XVARY Composite Score
29
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Tharimmune develops drugs for immune and inflammation diseases, including TH104, TH023, and HS1940.
How it gets paid
Last year Tharimmune made n/a in revenue. TH104 was the main engine at $0M, or 34% of sales.
What just happened
You got -$1.66 EPS last quarter, and TTM revenue was $0M.
At a Glance
C+ balance sheet — struggling to keep the lights on
-$9.41 fy2024 eps est
N/a operating margin
0.8 beta
~$210M market cap
XVARY composite: 29/100 — weak
What They Do
Tharimmune develops drugs for immune and inflammation diseases, including TH104, TH023, and HS1940.
The moat is not sales. It's three shots on goal: TH104 is in Phase II, which means mid-stage human testing, while TH023 and HS1940 are earlier bets. You are buying a 2-person lab where one clean data read can matter more than years of spending.
How They Make Money
n/a
annual revenue
TH104
$0M
TH023
$0M
HS1940
$0M
The Products That Matter
Clinical-stage drug candidate
TH104
legacy biotech thesis
TH104 belongs to the old reason people looked at the company. It still exists in the snapshot, but investor attention has clearly shifted away from pipeline hope and toward treasury execution.
legacy asset
Digital asset treasury and validator nodes
Canton Coin Treasury
$540M raise behind it
This is the new thesis. Validator nodes are network infrastructure that earn economics only if the network activity exists. The raise gives the plan scale. The $300M ATM means management also kept a second financing lever on the table.
new thesis
Key Numbers
$210M
market cap
You are paying $210M for a company with $0M revenue.
$9.41
FY2024 EPS
That is the expected per-share loss for the year.
2
employees
A 3-program biotech with 2 employees is running lean to the point of fragility.
$0M
revenue
No sales means every dollar of value depends on clinical data.
Financial Health
C+
Strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
You got -$1.66 EPS last quarter, and TTM revenue was $0M.
Latest-quarter EPS was -$1.66, versus -$1.36 trailing EPS from Yahoo Finance. EDGAR also showed no revenue figure, so the loss had no sales cushion.
$0M
revenue
-$1.66
eps
0.00%
gross margin
quarterly loss
The -$1.66 EPS loss mattered because there was $0M revenue behind it. That leaves every trial update doing the work sales should do.
source: company earnings report, 2026
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What Could Go Wrong
The central risk is specific and simple: CNTN has $0 revenue today, already raised $540M, and still has a $300M stock-sale tool ready to use. If the financing moves arrive before the economics do, you are funding the experiment while owning the dilution.
Med
ATM dilution shows up before proof
CNTN already raised $540M and still filed a $300M at-the-market program. If management uses that too early, existing shareholders pay first and the new thesis gets judged later.
$300M of possible issuance sits behind a stock with a market cap of roughly $210M. That overhang is not subtle.
Med
Canton adoption stays a concept
The treasury and validator-node plan depends on the Canton Network mattering enough to support real economics. If adoption stays vague, the pivot starts to look like a financing wrapper around an idea.
With $0 revenue today, there is no operating base to soften a failed rollout.
Med
The old biotech story no longer anchors the stock
TH104 and the legacy pipeline still appear in the snapshot, but the market focus has clearly moved. You are underwriting a new field with very little operating history attached to this ticker.
Same company name. Different reason for owning it. That usually increases volatility, not clarity.
Med
The stock is calmer on paper than in real life
A 0.8 beta suggests below-market volatility. A price-stability score of 5 / 100 and a 52-week range of $1–$9 say the opposite. If you trust the first number alone, you are reading the wrong risk signal.
The trading behavior already tells you this name moves on story shifts and financing mechanics more than on textbook factor metrics.
$0 revenue, a ~$210M market cap, a $540M raise, and a $300M ATM point to the same conclusion: dilution and execution matter more here than classic biotech milestones or normal valuation work.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Dilution
Any use of the $300M ATM
This is the first filing path that can directly change your ownership economics. If shares start getting sold before the new strategy shows results, that is the wrong order of events.
Calendar
Next reported results
You want more than another loss number. Look for concrete disclosure on treasury deployment, validator activity, or any economics tied to the pivot.
Adoption
Whether Canton becomes more than a concept
The new bull case needs real network relevance. If outside adoption stays vague, the treasury thesis loses its reason to exist.
Business mix
What still matters from TH104
If management keeps the biotech narrative alive, you need clarity on whether it is a real asset or just leftover packaging from the old company.
Analyst Rankings
coverage depth
thin
in human-speak, there is no broad analyst crowd here to anchor expectations or cool down the story when it starts running.
Source: institutional data
Institutional Activity
institutional ownership data for CNTN is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$2
Current price
Target midpoint · from current
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