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R&D Expenses: Research and development (R&D) expenses increased to $10.5 million for the three months ended December 31, 2024, from $5.9 million for the same period in 2023. R&D expenses for the year ended December 31, 2024 increased to $36.5 million, from $24.0 million for the same period in 2023. The increases were primarily due to increased spend related to the THB335 program and increased personnel-related expenses, partially offset by decreases in development costs relating to the termination of the THB001 program.

G&A Expenses: General and administrative (G&A) expenses increased to $5.9 million for the three months ended December 31, 2024, from $4.5 million for the same period in 2023. G&A expenses for the year ended December 31, 2024 increased to $22.4 million, from $20.0 million for the same period in 2023. The increases were primarily attributable to increased personnel-related expenses, including stock-based compensation.

Net Loss: Net loss for the three months ended December 31, 2024, increased to $13.1 million from a net loss of $6.8 million for the same period in 2023. Net loss for the year ended December 31, 2024, increased to $45.5 million from a net loss of $30.8 million for the same period in 2023, primarily due to increases in operating expenses related to THB335 program and personnel-related expenses, partially offset by increases in interest income.

About Third Harmonic Bio, Inc.

Third Harmonic Bio is a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory, and gastrointestinal inflammatory diseases through the development of novel, highly selective, small-molecule inhibitors of KIT, a cell surface receptor that serves as the master regulator of mast cell function and survival. Early clinical studies demonstrate that KIT inhibition has the potential to revolutionize the treatment of a broad range of mast-cell-mediated inflammatory diseases. Third Harmonic Bio’s lead product candidate, THB335, is a titratable, oral, small molecule inhibitor that the Company is preparing for potential initiation of a Phase 2 clinical trial for the treatment of chronic spontaneous urticaria. For more information, please visit the Third Harmonic Bio website at www.thirdharmonicbio.com.

Forward-Looking Statement

This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the expected timing for clinical trials, progress of the clinical trials and the availability of clinical data from such trials, and regulatory submissions for THB335, planned clinical and development activities and timelines, Third Harmonic Bio’s estimated cash runway and cash balance as of June 30, 2025, Third Harmonic Bio’s strategic review process, the Company’s ability to enter into any agreements or transactions in connection with the exploration of potential strategic transactions, or if entered into, that any such agreements or transactions will be successful or on attractive terms. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. These statements are subject to numerous risks and uncertainties, including risks and uncertainties related to Third Harmonic Bio’s cash forecasts, ability to advance its product candidates, the receipt and timing of potential regulatory submissions, designations, approvals and commercialization of product candidates, our ability to protect our intellectual property, the timing and results of preclinical and clinical trials, changes to laws or regulations, market conditions, geopolitical events, and further impacts of pandemics or health epidemics, that could cause actual results to differ materially from what Third Harmonic Bio expects. Further information on potential risk factors that could affect Third Harmonic Bio’s business and its financial results are detailed under the heading “Risk Factors” included in Third Harmonic Bio’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC) on March 27, 2025, and in Third Harmonic Bio’s other filings filed from time to time with the SEC. Third Harmonic Bio undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Contact:
Chris Murphy
cmurphy@thirdharmonicbio.com

Media Contact:
Lori Murray
lori.murray@thirdharmonicbio.com