Phare Bio Inc

Nonprofit profile at a glance

EIN
851085804
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Boston, MA, USA
Phone
6174265900
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Medical Research N.E.C.

Official website

Reported finances

Revenue
$5,476,072
Expenses
$4,787,029
Assets
$7,089,770
Liabilities
$3,860,128

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • AKHILA KOSARAJU (CEO & PRESIDENT)

Highest reported compensation

  • AKHILA KOSARAJU (CEO & PRESIDENT): $607,888 total reported compensation
  • CLAIRE NISHIOKA ROBINSON (SENIOR DIRECTOR, BUSINESS STRATEGIES): $255,438 total reported compensation
  • LEANNE MINALL (HEAD OF SCIENCE): $162,194 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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 using novel ai/deep learning methodologies pioneered by professor jim collins' lab at mit (phare bio's co-founder), and are developed and optimized by phare bio for future clinical application. 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 discovered and studied additional novel antibiotics with its generative ai drug design platform, further advancing its early-stage pipeline.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 89
  • Accountability: 92
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.4%; rating input score 74
  • Program expense ratio: 84.6%; rating input score 85
  • Fundraising efficiency: $12.39 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 17th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 12.6%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 1.48; rating input score 51; 51st percentile among comparable filings
  • Liabilities to assets ratio: 0.54; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 21.4%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 57.7% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 38.5% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 54.9% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 74.4% of revenue deployed · 84.6% of spending went to programs
  • Governance: 6 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $4M in reported program spending
  • Leadership: top reported pay $608K · 10 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $104K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
  • Review — Sustainability: Total-asset coverage ratio scored 51/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.