BiQ: 12/04/25 Quick Update on Tharimmune (THAR)

As Members may recall, I initially entered Tharimmune (THAR) under the mistaken belief that the FDA had aligned with the company on a pathway for approval of TH104 for the treatment of Fentanyl overdose, a $1B-$2B market, which would have been tremendously bullish for THAR, a company with a market cap of under $100M. Upon further research, however, I discovered that the current FDA alignment covered only prophylactic use, a significantly smaller market. Consequently, I immediately moved THAR to the Probation List to give myself time to re-evaluate the thesis.

I still believe TH104 could prove a valuable asset in the long term, given its pharmacodynamic differentiation (and potential superiority) over naloxone. However, the timeline for expansion into non-prophylactic use, which might be necessary to unlock the drug's potential, is impossible to determine at this time.

Since then, on November 4, 2025, the company announced a new $545M private placement, priced at $3.075 per share with no dilutive warrant component, to fund a new DAT (Digital Asset Treasury) strategy, whereby THAR would use the funds to purchase Canton Coin and apply to become a Super Validator on the Canton Network. I have been doing some research into the Canton Network to gain a better understanding of the potential for this DAT strategy to drive future value.