPA in California and holds an MBA from the University of North Carolina, Chapel Hill, and a bachelor’s degree from Yonsei University in Korea.

The transition in Tharimmune’s financial leadership comes as the company continues to develop its portfolio in the pharmaceutical preparations sector. The information reported is based on the most recent 8-K filing with the U.S. Securities and Exchange Commission. InvestingPro analysis reveals additional insights about Tharimmune’s current position, with 11 more exclusive ProTips available to subscribers, covering everything from profitability metrics to market performance indicators.

In other recent news, Tharimmune, Inc. announced the initiation of a Phase 2 study for its potential treatment, TH104, targeting moderate-to-severe pruritus in patients with primary biliary cholangitis. This trial will assess the safety and efficacy of the treatment across multiple centers in the U.S., Europe, and the UK, with preliminary results expected by late 2025. In a separate announcement, Tharimmune secured approximately $2.02 million through a private placement deal, led by Gravitas Capital and SDS Capital Group, to support the clinical development of TH104 and general working capital. The company plans to issue shares and warrants, with the transaction expected to close by December 2024.

Furthermore, Rodman & Renshaw initiated coverage on Tharimmune with a Buy rating and a 12-month price target of $17.00 per share, based on a risk-adjusted net present value model of the TH104 program. The analyst emphasized that achieving this target depends on the successful development and commercialization of TH104. Tharimmune also reported progress in its strategic operations, including licensing agreements with Intract Pharma and OmniAb to enhance its product pipeline. Additionally, new appointments to its Scientific Advisory Board and Board of Directors aim to bolster expertise in liver immunology and clinical trial management.

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