Phare Bio Inc
- Assets
- $1.8m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 3
- Location
- Boston, MA
- Founding
- Data as of
- 06/2023
- EIN
- 85-1085804
Organization Overview
Phare Bio Inc is located in Boston, MA. According to its NTEE Classification (H99) the organization is classified as: Medical Research N.E.C., under the broad grouping of Medical Research and related organizations. As of 06/2023, Phare Bio Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Phare Bio Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PHARE BIO USES AI/DEEP LEARNING TO DEVELOP NOVEL ANTIBIOTICS TO TACKLE ANTIMICROBIAL RESISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PHARE BIO'S PROGRAM MANDATE IS TO DEVELOP CRITICALLY NEEDED ANTIBIOTICS TO ADDRESS A LOOMING CRISIS IN ANTIBIOTIC RESISTANCE. PHARE BIO HAS A NUMBER OF PROMISING EARLY-STAGE PIPELINE PROJECTS AND IS CONDUCTING EXTENSIVE IN VITRO AND IN VIVO DRUG DEVELOPMENT STUDIES TO ADVANCE POTENTIAL ANTIBIOTICS THROUGH THE RESEARCH AND DEVELOPMENT PROCESS. THESE ANTIBIOTIC CANDIDATES ARE DISCOVERED VIA A NOVEL AI/DEEP LEARNING PLATFORM DEVELOPED BY PROFESSOR JIM COLLINS' LAB AT MIT (PHARE BIO'S AI DISCOVERY PARTNER AND CO-FOUNDER) AND OPTIMIZED FOR FUTURE CLINICAL APPLICATION AT PHARE BIO. WITH THIS CUTTING-EDGE PLATFORM AND A NONPROFIT BUSINESS MODEL, PHARE BIO IS DEVELOPING NEW CLASSES OF ANTIBIOTICS AND UNIQUELY ADDRESSING ECONOMIC CHALLENGES FACING THE ANTIBIOTIC MARKET. IN THIS PAST YEAR, PHARE BIO INCORPORATED GENERATIVE AI INTO ITS DISCOVERY PLATFORM, FURTHER ENHANCING ITS EARLY-STAGE PIPELINE OF NOVEL ANTIBIOTICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Akhila Kosaraju CEO & President | OfficerTrustee | 40 | $531,282 |
William Foster Chair & Treasurer | OfficerTrustee | 1 | $0 |
Steve Ellis Director | Trustee | 1 | $0 |
James Collins Director | Trustee | 1 | $0 |
Jose-Carlos Guttierez-Ramos Director | Trustee | 1 | $0 |
Robert Plenge Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,007,643 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,007,643 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $26 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,009,513 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $13,192 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $805,602 |
| Compensation of current officers, directors, key employees. | $120,840 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,281 |
| Payroll taxes | $40,519 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,445 |
| Fees for services: Accounting | $93,273 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $167,816 |
| Advertising and promotion | $50,701 |
| Office expenses | $3,875 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,478 |
| Travel | $9,818 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $231 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,149 |
| All other expenses | $0 |
| Total functional expenses | $1,249,510 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $275,000 |
| Savings and temporary cash investments | $553,421 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,689 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,005,384 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,837,494 |
| Accounts payable and accrued expenses | $88,135 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $88,135 |
| Net assets without donor restrictions | $1,749,359 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,837,494 |