BETA

PHARE BIO INC: Form 990, tax year 2021

View the entire original 990 at ProPublica ↗

Organization
PHARE BIO INC (EIN 85-1085804)
Tax period
2021-07-01 to 2022-06-30
Filed
2023-05-04
IRS object ID
202321249349300337
Schema version
2021v4.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2023-05-04T10:42:23-05:00ReturnTs
Tax Period End2022-06-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN410746749PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1CLIFTONLARSONALLEN LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line14 BATTERYMARCH PARK SUITE 100AddressLine1Txt
CityQUINCYCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02169ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2021-07-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN851085804EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1PHARE BIO INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlPHARBusinessNameControlTxt
Phone6174265900PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1303 CONGRESS STREET 2ND FLOORAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02210ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonAKHILA KOSARAJUPersonNm
Person TitleCEO AND PRESIDENTPersonTitleTxt
Phone6174265900PhoneNum
Signature2023-05-03SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstAKHILAPersonFirstNm
Person LastKOSARAJUPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonDANIELLE NIHILLPreparerPersonNm
PTINP01350943PTIN
Phone7819821001PhoneNum
Preparation2023-05-03PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer0TrustedCustomerCd
Authentication Assurance LevelAAL1AuthenticationAssuranceLevelCd
Identity Assurance LevelIAL1IdentityAssuranceLevelCd
FieldValueIRS element (for citing)
Tax2021TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerAKHILA KOSARAJUPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line1303 CONGRESS STREET 2ND FLOORAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02210ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$1,558,823GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressWWW.PHAREBIO.ORGWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2020FormationYr
Legal Domicile StateMALegalDomicileStateCd
Activity Or MissionPHARE BIO USES AI/DEEP LEARNING TO DEVELOP NOVEL ANTIBIOTICS TO TACKLE ANTIMICROBIAL RESISTANCE.ActivityOrMissionDesc
Voting Members Governing Body7VotingMembersGoverningBodyCnt
Voting Members Independent6VotingMembersIndependentCnt
Total Employee2TotalEmployeeCnt
Total Volunteers6TotalVolunteersCnt
Total Gross UBI$1,680TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$1,057,242PYContributionsGrantsAmt
CY Contributions Grants$1,557,143CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
PY Investment Income$0PYInvestmentIncomeAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$0PYOtherRevenueAmt
CY Other Revenue$1,680CYOtherRevenueAmt
PY Total Revenue$1,057,242PYTotalRevenueAmt
CY Total Revenue$1,558,823CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$200,373PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$688,991CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$253,059PYOtherExpensesAmt
CY Other Expenses$489,673CYOtherExpensesAmt
PY Total Expenses$453,432PYTotalExpensesAmt
CY Total Expenses$1,178,664CYTotalExpensesAmt
PY Revenues Less Expenses$603,810PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$380,159CYRevenuesLessExpensesAmt
Total Assets BOY$632,271TotalAssetsBOYAmt
Total Assets EOY$1,009,435TotalAssetsEOYAmt
Total Liabilities BOY$28,460TotalLiabilitiesBOYAmt
Total Liabilities EOY$25,465TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$603,811NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$983,970NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionPHARE BIO'S MISSION IS TO DEVELOP CRITICALLY NEEDED ANTIBIOTICS TO ADDRESS A LOOMING CRISIS IN ANTIBIOTIC RESISTANCE. USING NOVEL AI AND DEEP LEARNING APPROACHES, PHARE BIO AIMS TO RAPIDLY DISCOVER AND DEVELOP NEW CLASSES OF ANTIBIOTICS AGAINST THE DEADLIEST PATHOGENS, AND ENSURE THAT THESE THERAPIES REACH THE PATIENTS IN GREATEST NEED.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$937,476ExpenseAmt
DescPHARE 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 NOVEL CLASSES OF ANTIBIOTICS AND UNIQUELY ADDRESSING ECONOMIC CHALLENGES FACING THE ANTIBIOTIC MARKET.Desc
Total Program Service Expenses$937,476TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B RequiredYes (1)ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment0ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl StmtYes (1)IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign ActivitiesYes (1)ForeignActivitiesInd
More Than5000 K To OrgYes (1)MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J RequiredYes (1)ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document16IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee2EmployeeCnt
Employment Tax Returns FiledYes (1)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members7GoverningBodyVotingMembersCnt
Independent Voting Member6IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower PolicyYes (1)WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEOYes (1)CompensationProcessCEOInd
Compensation Process OtherYes (1)CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
States Where Copy Of Return Is FldMAStatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is FldNYStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1AKHILA KOSARAJUBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone6174265900PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1303 CONGRESS ST 2ND FLAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02210ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (7 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorInd
AKHILA KOSARAJU
CEO & PRESIDENT40.00Yes (X)$395,154$0$22,179
WILLIAM FOSTER
CHAIR & TREASURER1.00Yes (X)$0$0$0
STEVE ELLIS
DIRECTOR1.00$0$0$0Yes (X)
JAMES COLLINS
DIRECTOR1.00$0$0$0Yes (X)
JOSE-CARLOS GUTTIEREZ-RAMOS
DIRECTOR1.00$0$0$0Yes (X)
ROBERT PLENGE
DIRECTOR1.00$0$0$0Yes (X)
SUSAN URAHN
DIRECTOR1.00$0$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$395,154TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$22,179TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (1)TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt
All Other Contributions$1,557,143AllOtherContributionsAmt
Total Contributions$1,557,143TotalContributionsAmt

Other Revenue Misc OtherRevenueMiscGrp

FieldValueIRS element (for citing)
DescMISCELLANEOUS INCOMEDesc
Business900003BusinessCd
Total Revenue Column$1,680TotalRevenueColumnAmt
Unrelated Business Revenue$1,680UnrelatedBusinessRevenueAmt
FieldValueIRS element (for citing)
Other Revenue Total$1,680OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,558,823TotalRevenueColumnAmt
Related Or Exempt Func Income$0RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$1,680UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$650,167TotalAmt
Program Services$552,642ProgramServicesAmt
Management And General$97,525ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$14,472TotalAmt
Program Services$12,301ProgramServicesAmt
Management And General$2,171ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$24,352TotalAmt
Program Services$20,699ProgramServicesAmt
Management And General$3,653ManagementAndGeneralAmt

Fees For Services Management FeesForServicesManagementGrp

FieldValueIRS element (for citing)
Total$23,629TotalAmt
Program Services$21,266ProgramServicesAmt
Management And General$2,363ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$22,195TotalAmt
Program Services$17,756ProgramServicesAmt
Management And General$4,439ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$68,697TotalAmt
Management And General$68,697ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$357,812TotalAmt
Program Services$312,812ProgramServicesAmt
Management And General$45,000ManagementAndGeneralAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$2,100TotalAmt
Management And General$2,100ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$4,764TotalAmt
Management And General$4,764ManagementAndGeneralAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$5,924TotalAmt
Management And General$5,924ManagementAndGeneralAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$4,265TotalAmt
Management And General$4,265ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (2 entries)

DescDescTotalTotalAmtManagement And GeneralManagementAndGeneralAmt
WEBSITE CHARGES$192$192
BANK FEES$95$95

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$1,178,664TotalAmt
Program Services$937,476ProgramServicesAmt
Management And General$241,188ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$619,730BOYAmt
EOY$993,256EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$12,541BOYAmt
EOY$16,179EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$632,271BOYAmt
EOY$1,009,435EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$28,460BOYAmt
EOY$25,465EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$28,460BOYAmt
EOY$25,465EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$603,811BOYAmt
EOY$983,970EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$603,811BOYAmt
EOY$983,970EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$632,271BOYAmt
EOY$1,009,435EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$380,159ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS AuditedYes (1)FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

FieldValueIRS element (for citing)
Separate Basis Fincl StmtYes (X)SeparateBasisFinclStmtInd
FieldValueIRS element (for citing)
Audit CommitteeYes (1)AuditCommitteeInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Public Organization170Yes (X)PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus1 Year$1,057,242CurrentTaxYearMinus1YearAmt
Current Tax Year$1,557,143CurrentTaxYearAmt
Total$2,614,385TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus1 Year$1,057,242CurrentTaxYearMinus1YearAmt
Current Tax Year$1,557,143CurrentTaxYearAmt
Total$2,614,385TotalAmt
FieldValueIRS element (for citing)
Substantial Contributors Tot$1,152,501SubstantialContributorsTotAmt
Public Support Total170$1,461,884PublicSupportTotal170Amt

Other Income170 OtherIncome170Grp

FieldValueIRS element (for citing)
Current Tax Year$1,680CurrentTaxYearAmt
Total$1,680TotalAmt
FieldValueIRS element (for citing)
Total Support$2,616,065TotalSupportAmt
First5 Years170Yes (X)First5Years170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

FieldValueIRS element (for citing)
Form And Line ReferenceSCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME:FormAndLineReferenceDesc
ExplanationMISC INCOME - 2021 AMOUNT: $ 1,680.ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule D IRS990ScheduleD

FieldValueIRS element (for citing)
Total Book Value Land Buildings$0TotalBookValueLandBuildingsAmt
Total Rev Etc Audited Fincl Stmt$1,558,823TotalRevEtcAuditedFinclStmtAmt
Revenue Not Reported$0RevenueNotReportedAmt
Revenue Subtotal$1,558,823RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt$0RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990$1,558,823TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt$1,178,664TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported$0ExpensesNotReportedAmt
Expenses Subtotal$1,178,664ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt$0ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990$1,178,664TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePART XI, LINE 1 AND PART XII LINE 1FormAndLineReferenceDesc
ExplanationPHARE BIO, INC. IS ORGANIZED AS A DELAWARE NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTIONS 170(B)(1)(A)(VI) AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER IRC SECTIONS 509(A)(1). THE ORGANIZATION IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX FORM (FORM 990) WITH THE IRS. IN ADDITION, THE ENTITY IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSE; HOWEVER IT WAS DETERMINED THAT THE ENTITY IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS.ExplanationTxt

Schedule F IRS990ScheduleF

FieldValueIRS element (for citing)
Grant Records MaintainedYes (1)GrantRecordsMaintainedInd

Account Activities Outside US AccountActivitiesOutsideUSGrp

FieldValueIRS element (for citing)
RegionNORTH AMERICARegionTxt
Offices0OfficesCnt
Employee0EmployeeCnt
Type Of Activities ConductedGRANTS TO RECIPIENTS IN THE REGIONTypeOfActivitiesConductedTxt
Region Total Expenditures$16,057RegionTotalExpendituresAmt
FieldValueIRS element (for citing)
Subtotal Offices0SubtotalOfficesCnt
Subtotal Employees0SubtotalEmployeesCnt
Continuation Total Office0ContinuationTotalOfficeCnt
Continuation Total Employee0ContinuationTotalEmployeeCnt
Total Office0TotalOfficeCnt
Total Employee0TotalEmployeeCnt
Subtotal Spent$16,057SubtotalSpentAmt
Continuation Spent$0ContinuationSpentAmt
Total Spent$16,057TotalSpentAmt

Grants To Org Outside US GrantsToOrgOutsideUSGrp

FieldValueIRS element (for citing)
RegionNORTH AMERICARegionTxt
Purpose Of GrantMCMASTER UNIVERSITY (THE STOKES LAB)PurposeOfGrantTxt
Cash Grant$16,057CashGrantAmt
Manner Of Cash DisbursementCHECKMannerOfCashDisbursementTxt
Non Cash Assistance$0NonCashAssistanceAmt
FieldValueIRS element (for citing)
Transfer To Foreign Corp0TransferToForeignCorpInd
Interest In Foreign Trust0InterestInForeignTrustInd
Foreign Corp Ownership0ForeignCorpOwnershipInd
Passive Foreign Investmest Co0PassiveForeignInvestmestCoInd
Foreign Partnership0ForeignPartnershipInd
Boycott Countries0BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
PART I, LINE 2:PHARE BIO CLOSELY MONITORS GRANT FUNDS OUTSIDE OF THE US WITH QUARTERLY REPORTING, PAYMENTS ONLY UPON DETAILED SCIENTIFIC MILESTONES ACHIEVED, AND CLOSE COLLABORATION WITH THE GRANTEE ORGANIZATION.
PART III ACCOUNTING METHOD:
PART III: ACCOUNTING METHODIN EXCHANGE FOR THE FULL AND PROPER PERFORMANCE OF THE RESEARCH UNDER THIS AGREEMENT, ORGANIZATION AGREES TO PAY MCMASTER THE FEES ON THE TIMELINE AND SUBJECT TO THE CONDITIONS (INCLUDING THE DELIVERY OF ANY DELIVERABLES) AS SPECIFIED IN SCHEDULE A. IN THE EVENT OF TERMINATION, THE ORGANIZATION SHALL PAY MCMASTER ANY FEES FOR ANY RESEARCH COMPLETED UP TO AND INCLUDING THE DATE OF SUCH TERMINATION, AND ANY OTHER COSTS DIRECTLY RESULTING FROM SUCH TERMINATION INCLUDING OBLIGATIONS UNDER THE ONTARIO EMPLOYMENT STANDARDS ACT, EXCEPT IN THE EVENT OF A MATERIAL BREACH BY MCMASTER. SCHEDULE A: RESEARCH PLAN MCMASTER WILL BE PAID A TOTAL FEE OF $30,000 AS THREE PAYMENTS OF $10,000 EACH EVERY 4 MONTHS STARTING 1/15/2022 FOR RESEARCH PERFORMED. IN ADDITION, MCMASTER WILL BE PAID A ONE-TIME $7,500 FEE FOR OVERHEAD AT THE TIME OF THE SECOND PAYMENT

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Compensation CommitteeYes (X)CompensationCommitteeInd
Independent ConsultantYes (X)IndependentConsultantInd
Form990 Of Other OrganizationsYes (X)Form990OfOtherOrganizationsInd
Written Employment ContractYes (X)WrittenEmploymentContractInd
Compensation SurveyYes (X)CompensationSurveyInd
Board Or Committee ApprovalYes (X)BoardOrCommitteeApprovalInd
Severance Payment0SeverancePaymentInd
Supplemental Nonqual Rtr Plan0SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm0EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org0CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs0CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org0CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs0CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments0AnyNonFixedPaymentsInd
Initial Contract Exception0InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp

FieldValueIRS element (for citing)
PersonAKHILA KOSARAJUPersonNm
TitleCEO & PRESIDENTTitleTxt
Base Compensation Filing Org$395,154BaseCompensationFilingOrgAmt
Compensation Based On Rltd Orgs$0CompensationBasedOnRltdOrgsAmt
Bonus Filing Organization$0BonusFilingOrganizationAmount
Bonus Related Organizations$0BonusRelatedOrganizationsAmt
Other Compensation Filing Org$0OtherCompensationFilingOrgAmt
Other Compensation Rltd Orgs$0OtherCompensationRltdOrgsAmt
Deferred Compensation Flng Org$0DeferredCompensationFlngOrgAmt
Deferred Comp Rltd Orgs$0DeferredCompRltdOrgsAmt
Nontaxable Benefits Filing Org$22,179NontaxableBenefitsFilingOrgAmt
Nontaxable Benefits Rltd Orgs$0NontaxableBenefitsRltdOrgsAmt
Total Compensation Filing Org$417,333TotalCompensationFilingOrgAmt
Total Compensation Rltd Orgs$0TotalCompensationRltdOrgsAmt
Comp Report Prior990 Filing Org$0CompReportPrior990FilingOrgAmt
Comp Report Prior990 Rltd Orgs$0CompReportPrior990RltdOrgsAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11BPHARE BIO'S DIRECTORS, OFFICERS, ACCOUNTING AND LEGAL TEAMS WILL REVIEW THE 990 PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12CALL OFFICERS AND DIRECTORS ARE TRAINED ANNUALLY ON THE PHARE BIO INC CONFLICT OF INTEREST POLICY (ADOPTED MAY 2020) AND MUST ACKNOWLEDGE ADHERENCE TO THE POLICY. ANY CONFLICT OF INTEREST DISCLOSURES ARE REQUIRED AND MUST BE UPDATED WITH ANY NEW POTENTIAL CONFLICTS. THE PRESIDENT AND BOARD OF DIRECTORS OVERSEE ALL CONFLICT OF INTEREST DISCLOSURES AND COMPLIANCE PER THE PHARE BIO INC CONFLICT OF INTEREST POLICY. SHOULD A POTENTIAL CONFLICT ARISE, THE BOARD WILL DETERMINE WHETHER A CONFLICT EXISTS AND VOTE ON ANY APPROPRIATE ACTIONS, BE IT DISCIPLINARY, CORRECTIVE OR OTHERWISE.
FORM 990, PART VI, SECTION B, LINE 15THE BOARD, LED BY THE CEO AND REVIEWED BY THE TREASURER, DETERMINES ALL OFFICER COMPENSATION BY CONDUCTING AN INDUSTRY COMPARABLES ANALYSIS FOR BOTH SALARIES AND BONUSES. BONUSES ARE APPROVED BY THE BOARD AT THE ANNUAL BOARD MEETING (ALONG WITH THE ANNUAL BUDGET, WHICH INCLUDES THE SALARY AND COMPENSATION BUDGET) BASED ON ACHIEVEMENT OF PERFORMANCE METRICS SET BY THE ORGANIZATION AND APPROVED BY THE BOARD. THE LAST APPROVAL OF BONUSES/ANNUAL BUDGET OCCURRED AT THE LAST ANNUAL BOARD MEETING ON NOVEMBER 14, 2022
FORM 990, PART VI, SECTION C, LINE 19THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS, POLICIES, AND OTHER DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART IX, LINE 11GCONTRACT SERVICES: PROGRAM SERVICE EXPENSES 312,812. MANAGEMENT AND GENERAL EXPENSES 45,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 357,812.

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