Civic Intelligence

Phare Bio Inc.

990 • Fiscal year 2021 • EIN 85-1085804

Jul 01, 2020 to Jun 30, 2021 • Filed on May 15, 2022

Organization ProfilePHAREBIO.ORG

View Organization Page

303 Congress St 2nd FLBoston, MA 02210

(617) 426-5900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

45th percentile

0.05x

Higher debt load relative to assets than 45% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

33rd percentile

0.03x

Higher debt load relative to revenue than 33% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

89th percentile

57%

Higher net margin than 89% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

88th percentile

$175,154

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 16.6% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

100th percentile

63227000%

Faster asset growth than 100% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$632,271

Up $632,271 from 2020

Net Assets

Up

$603,810

Up $603,810 from 2020

Liabilities

Up

$28,461

Up $28,461 from 2020

Revenue And Expenses
Liabilities / Revenue33rd percentileNet Margin89th percentile

Revenue

Up

$1,057,242

Up $1,057,242 from 2020

Expenses

Up

$453,432

Up $453,432 from 2020

Net Income

Up

$603,810

Up $603,810 from 2020

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2019: $1Liabilities 2019: $02019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020Assets 2021: $632,271Liabilities 2021: $28,461Net Assets 2021: $603,8102021Assets 2022: $1,009,435Liabilities 2022: $25,465Net Assets 2022: $983,9702022Assets 2023: $1,837,494Liabilities 2023: $88,135Net Assets 2023: $1,749,3592023Assets 2024: $2,586,256Liabilities 2024: $76,903Net Assets 2024: $2,509,3532024

Highlighted filing

2021

Assets$632,271
Liabilities$28,461
Net Assets$603,810
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $1,057,242Expenses 2021: $453,432Net Income 2021: $603,8102021Revenue 2022: $1,558,823Expenses 2022: $1,178,664Net Income 2022: $380,1592022Revenue 2023: $2,009,513Expenses 2023: $1,249,510Net Income 2023: $760,0032023Revenue 2024: $2,148,132Expenses 2024: $1,461,003Net Income 2024: $687,1292024

Highlighted filing

2021

Revenue$1,057,242
Expenses$453,432
Net Income$603,810
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 15, 2022
Return Version
2020v4.0
Gross Receipts
$1,057,242
Mission and Program Overview

Mission

Non profit bio tech research

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$619,730-
Prepaid Expenses and Deferred Charges-$12,541-
Total Assets$0$632,271▲ $632,271
Liabilities
Accounts Payable and Accrued Expenses-$16,969-
Other Liabilities-$11,492-
Total Liabilities$0$28,461▲ $28,461
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$603,810-
Total Net Assets Fund Balance$0$603,810▲ $603,810
Total Liabilities and Net Assets / Fund Balance$0$632,271▲ $632,271
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Akhila KosarajuCEOFT$175,154$175,154

Highest Paid Contractors

ContractorServicesLocationCompensation
The Cervino GroupRecruiting5200 HARPER ROAD, Solon, OH 44139$155,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,057,242
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,057,242
Change in Net Assets
$603,810
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$253,059
Salaries, Compensation, and Employee Benefits$200,373
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$28,767$155,000-$183,767
Current Officers, Directors, Trustees, and Key Employees$21,894$153,260-$175,154
Fees for Services Legal$7,749$16,095-$23,844
Advertising-$20,600-$20,600
Fees for Services Accounting-$14,854-$14,854
Other Employee Benefits$1,681$11,767-$13,448
Payroll Taxes$1,471$10,300-$11,771
Conferences and Meetings-$4,470-$4,470
Fees for Services Management-$4,104-$4,104
Office Expenses-$444-$444
Insurance-$411-$411
Occupancy-$158-$158
Other Expenses-$140-$140
Travel-$63-$63
Total Functional Expenses$61,562$391,870$0$453,432
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
401k Payable$6,050
Accrued Expenses$5,152
Accrued Payroll$290
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 and schedules prepared by accounting firm and reviewed by phare bio management and their legal counsel.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its financial statements, policies, and other documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Phare Bio Inc
EIN
85-1085804
Phone
6174265900
Address
303 CONGRESS ST 2ND FL, BOSTON, MA 02210

Signing Officer

Name
Akhila Kosaraju
Title
CEO
Phone
6502706137
Signed
2022-05-15

Organization Details

Principal Officer
Akhila Kosaraju
Formed
2020
Voting Board Members
5
Independent Board Members
4
Employees
1

Preparer

Firm
Early Growth Financial Services
Address
2345 YALE ST 1ST FL, PALO ALTO, CA 94306
Preparer
Anjum Tunuli
Phone
4152343437
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“Wrong year form was used for the 4/29/20 - 6/30/20 period. Filing the correct 2020 tax return for the period 7/1/20 - 6/30/21.”

FORM 990 - ORGANIZATION'S MISSION

“Phare 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.”

Form 990, Page 2, Part III, Line 4D

“In its first partial year of operations, the organization prioritized recruiting and initiating antibiotic research and development programs.”

Form 990, Part IX, Line 11G

“Contract services 0 155,000 0 rd expenses 20,467 0 0 rd consultants 8,300 0 0 total 28,767 155,000 0”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PHARE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2IN ITS FIRST PARTIAL YEAR OF OPERATIONS, THE ORGANIZATION PRIORITIZED RECRUITING AND INITIATING ANTIBIOTIC RESEARCH AND DEVELOPMENT PROGRAMS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 AND SCHEDULES PREPARED BY ACCOUNTING FIRM AND REVIEWED BY PHARE BIO MANAGEMENT AND THEIR LEGAL COUNSEL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS, POLICIES, AND OTHER DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 - ORGANIZATION'S MISSION
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ReturnHeader/Filer/USAddress/AddressLine1Txt0303 CONGRESS ST 2ND FL
ReturnHeader/Filer/USAddress/CityNm0BOSTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd002210
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0264150644
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EARLY GROWTH FINANCIAL SERVICES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02345 YALE ST 1ST FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PALO ALTO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd094306
ReturnHeader/PreparerPersonGrp/PhoneNum04152343437
ReturnHeader/PreparerPersonGrp/PreparationDt02022-08-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANJUM TUNULI
ReturnHeader/ReturnTs02022-08-12T16:25:13-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0AKHILA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KOSARAJU
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$632,271
Liabilities
$28,461
Net assets
$603,810
Revenue
$1,057,242
Expenses
$453,432
Net income
$603,810
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.59$0.08$2.51$2.15$1.46$0.69
2023Detailed filing. Detailed filing data is available for this year.$1.84$0.09$1.75$2.01$1.25$0.76
2022Detailed filing. Detailed filing data is available for this year.$1.01$0.03$0.98$1.56$1.18$0.38
2021Detailed filing. Detailed filing data is available for this year.$0.63$0.03$0.60$1.06$0.45$0.60
2020Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2019Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00