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Tharimmune, Inc. (NASDAQ:THAR), a pharmaceutical company with a market capitalization of $2.64 million, has been notified by Nasdaq on Monday that it no longer meets the stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. As per the notice, Tharimmune’s equity fell below the minimum $2.5 million threshold, reporting $1.3 million in its annual report for the fiscal year ending December 31, 2024. According to InvestingPro data, the company maintains a current ratio of 1.54 and holds more cash than debt on its balance sheet.
The notice does not immediately affect Tharimmune’s listing on the Nasdaq. The company has 45 days from April 1, 2025, to submit a plan to regain compliance. Tharimmune has expressed its intention to provide a compliance plan within the given timeframe and is exploring options to rectify the shortfall. If Nasdaq accepts the plan, Tharimmune may receive an extension of up to 180 days from April 1, 2025, to demonstrate compliance with the listing rule. The stock has declined 38% year-to-date and currently trades near its 52-week low of $1.14.
Tharimmune, previously known as Hillstream BioPharma Inc. before its name change on May 11, 2021, and Tharimmune, Inc. after another change on September 25, 2023, is based in Bridgewater, New Jersey. The company’s current financial position requires strategic steps to satisfy Nasdaq’s continued listing criteria and maintain its presence on the exchange. InvestingPro analysis reveals 10+ additional insights about the company’s financial health and market position.
This development is based on the company’s latest SEC filing and represents a compliance challenge that Tharimmune must address to retain investor confidence and access to capital markets. Based on InvestingPro’s Fair Value analysis, the stock currently appears to be fairly valued.
In other recent news, Tharimmune, Inc. has received positive feedback from the U.S. Food and Drug Administration (FDA) for its regulatory submission strategy for TH104. This approval allows the company to submit a New Drug Application for TH104 through the 505(b)(2) pathway, expediting the drug’s development without the need for additional clinical trials. Tharimmune is also advancing its Chemistry, Manufacturing, and Controls plan to meet FDA standards for filing the NDA. Additionally, Tharimmune has unveiled a new therapeutic candidate, HS1940, aimed at treating cancer through a dual-action mechanism targeting PD-1 and VEGF receptors. The company plans to continue preclinical testing of HS1940, with IND-enabling studies expected to commence in 2025. In another development, Tharimmune has appointed Don Kim as the new Chief Financial Officer following the resignation of Thomas Hess (NYSE:HES). Kim brings extensive financial expertise to the role, having previously served as CFO of UroGen Pharma Ltd. These developments are part of Tharimmune’s ongoing efforts to expand its product pipeline and strengthen its leadership team.
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