Summary by Futu AI
Tonix Pharmaceuticals reported Q3 2024 financial results with net revenue of $2.8 million and a net loss of $14.2 million, compared to revenue of $4.0 million and a net loss of $28.0 million in Q3 2023. Research and development expenses decreased 57% to $9.1 million, while selling, general and administrative expenses declined 11% to $7.7 million. The company recorded $1.7 million in grant income during the quarter.The company's cash position stood at $28.2 million as of September 30, 2024. During Q3, Tonix raised approximately $41.8 million through ATM offerings and an additional $3.5 million through a securities purchase agreement. The company expects current cash resources to fund operations into Q1 2025 but will require additional financing to continue operations beyond that point.Tonix's lead program TNX-102 SL for fibromyalgia received FDA Fast Track designation in Q3 2024, with an NDA submitted in October 2024. The company expects an FDA decision on NDA acceptance and PDUFA date in December 2024. Additionally, Tonix secured a DTRA contract worth up to $34 million over five years to develop TNX-4200, a broad-spectrum antiviral agent targeting CD45.
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