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Item 9A. Controls and Procedures

2025-03-26 compared with 2024-02-23 · 90 added, 972 removed, 100 unchanged (91% of the section changed)

27 unchanged sentences

to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

identified a material weakness in internal control over financial reporting in connection with the review of our audited consolidated

financial statements for the year ended December 31, 2022.

A material weakness is a deficiency, or a combination of deficiencies, in

internal controls over financial reporting such that it is reasonably possible that a material misstatement of the annual or interim

financial statements will not be prevented or detected on a timely basis.

The material weakness previously identified was due to (i)

the design and implementation of appropriate segregation of duties to separate the roles of authorizing, initiating, and recording transactions

or reviewing transactions for the completeness and accuracy of contracts with financial reporting implications and (ii) the Company lacking

sufficient appropriate accounting and reporting knowledge to effectively perform review controls surrounding technical accounting matters.

During the year ended December 31, 2023, we implemented formal review processes which included review by our Chief Executive Officer

and Chief Financial Officer of material contracts and invoices.

In addition, we engaged third-party experts to review the accounting

treatment for significant transactions.

As of December 31, 2023, our principal executive officer and principal financial officer, conducted

an evaluation of the effectiveness of our internal control over financial reporting based on the Committee of Sponsoring Organizations

of the Treadway Commission in Internal Control-Integrated Framework - 2013.

Based on this assessment and implementation of our remediation

plans, management concluded that, as of December 31, 2023, our internal controls over financial reporting were effective.

of December 31, 2024, our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of

our internal control over financial reporting based on the Committee of Sponsoring Organizations of the Treadway Commission in Internal

Control-Integrated Framework - 2013.

Based on this assessment and implementation of our remediation plans, management concluded that,

as of December 31, 2024, our internal controls over financial reporting were effective.

Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal

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OTHER INFORMATION

During the quarter ended December 31, 2023, none of our directors or executive

officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”

as such terms are defined under Rule 408 of Regulation S-K.

the quarter ended December 31, 2024, none of our directors or executive officers adopted , modified, or terminated a “Rule 10b5-1

trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Rule 408 of Regulation

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

following table sets forth the name, age and positions of our executive officers and directors as of February 20, 2024.

Executive Officer and Chairman of the Board of Directors

Financial Officer

Operating Officer and Director

business background and certain other information about our directors and executive officers is set forth below.

Milby has served as our Chief Executive Officer and Chairman of our board of directors since inception in 2017.

Milby is an experienced

biopharmaceutical executive and served as the Chief Executive Officer and member of the board of directors at CorMedix Inc., a biopharmaceutical

company focused on developing and commercializing therapeutic products for the prevention and treatment of inflammatory and infectious

diseases, from May 2012 to December 2012 and from January 2013 until September 2016, respectively.

Milby has served in various other

positions including, but not limited to, Global Business Director - BioMedical and Global Business Director - Applied BioSciences of

DuPont de Nemours, Inc.;

Global Marketing Director of DuPont Crop Protection;

Securities Analyst, Investment Research, Biotechnology

of Goldman Sachs;

and Senior Director of DuPont Merck Pharmaceuticals.

Milby received his BS in pharmacy from The University of Kansas

and his MBA in finance/marketing from Washington University in St.

Louis - Olin Business School.

We believe Mr.

Milby is qualified to

serve as a member of our board of directors because of his extensive experience in the biotechnology industry.

Hess has served as our Chief Financial Officer since June 2021.

In addition, since June 2021, Mr.

Hess has served as a consulting Chief

Financial Officer through Danforth Advisors and TH Advisors for various biotechnology companies.

From August 2014 until June 2021, Mr.

Hess served as Chief Financial Officer and Senior Vice President of Finance of Genomind, Inc, a pharmacogenetics company focused on mental

From September 2011 until its sale in April 2014, Mr.

Hess served as Chief Financial Officer and Executive Vice President of

Finance of The Keane Organization, a comprehensive provider of unclaimed property services.

Hess also previously served in various

other capacities including, but not limited to, Chief Financial Officer and Senior Vice President of Yaupon Therapeutics, Inc.;

Financial Officer and Vice President, Finance of Adolor Corporation;

Corporate Controller of Vicuron Pharmaceuticals, Inc.;

Manager - Accounting and Audit of KPMG.

Hess received his B.S.

in accounting from The Pennsylvania State University and his MBA from

Katz Graduate School of Business, University of Pittsburgh.

He is a Certified Public Accountant in the state of Pennsylvania and serves

on the Board of Directors of Life Sciences Pennsylvania as the audit committee chair.

Mazur has served as a member of our board of directors since July 2021.

In addition, since May 2022, Mr.

Mazur has served as Chief Executive

Officer of Citius Pharmaceuticals, Inc.

CTXR) (“Citius”), and since September 2014, Mr.

Mazur has served as Executive

Chairman of the board of directors and Secretary of Citius.

Mazur also serves as the Secretary of Citius’ majority-owned subsidiary,

NoveCite, Inc.

Mazur is the co-founder and Vice Chairman of Akrimax Pharmaceuticals, LLC (“Akrimax”), a privately held

pharmaceutical company specializing in producing cardiovascular and general pharmaceutical products.

Akrimax was founded in September

2008 and has successfully launched prescription drugs while acquiring drugs from major pharmaceutical companies.

From January 2005 to

May 2012, Mr.

Mazur co-founded and served as the Chief Operating Officer of Triax Pharmaceuticals LLC (“Triax”), a specialty

pharmaceutical company producing prescription dermatological drugs.

Prior to joining Triax, he was the founder and, from 1995 to 2005,

Chief Executive Officer of Genesis Pharmaceutical, Inc.

(“Genesis”), a dermatological products company that marketed its

products through dermatologists’ offices as well as co-promoting products for major pharmaceutical companies.

successfully sold Genesis to Pierre Fabre, a leading pharmaceutical company.

Mazur has extensive sales, marketing and business development

experience from his tenures at Medicis Pharmaceutical Corporation as Executive Vice President, ICN Pharmaceuticals, Inc.

as Vice President,

Sales and Marketing, Knoll Pharma (a division of BASF), and Cooper Laboratories, Inc.

Mazur is a member of the Board of Trustees

of Manor College, is a recipient of the Ellis Island Medal of Honor and was previously the chairman of the board of directors of LMB,

Citius’ wholly-owned subsidiary.

Mazur received both his B.A.

from Temple University and has served in the U.S.

Marine Corps Reserves.

We believe Mr.

Mazur is qualified to serve as a member of our board of directors because of his extensive experience

in the biotechnology industry.

Bui has served as a member of our board of directors since July 2021.

In addition, since June 2017, she has served as President, Chief

Executive Officer and Chairman of the board of directors of Khloris Biosciences, Inc., a biotechnology company dedicated to revolutionizing

medical treatment and prevention of cancer and other diseases.

Bui is a board-certified hematologist oncologist, seasoned entrepreneur,

angel investor and drug developer, having unparalleled experience in basic, translational and clinical research spanning over 15 years

with direct patient care and leading clinical development programs from preclinical IND enabling studies to Phase 1 to 3 registration

studies for multiple approved drugs, including cabozantinib, carfilzomib and enzalutamide.

In addition, she has held senior level positions

at Exelixis, Inc., Onyx Pharmaceuticals (acquired by Amgen Inc.) and Intellikine, Inc.

(acquired by Millennium/Takeda) and has served

as Chief Medical Officer and clinical development lead for multiple biotechnology and pharmaceutical companies.

She has experience with

small molecules, antibodies, dendritic cell vaccines, gene therapies, embryonic stem cells, and cell therapies.

As a clinician, Dr.

has previously been clinical attending at Stanford Hospital and UCLA Medical Center, and is the Founder and Chairman of Global Cancer

Research Institute (“GCRI”), a community-based hematology/oncology clinical practice and clinical trial site.

the Founder and Chairman of GCRI Foundation, a non-profit organization dedicated to funding clinical research in cancer;

Fellow of the Leukemia & Lymphoma Society, Lymphoma Research Foundation and Howard Hughes Medical Institute.

Bui received her

in molecular and cell biology, with an emphasis in neurobiology from University of California, Berkeley and her M.D.

from the David

Geffen UCLA School of Medicine.

We believe Dr.

Bui is qualified to serve as a member of our board of directors because of her extensive

clinical and industry experience.

Appajosyula has served as a member of our board of directors since July 2021 and was appointed as our Chief Operating Officer in July

Since April 2020, he has served as SVP, Corporate Development and Operations of 9 Meters Biopharma, Inc.

Meters”), a company focused on rare and unmet needs in gastrointestinal patient populations developing compounds with unique gastrointestinal

biology, and since 2018 he has served as Managing Member of Highpoint Pharmaceuticals, LLC, a pharmaceutical research and development

In addition, since 2015, Mr.

Appajosyula has served as Managing Partner of Channel BioConsulting, LLC, a company that assists

in enhancing search and evaluation efforts for complementary assets to be added to existing portfolios of biopharmaceutical companies.

Prior to joining 9 Meters, Mr.

Appajosyula spent approximately 8 years at Salix Pharmaceuticals, Inc.

(“Salix”) (Nasdaq:

SLXP) in various roles in medical affairs, product commercialization and business development until its acquisition by Bausch Health

Prior to Salix, he was involved in various roles at Amgen Inc., Critical Therapeutics, Inc.

and Sanofi (formerly Aventis).

Appajosyula received his Bachelor of Science and Doctor of Pharmacy from Rutgers University.

We believe Mr.

Appajosyula is qualified

to serve as a member of our board of directors because of his extensive experience in the biotechnology industry.

Kelly Anderson has served as a member of our board of directors since May 2023.

Anderson currently serves as Chief Executive Officer

of CXO Executive Solutions, a specialized executive talent solutions company.

From 2015 through 2020, she served as a partner in C Suite

Financial Partners, a financial consulting firm serving private, private equity, entrepreneurial, family office and government-owned firms

across the entertainment, aerospace/defense, Software-as-a-service and manufacturing industries.

Anderson previously served in senior

financial executive positions at companies including Mavenlink (now known as Kantata), Ener-Core, Fisker Automotive, T3 Motion and The

First American Corporation.

In addition, Mrs.

Anderson currently serves on the board of AgEagle Aerial Systems, Inc.

and Tomi Environmental

Solutions and was previously a member of the board of directors of Marygold Companies, Guardion Health Sciences and Psychic Friends Network.

She is a Certified Public Accountant in California and received her B.A.

in business administration with an accounting concentration from

California State University, Fullerton.

We believe Mrs.

Anderson is qualified to serve as a member of our board of directors because of

her extensive experience as a Certified Public Accountant.

Relationships

are no family relationships among any of our executive officers or directors.

between Officers and Directors

as set forth in this Annual Report on Form 10-K, to our knowledge, there is no arrangement or understanding between any of our officers

or directors and any other person pursuant to which such officer or director was selected to serve as an officer or director of the Company.

in Certain Legal Proceedings

are not aware of any of our directors or officers being involved in any legal proceedings in the past ten years relating to any matters

in bankruptcy, insolvency, criminal proceedings (other than traffic and other minor offenses), or being subject to any of the items set

forth under Item 401(f) of Regulation S-K.

of Our Board of Directors

board of directors directs the management of our business and affairs, as provided by Delaware law, and conducts its business through

meetings of the board of directors and its standing committees.

We have a standing audit committee, compensation committee and nominating

and corporate governance committee.

In addition, from time to time, special committees may be established under the direction of the

board of directors when necessary to address specific issues.

audit committee is responsible for, among other things:

and retaining the independent auditors to conduct the annual audit of our financial statements;

the proposed scope and results of the audit;

and pre-approving audit and non-audit fees and services;

accounting and financial controls with the independent auditors and our financial and accounting staff;

and approving transactions between us and our directors, officers and affiliates;

procedures for complaints received by us regarding accounting matters;

internal audit functions, if any;

the report of the audit committee that the rules of the SEC require to be included in our annual meeting proxy statement.

audit committee consists of Kelly Anderson (Chair), Lynne Bui and Leonard Mazur.

Our board of directors has affirmatively determined

that Kelly Anderson, Lynne Bui and Leonard Mazur each meet the definition of “independent director” under Nasdaq rules, and

that they meet the independence standards under Rule 10A-3.

Each member of our audit committee meets the financial literacy requirements

In addition, our board of directors has determined that Kelly Anderson qualifies as an “audit committee financial expert,”

as such term is defined in Item 407(d)(5) of Regulation S-K.

Our board of directors has adopted a written charter for the audit committee

which is available on our website at www.tharimmune.com .

compensation committee is responsible for, among other things:

and recommending the compensation arrangements for management, including the compensation for our chief executive officer;

and reviewing general compensation policies with the objective to attract and retain superior talent, to reward individual performance

and to achieve our financial goals;

administering

our stock incentive plans;

the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy statement.

compensation committee consists of Lynne Bui (Chair), Kelly Anderson and Leonard Mazur.

Our board has determined that Lynne Bui, Kelly

Anderson and Leonard Mazur are each independent directors under Nasdaq rules.

Our board of directors has adopted a written charter for

the compensation committee which is available on our website at www.tharimmune.com .

and Governance Committee

nominating and governance committee is responsible for, among other things:

members of the board of directors;

a set of corporate governance principles applicable to our Company;

the evaluation of our board of directors.

nominating and corporate governance committee consists of Leonard Mazur (Chair), Lynne Bui and Kelly Anderson, with Leonard Mazur

serving as chair.

Our board has determined that Leonard Mazur, Lynne Bui and Kelly Anderson are each independent directors under

Nasdaq rules.

Our board of directors has adopted a written charter for the nominating and governance committee which is available on

our website at www.tharimmune.com .

Advisory Board

are supported by members of our Scientific Advisory Board who provide advice and guidance in their respective fields of expertise from

pre-clinical to clinical development.

Our Scientific Advisory Board is currently composed of the following members who receive options

to purchase shares of our common stock:

Kufe, MD - Chair of the Scientific Advisory Board;

Dana-Farber Cancer Institute/Harvard University

Wong, MD, PhD - New York University School of Medicine

Richardson, MD - Dana-Farber Cancer Institute/Harvard University

Paul Eder, MD – Parthenon Therapeutics

Stone, MD - Dana-Farber Cancer Institute

Rayner, PhD - University of South Alabama

Dixon, PhD - Stanford University

Diversity Matrix

nominating and corporate governance committee is committed to promoting diversity on our board of directors.

We have surveyed our current

directors and asked each director to self-identify their race, ethnicity, and gender using one or more of the below categories.

of this survey are included in the matrix below.

Diversity Matrix (As of February 20, 2024)

Number of Directors

Gender Identity

Demographic Background

American or Black

Native or Native American

Hawaiian or Pacific Islander

or More Races or Ethnicities

Not Disclose Demographic Background

information required by this item is incorporated herein by reference from our Proxy Statement, which will be filed with the SEC within

120 days after the end of our 2024 fiscal year pursuant to Regulation 14A for our 2024 Annual Meeting of Stockholders (the “Proxy

Statement”), under the captions “Executive Officer of the Company.”

of Business Conduct and Ethics

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EXECUTIVE COMPENSATION

Compensation Table

following table sets forth the compensation paid or accrued during the fiscal year ended December 31, 2023 and 2022 to our principal

executive officer and an additional officer (collectively the “named executive

officers”), including:

Milby, Chief Executive Officer and President;

Appajosyula, Chief Operating Officer.

and Principal Position

Milby, President and

Executive Officer

Operating Officer

the year ended December 31, 2023, Mr.

Milby was compensated with stock options to purchase 20,605 shares of common stock as set forth

in the employment agreement.

See Note 9 to our audited consolidated financial statements included elsewhere in this Annual Report

on Form 10-K.

the aggregate grant date fair value of stock options granted during the fiscal year calculated in accordance with FASB ASC Topic

For a discussion of the assumptions made by us in determining the grant date fair value of our equity awards see Note 6 to our

audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

the year ended December 31, 2022, Mr.

Milby was compensated with stock options to purchase 30,303 shares of common stock as set forth

in the employment agreement.

See Note 9 to our audited consolidated financial statements included elsewhere in this Annual Report

on Form 10-K.

Agreement with Randy Milby

originally entered into an employment agreement with Randy Milby, to serve as our President and Chief Executive Officer, on January 1,

Such employment agreement was subsequently amended, including, but not limited to, on January 1, 2021, to reflect such that in

lieu of base salary, Mr.

Milby would receive stock options to purchase 18,939 shares of our common stock per month at an exercise price

of $7.822 per share effective January 1, 2021 until funding meets or exceeds $5,000,000, after which time, cash compensation of $300,000

per year would be paid.

The amendment also provided for a base salary of $435,000 after we received funding greater than $5,000,000,

or we completed an initial public offering or similar transaction as set forth in the employment agreement.

In addition, if Mr.

raised more than $5,000,000, he would receive a grant of stock options to acquire 30,303 shares of our common stock with an exercise

price based upon the most recent 409A valuation.

Subsequently, on January 20, 2021, we entered into a further amendment to the employment

agreement pursuant to which Mr.

Milby would receive a base salary of $200,000.

June 1, 2021, we entered into an Amended and Restated Employment Agreement, as amended on September 24, 2021 (the “Amended and

Restated Employment Agreement”), with Randy Milby pursuant to which Mr.

Milby continues to serve as our President and Chief Executive

The term of the Amended and Restated Employment Agreement commenced upon the closing of our initial public offering and continues

for a period of five years and automatically renews for successive one-year periods at the end of each term unless either party provides

written notice of their intent not to review at least 60 days prior to the expiration of the then effective term.

Pursuant to the Amended

and Restated Employment Agreement, Mr.

Milby will receive an annual base salary of $485,000, which may be increased from time to time,

and shall be eligible to receive an annual cash bonus equal to 55% of his then base salary based upon the achievement of Company and

individual performance targets established by our board.

In addition, in the first year in which our market capitalization (as defined

in the Amended and Restated Employment Agreement) equals or exceeds (i) $250 million, Mr.

Milby shall receive a cash payment of $150,000;

(ii) $500 million, Mr.

Milby shall receive a cash payment of $350,000;

and (iii) $1 billion, Mr.

Milby shall receive a cash payment of

Furthermore, on January 14, 2022, Mr.

Milby was granted an option to purchase 757,575 shares of our common stock at an exercise

price of $4.00 per share which shall vest over a 48-month period commencing 12 months after the date of grant.

This shall be in addition

to any additional equity-based compensation awards we may grant Mr.

Milby from time to time.

July 6, 2023, we entered into an amended and restated employment agreement (the “CEO Employment Agreement”) with Mr.

The Employment Agreement has the same terms as of the COO Employment Agreement (as defined below) except, Mr.

Milby shall (i) receive

a base salary of $500,000 per year, which may be increased by the Board;

and (ii) be eligible to receive an annual bonus equal to 60%

of his then base salary based upon the achievement of Company and individual targets to be established by the Board, in its sole discretion.

In addition, in the event Mr.

Milby’s employment is terminated by the Company other than as a result of his death or Disability

(as defined in the CEO Employment Agreement) and other than for Cause (as defined in the CEO Employment Agreement), or if Mr.

Milby terminates

his employment for Good Reason (as defined in the CEO Employment Agreement), then, in addition to the Accrued Compensation, the Company

shall continue to pay Mr.

Milby’s base salary and provide health benefits for a period of 18 months following the termination date

and all Restricted Shares and Stock Options that have not vested as of the date of termination shall be forfeited and outstanding unvested

time-based equity awards shall be accelerated in accordance with the applicable vesting schedule as if Mr.

Milby had been in service

for an additional 12 months as of the termination date.

to the Amended and Restated Employment Agreement and the CEO Employment Agreement, Mr.

Milby’s employment may be terminated (i)

by us for Cause (as defined in the Amended and Restated Employment Agreement and the CEO Employment Agreement);

(ii) upon Mr.

(iii) upon Mr.

Milby’s Disability (as defined in the Amended and Restated Employment Agreement);

(iv) or by Mr.

Good Reason (as defined in the Amended and Restated Employment Agreement).

In the event Mr.

Milby’s employment is terminated, we

shall pay Mr.

Milby his then base salary through the last day of his employment, the reimbursement of expenses incurred on or prior to

the termination date and any earned but unpaid bonus (collectively, the “Accrued Compensation”).

In the event Mr.

employment is terminated as a result of his death or Disability, we shall pay Mr.

Milby (i) the Accrued Compensation, (ii) his then base

salary through the date which is 90 days after his death or Disability and (iii) such other or additional benefits as may be provided

under our employee benefit plans, programs and arrangements (collectively, the “Plans”).

In addition, all shares of our capital

stock that are subject to vesting and all stock options that are scheduled to vest on or before the next succeeding anniversary of the

effective date of the Amended and Restated Employment Agreement shall be accelerated and deemed to have vested as of the termination

All shares and options that have not vested as of the date of termination shall be forfeited.

Any stock options that have vested

as of the termination date shall remain exercisable until the earlier of (i) 60 months after the termination date and (ii) the expiration

date of the option (all payments to be paid upon Mr.

Milby’s death or Disability are hereinafter referred to as the “Death

and Disability Severance”).

Any payments that shall be made to Mr.

Milby as a result of his Disability shall be contingent upon

Milby executing a general release within 21 days of separation from service.

the event Mr.

Milby’s employment is terminated for Cause, Mr.

Milby shall receive (i) the Accrued Compensation and (ii) such other

and additional benefits, if any, as may be required pursuant to the Plans, and all shares that have not vested as of the termination

date shall be forfeited while all stock options that are vested as of the termination date shall remain exercisable for 90 days after

such termination (all payments to be paid upon termination of Mr.

Milby’s termination for Cause are hereinafter referred to as

the “Cause Severance”).

Milby’s employment is terminated other than for death, Disability or Cause, including

Milby’s employment is terminated for Good Reason, then, subject to the execution of a separation agreement within 60 days

from the separation of service, we shall pay Mr.

Milby, (i) the Accrued Compensation, (ii) his then base salary and provide him with

health benefits for a period of 12 months following the effective date of his separation from service and (iii) provide such other or

additional benefits, if any, as may be provided under the Plans.

Furthermore, all shares and stock options that have not vested as of

the termination date shall be forfeited, and any stock options that have vested as of the termination date shall remain exercisable until

the earlier of (i) 60 months following such termination and (ii) the termination date of such option (all payments to be paid upon Mr.

Milby’s termination other than for death, Disability or Cause, including Good Reason, are hereinafter referred to as the “Other

Severance” and together with the Death and Disability Severance and the Cause Severance, “Severance”).

Milby’s employment is terminated either (i) by us without Cause at any time within 12 months prior to the consummation of a

Change of Control (as defined in the Amended and Restated Employment Agreement), (ii) by Mr.

Milby for Good Reason at any time within

12 months after the consummation of a Change of Control or (iii) by us without Cause at any time upon or within 12 months after the consummation

of a Change of Control, then Mr.

Milby shall (A) be entitled to the acceleration and vesting in full of any then outstanding and unvested

equity award, with options continuing to be exercisable for 60 months following termination (or, if earlier, their expiration date) and

(B) all Severance;

provided, however, that such Severance amount shall equal two times the sum of Mr.

Milby’s then base salary

and target bonus and the Severance period shall be 24 months.

Agreement with Sireesh Appajosyula

2023, the Board appointed Sireesh Appajosyula, the Company’s director, as Chief Operating Officer of the Company effective immediately.

In connection with his appointment as Chief Operating Officer of the Company, Mr.

Appajosyula resigned as Chair and a member of the Company’s

nominating and corporate governance committee.

Sireesh Appajosyula has served as a member of the

Company’s board of directors since July 2021.

Since April 2020, he has served as SVP, Corporate Development and Operations of 9

Meters Biopharma, Inc.

NMTR) (“9 Meters”), a company focused on rare and unmet needs in gastrointestinal patient

populations developing compounds with unique gastrointestinal biology, and since 2018 he has served as Managing Member of Highpoint Pharmaceuticals,

LLC, a pharmaceutical research and development company.

In addition, since 2015, Mr.

Appajosyula has served as Managing Partner of Channel

BioConsulting, LLC, a company that assists in enhancing search and evaluation efforts for complementary assets to be added to existing

portfolios of biopharmaceutical companies.

Prior to joining 9 Meters, Mr.

Appajosyula spent approximately eight years at Salix Pharmaceuticals,

(“Salix”) (Nasdaq:

SLXP) in various roles in medical affairs, product commercialization and business development until

its acquisition by Bausch Health (Nasdaq:

Prior to Salix, he was involved in various roles at Amgen Inc., Critical Therapeutics,

and Sanofi (formerly Aventis).

Appajosyula received his Bachelor of Science and Doctor of Pharmacy from Rutgers University.

In connection with Mr.

Appajosyula’s appointment

as Chief Operating Officer of the Company, on July 11, 2023 (the “Appajosyula Effective Date”), the Company entered into an

employment agreement (the “Appajosyula Employment Agreement”) with Mr.

The Appajosyula Employment Agreement shall

continue for a period of five years and, thereafter, shall automatically renew for successive one-year terms unless either party provides

the other party with written notice of non-renewal at least 60 days prior to the last day of the then current term.

Pursuant to the Appajosyula

Employment Agreement, Mr.

Appajosyula shall:

(i) receive a base salary of $400,000 per year, which may be increased by the Board;

be eligible to receive an annual bonus equal to 50% of his then base salary based upon the achievement of Company and individual targets

to be established by the Board, in its sole discretion;

(iii) shall be eligible to receive equity-based compensation awards as determined

by the Company;

(iv) receive reimbursement of reasonable business expenses;

and (v) receive such other benefits that the Company may make

available to its senior executives from time to time along with vacation, sick and holiday pay in accordance with the Company’s

policies established and in effect from time to time.

In the event Mr.

Appajosyula’s employment is

terminated, the Company shall pay him his base salary through the last day of his employment, payment for any unused vacation time in

accordance with the Company’s policies established and in effect from time to time, any reimbursable business expenses and any earned

but unpaid bonuses (collectively, the “Accrued Compensation”).

In the event Mr.

Appajosyula’s employment is terminated

as a result of his death or Disability (as defined in the Appajosyula Employment Agreement), Mr.

Appajosyula shall receive, in addition

to the Accrued Compensation, (i) his base salary through the date which is 90 days after his death or Disability and (ii) such other or

additional benefits, if any, as may be provided under applicable employee benefit plans, programs and/or arrangements of Company.

all shares of capital stock of the Company held by Mr.

Appajosyula that are subject to vesting (“Restricted Shares”) and all

options to purchase shares of capital stock of the Company (“Stock Options”) that are scheduled to vest on or before the next

succeeding anniversary of the Appajosyula Effective Date shall be accelerated and deemed to have vested as of the termination date.

Restricted Shares and Stock Options that have not vested as of the date of termination shall be forfeited as of such date.

Stock Options

that have vested as of Mr.

Appajosyula’s termination shall remain exercisable until the earlier of (i) 60 months following such

termination and (ii) the expiration date of such Stock Options.

In connection with Mr.

Appajosyula’s Disability, all payments, benefits

and/or grants pursuant to the Appajosyula Employment Agreement shall be subject to Mr.

Appajosyula’s execution and delivery within

21 days of separation from service of a general release of the Company, its parents, subsidiaries, and affiliates and each of its officers,

directors, employees, agents, successors and assigns in a form that is acceptable to Company.

In the event Mr.

Appajosyula’s employment

is terminated for Cause (as defined in the Appajosyula Employment Agreement), Mr.

Appajosyula shall receive, in addition to the Accrued

Compensation, such other or additional benefits, if any, as may be required under applicable employee benefit plans, programs and or arrangements

of Company or by law;

provided, however, all Restricted Shares that have not vested as of the date of termination shall be forfeited and

all unexercised Stock Options vested as of the termination date shall remain exercisable for 90 days following such termination.

Appajosyula’s employment is terminated by the Company other than as a result of his death or Disability and other than

for Cause, or if Mr.

Appajosyula terminates his employment for Good Reason (as defined in the Appajosyula Employment Agreement), then,

in addition to the Accrued Compensation, the Company shall (i) continue to pay Mr.

Appajosyula’s base salary and provide health

benefits for a period of 12 months following the termination date or, in the case of benefits, such time as Mr.

Appajosyula receives equivalent

coverage and benefits under plans and programs of a subsequent employer;

and (ii) provide such other or additional benefits, if any, as

may be provided under applicable employee benefit plans, programs and/or arrangements of the Company (other than any severance plans or

In addition, all Restricted Shares and Stock Options that have not vested as of the date of termination shall be forfeited

and outstanding unvested time-based equity awards shall be accelerated in accordance with the applicable vesting schedule as if Mr.

had been in service for an additional six months as of the termination date.

Moreover, Stock Options that have vested as of the termination

date shall remain exercisable until the earlier of (i) 60 months following such termination and (ii) the expiration date of the Stock

The foregoing payments shall be subject to Mr.

Appajosyula’s execution of a separation agreement within 60 days from his

termination date.

In addition, the Company and Mr.

Appajosyula may terminate the Appajosyula Employment Agreement for any reason or no

reason at any time by written notice to the other party, in which case, if terminated by Mr.

Appajosyula, he shall not receive payments

or benefits other than the Accrued Compensation.

Lastly, in the event Mr.

Appajosyula’s employment is terminated (i) by the Company

without Cause at any time within 12 months prior to the consummation of a Change of Control (as defined in the Appajosyula Employment

Agreement), if, prior to, or as of such termination, a Change of Control transaction was Pending (as defined in the Appajosyula Employment

Agreement) at any time during such 12 month period, (ii) by Mr.

Appajosyula for Good Reason at any time within 12 months after the consummation

of a Change of Control, or (iii) by the Company without Cause at any time upon or within 12 months after the consummation of a Change

of Control, then, Mr.

Appajosyula shall be entitled to (A) the acceleration and vesting in full of any then outstanding and unvested portion

of any time-vesting equity award with, options continuing to be exercisable for 60 months following termination (or, if earlier, their

expiration date);

(B) his base salary;

and (C) any bonus and equity awards he is entitled to;

provided, however, that the severance amount

shall equal two times the sum of his base salary and target bonus and the severance period shall be 24 months.

The Appajosyula Employment

Agreement also contains covenants prohibiting Mr.

Appajosyula from disclosing confidential information with respect to the Company and

non-competition, non-solicitation and non-disparagement restrictions.

Equity Awards at December 31, 2023

following table sets forth information concerning outstanding equity awards held by our named executive officers as of December 31, 2023.

of Securities

(#) Exercisable

of Securities

(#) Unexercisable

of Securities

of the options vested on the one-year anniversary of the vesting starting date (January 12, 2022), with the remaining 574,573 of

the options vesting in equal installments over a period of 48 months.

Director Compensation

following table presents the total compensation for each person who served as a non-employee member of our board of directors and received

compensation for such service during the year ended December 31, 2023.

Other than as set forth in the table and described more fully

below, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee

members of our board of directors in 2023.

The amounts reported do not reflect the amounts actually received by our non-employee directors.

Instead, these amounts reflect the aggregate

grant date fair value of each stock option granted to our non-employee directors during the year ended December 31, 2023, as computed

in accordance with Financial Accounting Standard Board ASC Topic 718 for stock-based compensation transactions.

Assumptions used in the

calculation of these amounts are included in Note 6 - Stock-Based Compensation to our audited consolidated financial statements included

elsewhere in this Annual Report on Form 10-K.

As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures

related to service-based vesting conditions.

non-employee directors receive the following annual retainers, to be paid quarterly:

Committee Chair

Committee member

Committee Chair

Committee member

and Corporate Governance Chair

and Corporate Governance member

Upon initial appointment to the board, directors receive a one-time annual payment of $40,000 and then subsequent annual payments of

board approved a policy pursuant to which each non-employee director who is initially elected or appointed to the board on any date other

than the date of our annual meeting of stockholders will be granted options to purchase up to 2,000 shares of our common stock.

options will vest monthly over a period of one year, subject to continued service on our board.

In addition, each non-employee director

who serves on our board as of the date of any annual meeting of stockholders will be granted an option to purchase shares of our common

stock, with the number of options and vesting period to be determined by our compensation committee.

Stock Incentive Plan

board of directors and our stockholders approved the 2017 Stock Incentive Plan (“2017 Plan”) on March 30, 2017, under which

we may grant equity incentive awards in order to attract, motivate and retain the talent who are expected to make important contributions

to the Company.

The material terms of the 2017 Plan are summarized below.

Administration

of the 2017 Plan:

The 2017 Plan is administered by our board of directors.

Our board of directors may delegate any or all of

its powers under the 2017 Plan to one or more committees or subcommittees of the board (a “Committee”).

All references in

the 2017 Plan to the “Board” shall mean our board of directors or a Committee of our board of directors to the extent that

the board’s powers or authority under the 2017 Plan have been delegated to such Committee.

The Board shall have authority to grant

awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the 2017 Plan as it shall deem

The Board may correct any defect, supply any omission or reconcile any inconsistency in the 2017 Plan or any award in the

manner and to the extent it shall deem expedient to carry the 2017 Plan into effect and it shall be the sole and final judge of such

All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons

having or claiming any interest in the 2017 Plan or in any award thereunder.

No director or person acting pursuant to the authority delegated

by the Board shall be liable for any action or determination relating to or under the 2017 Plan made in good faith.

Participants:

The 2017 Plan authorizes the grant of stock options, restricted stock, restricted stock units and/or other stock-based

awards to employees, officers, directors, individual consultants and advisors of the Company.

The Board determines, in its sole discretion,

who will receive awards under the 2017 Plan.

Notwithstanding anything in the 2017 Plan or any award documentation to the contrary, for

so long as the Company has elected Subchapter S status under Section 1362 of the Internal Revenue Code of 1986, as amended, no award

shall be granted or exercised, as the case may be, if the result of such grant or exercise would result in the termination of such Subchapter

S status, unless such grant or exercise, as the case may be, is consented to by all stockholders of the Company.

Any such purported grant

or exercise of an award that does not comply with the foregoing shall be void and have no legal force or effect and shall not be recognized

on the books of the Company as effective.

Available Under the 2017 Plan:

The maximum number of shares of common stock that may be issued to participants under the 2017

Plan is 3,788, subject to adjustment for certain corporate changes affecting the shares, such as stock splits.

Shares subject to an award

under the 2017 Plan for which the award is canceled, forfeited or expires again become available for grants under the 2017 Plan.

subject to an award that is settled in cash will not again be made available for grants under the 2017 Plan.

The Board has the authority to grant options to purchase shares of the Company’s common stock and determine the number of shares

of the Company’s common stock to be covered by each option, the exercise price of each option and the conditions and limitations

applicable to the exercise of each option, including conditions relating to applicable federal or state securities laws, as it considers

necessary or advisable.

An option may be exercised only in accordance with the terms and conditions of the option agreement as established by

the Board at the time of the grant.

The option must be exercised by notice to the Company, accompanied by payment of the exercise price.

Payments may be made in cash or, at the option of the Board, by actual or constructive delivery of shares of common stock to the holder

of the option based upon the fair market value of the shares on the date of exercise.

or Termination :

Options, if not previously exercised, will expire on the expiration date established by the Board at the time of

provided that such term cannot exceed ten years and that such term of an incentive stock option granted to a holder of more than

10% of our voting stock cannot exceed five years.

Options will terminate before the expiration date to the extent the vested portion

of the option is not exercised within 3 months of the termination date if the holder’s service with us terminates before the expiration

The option may remain exercisable for specified periods after certain terminations of service, including terminations as a result

of death, disability or retirement, with the precise period during which the option may be exercised to be established by the Board and

reflected in the agreement evidencing the award.

Shares and Restricted Stock Units :

Eligible participants may be awarded grants of restricted stock units, which represent the

right to receive shares of the common stock to be delivered when the common stock vests.

The holders of restricted stock units will have

none of the rights of a stockholder of the Company until such time or times as shares of the common stock have been issued to participant

in settlement of the award.

The Board shall determine the participants to whom and the time or times at which grants of restricted stock

units shall be awarded, the number of units to be awarded to any participant, the conditions for vesting, the time or times within which

such awards may be subject to forfeiture and restrictions on transfer and other terms and conditions of the awards.

Each restricted stock

unit shall at all times be equal in value to the fair market value of one share of the common stock of the Company.

Stock-Based Awards :

The Board may grant or sell other awards that may be denominated or payable in, valued in whole or in part

by reference to, or otherwise based on or related to, common stock or factors that may influence the value of such shares.

the Board may grant unrestricted shares to eligible participants.

Material Provisions :

Awards will be evidenced by a written agreement, in such form as may be approved by the Board.

of various changes to the capitalization of our Company, such as stock splits, stock dividends and similar re-capitalizations, an appropriate

adjustment will be made by the Board to the number of shares covered by outstanding awards or to the exercise price of such awards.

Board is also permitted to include in the written agreement provisions that provide for certain changes in the award in the event of

a change of control of our Company, including acceleration of vesting.

Except as otherwise determined by the Board at the date of grant,

awards will not be transferable, other than by will or the laws of descent and distribution.

Prior to any award distribution, we are

permitted to deduct or withhold amounts sufficient to satisfy any employee withholding tax requirements.

The Board also has the authority,

at any time, to discontinue the granting of awards.

The Board also has the authority to alter or amend the 2017 Plan or any outstanding

award or may terminate the 2017 Plan as to further grants, provided that no amendment will, without the approval of our stockholders,

increase the number of shares available under the 2017 Plan or change the persons eligible for awards under the 2017 Plan.

that would adversely affect any outstanding award made under the 2017 Plan can be made without the consent of the holder of such award.

Stock Incentive Plan

board of directors and our stockholders approved the 2019 Stock Incentive Plan (“2019 Plan”) on July 24, 2019, under which

we may grant equity incentive awards in order to attract, motivate and retain the talent who are expected to make important contributions

to the Company.

The material terms of the 2019 Plan are summarized below.

Administration

of the 2019 Plan:

The 2019 Plan is administered by our board of directors.

Our board of directors may delegate any or all of

its powers under the 2019 Plan to one or more committees or subcommittees of the board (a “Committee”).

All references in

the 2019 Plan to the “Board” shall mean our board of directors or a Committee of our board of directors to the extent that

the board’s powers or authority under the 2019 Plan have been delegated to such Committee.

The Board shall have authority to grant

awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the 2019 Plan as it shall deem

The Board may correct any defect, supply any omission or reconcile any inconsistency in the 2019 Plan or any award in the

manner and to the extent it shall deem expedient to carry the 2019 Plan into effect and it shall be the sole and final judge of such

All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons

having or claiming any interest in the 2019 Plan or in any Award.

No director or person acting pursuant to the authority delegated by

the Board shall be liable for any action or determination relating to or under the 2019 Plan made in good faith.

Participants:

The 2019 Plan authorizes the grant of stock options, restricted stock, restricted stock units and/or other stock-based

awards to employees, officers, directors, individual consultants and advisors of the Company.

Board determines, in its sole discretion, who will receive awards under the 2019 Plan.

Notwithstanding anything in the 2019 Plan or any

award documentation to the contrary, for so long as the Company has elected Subchapter S status under Section 1362 of the Internal Revenue

Code of 1986, as amended, no award shall be granted or exercised, as the case may be, if the result of such grant or exercise would result

in the termination of such Subchapter S status, unless such grant or exercise, as the case may be, is consented to by all stockholders

of the Company.

Any such purported grant or exercise of an award that does not comply with the foregoing shall be void and have no legal

force or effect and shall not be recognized on the books of the Company as effective.

Available Under the 2019 Plan:

The maximum number of shares of common stock that may be delivered to participants under the 2019

Plan is 156,060, subject to adjustment for certain corporate changes affecting the shares, such as stock splits.

Shares subject to an

award under the 2019 Plan for which the award is canceled, forfeited or expires again become available for grants under the 2019 Plan.

Shares subject to an award that is settled in cash will not again be made available for grants under the 2019 Plan.

The Board has the authority to grant options to purchase shares of the Company’s common stock and determine the number of shares

of the Company’s common stock to be covered by each option, the exercise price of each option and the conditions and limitations

applicable to the exercise of each option, including conditions relating to applicable federal or state securities laws, as it considers

necessary or advisable.

An option may be exercised only in accordance with the terms and conditions of the option agreement as established by

the Board at the time of the grant.

The option must be exercised by notice to us, accompanied by payment of the exercise price.

may be made in cash or, at the option of the Board, by actual or constructive delivery of shares of common stock to the holder of the

option based upon the fair market value of the shares on the date of exercise.

or Termination :

Options, if not previously exercised, will expire on the expiration date established by the Board at the time of

provided that such term cannot exceed ten years and that such term of an incentive stock option granted to a holder of more than

10% of our voting stock cannot exceed five years.

Options will terminate before the expiration date to the extent the vested portion

of the option is not exercised within 3 months of the termination date if the holder’s service with us terminates before the expiration

The option may remain exercisable for specified periods after certain terminations of service, including terminations as a result

of death, disability or retirement, with the precise period during which the option may be exercised to be established by the Board and

reflected in the agreement evidencing the award.

Shares and Restricted Stock Units :

Eligible participants may be awarded grants of restricted stock units, which represent the

right to receive shares of the Company’s common stock to be delivered when the common stock vests.

The holders of restricted stock

units will have none of the rights of a stockholder of the Company until such time or times as shares of the common stock have been issued

to participant in settlement of the award.

The Board shall determine the participants to whom and the time or times at which grants of

restricted stock units shall be awarded, the number of units to be awarded to any participant, the conditions for vesting, the time or

times within which such awards may be subject to forfeiture and restrictions on transfer and other terms and conditions of the awards.

Each restricted stock unit shall at all times be equal in value to the fair market value of one share of the common stock of the Company.

Stock Based Awards :

The Board may grant or sell other awards that may be denominated or payable in, valued in whole or in part

by reference to, or otherwise based on or related to, common stock or factors that may influence the value of such shares.

the Board may grant unrestricted shares to eligible participants.

Material Provisions :

Awards will be evidenced by a written agreement, in such form as may be approved by the Board.

of various changes to the capitalization of our Company, such as stock splits, stock dividends and similar re-capitalizations, an appropriate

adjustment will be made by the Board to the number of shares covered by outstanding awards or to the exercise price of such awards.

Board is also permitted to include in the written agreement provisions that provide for certain changes in the award in the event of

a change of control of our Company, including acceleration of vesting.

Except as otherwise determined by the Board at the date of grant,

awards will not be transferable, other than by will or the laws of descent and distribution.

Prior to any award distribution, we are

permitted to deduct or withhold amounts sufficient to satisfy any employee withholding tax requirements.

The Board also has the authority,

at any time, to discontinue the granting of awards.

The Board also has the authority to alter or amend the 2019 Plan or any outstanding

award or may terminate the 2019 Plan as to further grants, provided that no amendment will, without the approval of our stockholders,

increase the number of shares available under the 2019 Plan or change the persons eligible for awards under the 2019 Plan.

that would adversely affect any outstanding award made under the 2019 Plan can be made without the consent of the holder of such award.

Stock Incentive Plan

board of directors and our stockholders approved the 2023 Omnibus Incentive Plan (“2023 Plan”) on August 17, 2023, under

which we may grant equity incentive awards in order to attract, motivate and retain the talent who are expected to make important contributions

to the Company.

The material terms of the 2023 Plan are summarized below.

Administration

of the 2023 Plan:

The 2023 Plan is administered by our board of directors.

Our board of directors may delegate any or all of

its powers under the 2023 Plan to one or more committees or subcommittees of the board (a “Committee”).

All references in

the 2023 Plan to the “Board” shall mean our board of directors or a Committee of our board of directors to the extent that

the board’s powers or authority under the 2023 Plan have been delegated to such Committee.

The Board shall have authority to grant

awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the 2023 Plan as it shall deem

The Board may correct any defect, supply any omission or reconcile any inconsistency in the 2023 Plan or any award in the

manner and to the extent it shall deem expedient to carry the 2023 Plan into effect and it shall be the sole and final judge of such

All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons

having or claiming any interest in the 2023 Plan or in any Award.

No director or person acting pursuant to the authority delegated by

the Board shall be liable for any action or determination relating to or under the 2023 Plan made in good faith.

Participants:

The 2023 Plan authorizes the grant of stock options, restricted stock, restricted stock units and/or other stock-based

awards to employees, officers, directors, individual consultants and advisors of the Company.

Board determines, in its sole discretion, who will receive awards under the 2023 Plan.

Notwithstanding anything in the 2023 Plan or any

award documentation to the contrary, for so long as the Company has elected Subchapter S status under Section 1362 of the Internal Revenue

Code of 1986, as amended, no award shall be granted or exercised, as the case may be, if the result of such grant or exercise would result

in the termination of such Subchapter S status, unless such grant or exercise, as the case may be, is consented to by all stockholders

of the Company.

Any such purported grant or exercise of an award that does not comply with the foregoing shall be void and have no legal

force or effect and shall not be recognized on the books of the Company as effective.

Available Under the 2023 Plan:

The maximum number of shares of common stock that may be delivered to participants under the 2023

Plan is 2,600,000, subject to adjustment for certain corporate changes affecting the shares, such as stock splits.

Shares subject to

an award under the 2023 Plan for which the award is canceled, forfeited or expires again become available for grants under the 2023 Plan.

Shares subject to an award that is settled in cash will not again be made available for grants under the 2023 Plan.

The Board has the authority to grant options to purchase shares of the Company’s common stock and determine the number of shares

of the Company’s common stock to be covered by each option, the exercise price of each option and the conditions and limitations

applicable to the exercise of each option, including conditions relating to applicable federal or state securities laws, as it considers

necessary or advisable.

An option may be exercised only in accordance with the terms and conditions of the option agreement as established by

the Board at the time of the grant.

The option must be exercised by notice to us, accompanied by payment of the exercise price.

may be made in cash or, at the option of the Board, by actual or constructive delivery of shares of common stock to the holder of the

option based upon the fair market value of the shares on the date of exercise.

or Termination :

Options, if not previously exercised, will expire on the expiration date established by the Board at the time of

provided that such term cannot exceed ten years and that such term of an incentive stock option granted to a holder of more than

10% of our voting stock cannot exceed five years.

Options will terminate before the expiration date to the extent the vested portion

of the option is not exercised within 3 months of the termination date if the holder’s service with us terminates before the expiration

The option may remain exercisable for specified periods after certain terminations of service, including terminations as a result

of death, disability or retirement, with the precise period during which the option may be exercised to be established by the Board and

reflected in the agreement evidencing the award.

Shares and Restricted Stock Units :

Eligible participants may be awarded grants of restricted stock units, which represent the

right to receive shares of the Company’s common stock to be delivered when the common stock vests.

The holders of restricted stock

units will have none of the rights of a stockholder of the Company until such time or times as shares of the common stock have been issued

to participant in settlement of the award.

The Board shall determine the participants to whom and the time or times at which grants of

restricted stock units shall be awarded, the number of units to be awarded to any participant, the conditions for vesting, the time or

times within which such awards may be subject to forfeiture and restrictions on transfer and other terms and conditions of the awards.

Each restricted stock unit shall at all times be equal in value to the fair market value of one share of the common stock of the Company.

Stock Based Awards :

The Board may grant or sell other awards that may be denominated or payable in, valued in whole or in part

by reference to, or otherwise based on or related to, common stock or factors that may influence the value of such shares.

the Board may grant unrestricted shares to eligible participants.

Material Provisions :

Awards will be evidenced by a written agreement, in such form as may be approved by the Board.

of various changes to the capitalization of our Company, such as stock splits, stock dividends and similar re-capitalizations, an appropriate

adjustment will be made by the Board to the number of shares covered by outstanding awards or to the exercise price of such awards.

Board is also permitted to include in the written agreement provisions that provide for certain changes in the award in the event of

a change of control of our Company, including acceleration of vesting.

Except as otherwise determined by the Board at the date of grant,

awards will not be transferable, other than by will or the laws of descent and distribution.

Prior to any award distribution, we are

permitted to deduct or withhold amounts sufficient to satisfy any employee withholding tax requirements.

The Board also has the authority,

at any time, to discontinue the granting of awards.

The Board also has the authority to alter or amend the 2023 Plan or any outstanding

award or may terminate the 2023 Plan as to further grants, provided that no amendment will, without the approval of our stockholders,

increase the number of shares available under the 2023 Plan or change the persons eligible for awards under the 2023 Plan.

that would adversely affect any outstanding award made under the 2023 Plan can be made without the consent of the holder of such award.

information required by this item is incorporated herein by reference from the Proxy Statement under the caption “Executive Compensation.”

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

following table sets forth certain information regarding the beneficial ownership of our common stock as of February 20, 2024 by:

of our named executive officers;

of our directors;

of our current directors and named executive officers as a group;

stockholder known by us to own beneficially more than 5% of our common stock.

ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities.

Shares of common stock that may be acquired by an individual or group within 60 days of February 20, 2024, pursuant to the exercise of

options or warrants, vesting of common stock or conversion of convertible debt, are deemed to be outstanding for the purpose of computing

the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of computing the percentage

ownership of any other person shown in the table.

Percentage of ownership is based on 11,739,676 shares of common stock issued

and outstanding as of February 20, 2024.

noted otherwise, the address of all listed stockholders is c/o Tharimmune, Inc., 1200 Route 22 East, Suite 200, Bridgewater, NJ 08807.

as indicated by the footnotes below, we believe, based on information furnished to us, that each of the stockholders listed has sole

voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community

property laws where applicable.

of Beneficial Owner

of Common Stock Beneficially Owned

and Named Executive Officers:

Appajosyula (5)

Named Executive Officers and Directors as a Group (5 persons)

Represents less than 1%.

(i) 156,517 shares of common stock and (ii) 50,749 shares of common stock issuable upon exercise of options.

Excludes 15,408 shares

of common stock issuable upon exercise of options which are subject to vesting.

(i) 4,949 shares of common stock and (ii) 3,000 shares of common stock issuable upon exercise of options.

3,758 shares of common stock issuable upon exercise of options.

(i) 4,515 shares of common stock issuable upon exercise of options, (ii) 11,364 shares of common stock, (iii) 38,889 shares of common

stock held by Highpoint Pharmaceuticals LLC and (iv) 304 shares of common stock held by Channel BioConsulting LLC.

(i) 11,364 shares of common stock held directly by Mr.

(ii) 38,889 shares of common stock held by Highpoint Pharmaceuticals,

(iii) 304 shares of common stock held by Channel BioConsulting LLC;

(iv) 4,516 shares of common stock issuable upon exercise

Sireesh Appajosyula is the Managing Member of each of Highpoint Pharmaceuticals LLC and Channel BioConsulting LLC and

in such capacity has the right to vote and dispose of the securities held by such entities.

The address of Highpoint Pharmaceuticals

LLC is 16192 Coastal Highway, Lewes, DE 19958.

The address of Channel BioConsulting LLC is 2 Linden Court, Holmdel, NJ 07733.

2,000 shares of common stock issuable upon exercise of options.

Authorized for Issuance Under Equity Compensation Plans

following table summarizes information about our equity compensation plans as of December 31, 2023.

of securities to be issued upon exercise of outstanding options, warrants and rights

average exercise price of outstanding options, warrants and rights

of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))

compensation plans approved by security holder

2,595,000 (2)

compensation plans not approved by security holder

2,595,000 (2)

This number includes the following:

3,712 shares subject to outstanding options granted under the 2017 Plan, 82,046 shares subject to

outstanding options granted under the 2019 Plan, and 5,000 shares subject to outstanding options granted under the 2023 Plan.

will not issue any additional awards under the 2017 and 2019 Plans.

This number represents shares available for issuance under the 2023 Plan.

information required by this item is incorporated herein by reference from the Proxy Statement, under the captions “Security Ownership

of Beneficial Owners and Management” and “Equity Compensation Plan Information.”

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

following includes a summary of transactions during our fiscal years ended December 31, 2023 and December 31, 2022 to which we have been

a party, including transactions in which the amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of

our total assets at year-end for the last two completed fiscal years, and in which any of our directors, executive officers or, to our

knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons

had or will have a direct or indirect material interest, other than equity and other compensation, termination, change in control and

other arrangements, which are described elsewhere in this Annual Report on Form 10-K.

We are not otherwise a party to a related party

transaction, and no transaction is currently proposed, in which the amount of the transaction exceeds the lesser of $120,000 or 1% of

the average of our total assets at year-end for the last two completed fiscal years and in which a related person had or will have a

direct or indirect material interest.

December 31, 2021, we had accrued compensation to the founder and CEO totaling $200,000, which was paid in full in April 2022.

Promissory Notes

January 4, 2022 and January 6, 2022, we issued unsecured promissory notes in the aggregate principal amount of $139,000 to three related

party investors.

The notes were to accrue interest at a rate of 12% per annum and mature upon the earlier of (i) June 30, 2022, and (ii)

closing of a subsequent equity financing.

The notes were repaid in full on January 21, 2022 upon closing of our IPO on January 14, 2022,

which qualified as a subsequent equity financing.

Person Transaction Policy

have adopted a related person transaction policy that sets forth our procedures for the identification, review, consideration and approval

or ratification of related person transactions.

For purposes of our policy only, a related person transaction is a transaction, arrangement

or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related person are, were or

will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end.

Transactions involving compensation for services provided to us as an employee or director are not covered by this policy.

person is any executive officer, director or beneficial owner of more than 5% of any class of our voting securities, including any of

their immediate family members and any entity owned or controlled by such persons.

the policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related person

transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to

consummation, our management must present information regarding the related person transaction to our audit committee, or, if audit committee

approval would be inappropriate, to another independent body of our board of directors, for review, consideration and approval or ratification.

The presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related

persons, the benefits to us of the transaction and whether the transaction is on terms that are comparable to the terms available to

or from, as the case may be, an unrelated third party or to or from employees generally.

Under the policy, we will collect information

that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable

us to identify any existing or potential related-person transactions and to effectuate the terms of the policy.

In addition, under our

code of business conduct and ethics, our employees and directors will have an affirmative responsibility to disclose any transaction

or relationship that reasonably could be expected to give rise to a conflict of interest.

In considering related person transactions,

our audit committee, or other independent body of our board of directors, will take into account the relevant available facts and circumstances

including, but not limited to:

risks, costs and benefits to us;

impact on a director’s independence in the event that the related person is a director, immediate family member of a director

or an entity with which a director is affiliated;

availability of other sources for comparable services or products;

terms available to or from, as the case may be, unrelated third parties or to or from employees generally.

policy requires that, in determining whether to approve, ratify or reject a related person transaction, our audit committee, or other

independent body of our board of directors, must consider, in light of known circumstances, whether the transaction is in, or is not

inconsistent with, our best interests and those of our stockholders, as our audit committee, or other independent body of our board of

directors, determines in the good faith exercise of its discretion.

of the Board of Directors

board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with

us that could compromise that director’s ability to exercise independent judgment in carrying out that director’s responsibilities.

Our board of directors has affirmatively determined that Leonard Mazur, Kelly Anderson and Lynne Bui are each an “independent director,”

as defined under Nasdaq rules.

information required by this item is incorporated herein by reference from the Proxy Statement, under the captions “Corporate Governance”

and “Certain Relationships and Related Party Transactions.”

PRINCIPAL ACCOUNTANT FEES AND SERVICES

following table sets forth the aggregate fees billed to us for the fiscal year ended December 31, 2023 by Rosenberg Rich Baker

(“RRBB”) and Mayer Hoffman McCann P.C.

(“MHM”) and for the fiscal year ended December 31, 2022

Substantially all of MHM’s personnel, who work under the control

of MHM shareholders, are employees of wholly-owned subsidiaries of CBIZ, Inc., which provides personnel and various services to MHM in

an alternative practice structure.

Audit fees consist of fees billed for the professional services rendered to us for the audit of our annual consolidated

financial statements for the years ended December 31, 2023 and 2022, reviews of the quarterly financial statements during the periods,

the issuance of consent and comfort letters in connection with registration statement filings, and all other services that are normally

provided by the accounting firm in connection with statutory and regulatory filings and engagements.

2023 audit fees include approximately

$95,000 in RRBB fees in connection with the audits and quarterly reviews for the year ended December 31, 2023 and approximately $219,000

in MHM fees in connection with the quarterly reviews, audit consents and registration statement consents for the year ended December 31,

Audit-Related

Fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related

to the performance of the audit of the financial statements.

Fees for professional services rendered for tax compliance, tax advice, and tax planning.

All other fees billed by the auditor for products and services not included in the foregoing categories.

Policies and Procedures

accordance with Sarbanes-Oxley, our audit committee charter requires the Audit Committee to pre-approve all audit and permitted non-audit

services provided by our independent registered public accounting firm, including the review and approval in advance of our independent

registered public accounting firm’s annual engagement letter and the proposed fees contained therein.

The Audit Committee has the

ability to delegate the authority to pre-approve non-audit services to one or more designated members of the audit committee.

authority is delegated, such delegated members of the Audit Committee must report to the full Audit Committee at the next audit committee

meeting all items pre-approved by such delegated members.

During the years ended December 31, 2023 and 2022, all of the services performed

by our independent registered public accounting firm were pre-approved by the Audit Committee.

information required by this item will be set forth in our Proxy Statement under the caption “Principal Accountant Fees and Service.”

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

2 unchanged sentences

Financial Statements:

Report of the Independent Registered Public Accounting Firm

of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2024 and 2023

8 unchanged sentences

following documents are included as exhibits to this report.

Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Amendment to Certificate of Incorporation dated August 7, 2019 (Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Amendment to Certificate of Incorporation dated September 16, 2021 (Incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Amendment to Certificate of Incorporation dated October 11, 2021 (Incorporated by reference to Exhibit 3.5 to the Company’s Registration Statement on Form S-1/A filed with the SEC on October 15, 2021)

Bylaws (Incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Certificate of Amendment to Certificate of Incorporation dated September 21, 2023 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2023)

Certificate of Amendment to Certificate of Incorporation, as amended, dated November 17, 2023 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 17, 2023)

Specimen Stock Certificate Evidencing the Shares of Common Stock (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Form of Underwriter Warrant (Incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1/A filed with the SEC on December 10, 2021)

Description of the Registrant’s Securities (Incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023)

Amended and Restated Employment Agreement by and between the Company and Randy Milby dated June 1, 2021 (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

First Amendment to Amended and Restated Employment Agreement by and between the Company and Randy Milby dated June 1, 2021 (Incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Hillstream BioPharma, Inc.

2017 Stock Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Hillstream BioPharma, Inc.

2019 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 filed with the SEC on February 22, 2022)

Amended and Restated Employment Agreement by and between the Company and Randy Milby dated July 6, 2023 (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 11, 2023)

Tharimmune, Inc.

2023 Omnibus Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 filed with the SEC on November 2, 2023)

Patent License Agreement by and between the Company and Avior Inc.

dba Avior Bio dated November 3, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 7, 2023)

Research and Development Collaboration and License Agreement by and between the Company and Applied Biomedical Science Institute dated July 5, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 11, 2023)

Employment Agreement by and between the Company and Sireesh Appajosyula dated July 11, 2023 (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 11, 2023)

Code of Business Conduct and Ethics (Incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-K filed with the SEC on April 1, 2022)

Letter of Mayer Hoffman McCann P.C.

dated June 20, 2023 (Incorporated by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 20, 2023)

Subsidiaries (Incorporated by reference to Exhibit 21.1 to the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023)

of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed with the

SEC on September 27, 2021)

to Certificate of Incorporation dated August 7, 2019 (Incorporated by reference to Exhibit 3.2 to the Company’s Registration

Statement on Form S-1 filed with the SEC on September 27, 2021)

to Certificate of Incorporation dated September 16, 2021 (Incorporated by reference to Exhibit 3.3 to the Company’s Registration

Statement on Form S-1 filed with the SEC on September 27, 2021)

to Certificate of Incorporation dated October 11, 2021 (Incorporated by reference to Exhibit 3.5 to the Company’s Registration

Statement on Form S-1/A filed with the SEC on October 15, 2021)

(Incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form S-1 filed with the SEC on September

of Amendment to Certificate of Incorporation dated September 21, 2023 (Incorporated by reference to Exhibit 3.1 to the Company’s

Current Report on Form 8-K filed with the SEC on September 25, 2023)

of Amendment to Certificate of Incorporation, as amended, dated November 17, 2023 (Incorporated by reference to Exhibit 3.1 to the

Company’s Current Report on Form 8-K filed with the SEC on November 17, 2023)

to the Bylaws of Tharimmune, Inc.

(Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed

with the SEC on March 11, 2024)

of Amendment to Certificate of Incorporation, as amended, dated May 22, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s

Current Report on Form 8-K filed with the SEC on May 22, 2024)

Stock Certificate Evidencing the Shares of Common Stock (Incorporated by reference to Exhibit 4.1 to the Company’s Registration

Statement on Form S-1 filed with the SEC on September 27, 2021)

of Underwriter Warrant (Incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1/A filed

with the SEC on December 10, 2021)

of the Registrant’s Securities (Incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K

filed with the SEC on March 16, 2023)

of Pre-Funded Warrant (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the

SEC on June 20, 2024)

of Common Warrant (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC

on June 20, 2024)

of Pre-Funded Warrant (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the

SEC on December 6, 2024)

of Common Warrant (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC

on December 6, 2024)

and Restated Employment Agreement by and between the Company and Randy Milby dated June 1, 2021 (Incorporated by reference to Exhibit

10.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

Amendment to Amended and Restated Employment Agreement by and between the Company and Randy Milby dated June 1, 2021 (Incorporated

by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 27, 2021)

BioPharma, Inc.

2017 Stock Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement

on Form S-1 filed with the SEC on September 27, 2021)

BioPharma, Inc.

2019 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement

on Form S-8 filed with the SEC on February 22, 2022)

and Restated Employment Agreement by and between the Company and Randy Milby dated July 6, 2023 (Incorporated by reference to Exhibit

10.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 11, 2023)

2023 Omnibus Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement

on Form S-8 filed with the SEC on November 2, 2023)

License Agreement by and between the Company and Avior Inc.

dba Avior Bio dated November 3, 2023 (Incorporated by reference to Exhibit

10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 7, 2023)

and Development Collaboration and License Agreement by and between the Company and Applied Biomedical Science Institute dated July

5, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 11,

Agreement by and between the Company and Sireesh Appajosyula dated July 11, 2023 (Incorporated by reference to Exhibit 10.2 to the

Company’s Current Report on Form 8-K filed with the SEC on July 11, 2023)

Agreement between the Company and Rodman & Renshaw dated June 7, 2024 (Incorporated by reference to Exhibit 1.1 to the Company’s

Current Report on Form 8-K filed with the SEC on June 7, 2024)

Amended and Restated 2023 Omnibus Equity Incentive Plan (Incorporated by reference to Appendix B to the Company’s definitive

proxy statement on Schedule 14A for the Company’s 2024 annual meeting of stockholders filed with the SEC on March 21, 2024)

of Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed

with the SEC on June 20, 2024)

License Agreement by and between the Company and Intract Pharma Limited dated September 11, 2024 (Incorporated by reference to Exhibit

10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024)

of Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed

with the SEC on December 6, 2024)

of Business Conduct and Ethics (Incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-K filed

with the SEC on April 1, 2022)

of Mayer Hoffman McCann P.C.

dated June 20, 2023 (Incorporated by reference to Exhibit 16.1 to the Company’s Current Report

on Form 8-K filed with the SEC on June 20, 2023)

(Incorporated by reference to Exhibit 21.1 to the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023)

Consent of Rosenberg Rich Baker Berman P.A.

Consent of Mayer Hoffman McCann P.C.

Power of Attorney (included on signature page hereto)

3 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002

Tharimmune, Inc.

Clawback Policy

Clawback Policy (Incorporated by reference to the Company’s Annual Report on Form 10-K filed with the SEC on February

XBRL Taxonomy Extension Schema Document

12 unchanged sentences

to the requirements of Section 13 and 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report

on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on this 23rd day of February, 2024.

on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on this 25th day of March, 2025.

Executive Officer (Principal Executive Officer) and Chairman of the Board of Directors

8 unchanged sentences

behalf of the registrant and in the capacities and on the dates indicated.

Executive Officer (Principal Executive Officer) and Chairman of the Board of Directors

Executive Officer and Chairman of the Board of Directors

Executive Officer)

Financial Officer

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures