Tonix Pharmaceuticals Holding Corp. (Tonix) reported financial results for the quarter ended June 30, 2024. The company recognized revenue of $2.2 million, primarily from the sale of two marketed products, Zembrace SymTouch and Tosymra, acquired in July 2023. Cost of sales was $3.4 million, including inventory write-downs of approximately $1.7 million. Research and development expenses decreased by 56% to $9.7 million, due to reduced clinical, non-clinical, and manufacturing expenses. General and administrative expenses increased by 7% to $7.5 million, attributed to higher financial reporting and sales and marketing costs. The company recorded a non-cash impairment charge of $58.9 million related to property, equipment, goodwill, and intangible assets. The net loss for the quarter was $78.8 million, a 177% increase from the previous year's $28.4 million. Tonix's cash resources are...Show More

Tonix Pharmaceuticals Holding Corp. (Tonix) reported financial results for the quarter ended June 30, 2024. The company recognized revenue of $2.2 million, primarily from the sale of two marketed products, Zembrace SymTouch and Tosymra, acquired in July 2023. Cost of sales was $3.4 million, including inventory write-downs of approximately $1.7 million. Research and development expenses decreased by 56% to $9.7 million, due to reduced clinical, non-clinical, and manufacturing expenses. General and administrative expenses increased by 7% to $7.5 million, attributed to higher financial reporting and sales and marketing costs. The company recorded a non-cash impairment charge of $58.9 million related to property, equipment, goodwill, and intangible assets. The net loss for the quarter was $78.8 million, a 177% increase from the previous year's $28.4 million. Tonix's cash resources are expected to fund operations into the third quarter of 2024, but not beyond. The company continues to seek additional funding and may need to scale back or eliminate some operations if additional funds are not secured. Tonix's stock is at risk of delisting from Nasdaq due to non-compliance with the minimum bid price requirement. The company's future capital requirements will depend on various factors, including research and development progress, regulatory outcomes, and the ability to develop markets for its product candidates.