Business
Tonix Pharmaceuticals Recently Announced Preliminary Full Year 2024 Operating Results and Year-End Cash
Company had $98.8 million in cash as of December 31, 2024; existing cash expected to fund planned operations into the first quarter of 2026 Company is
About this update from Tonix Pharmaceuticals Holding Corp.
[{"type":"text","content":"Company had $98.8 million in cash as of December 31, 2024; existing cash expected to fund planned operations into the first quarter of 2026 Company is debt-free after repaying mortgage on facilities TNX-102 SL fibromyalgia FDA PDUFA goal date is August 15, 2025 $10.1 million in net sales from migraine products in 2024 CHATHAM, N.J., Feb. 07, 2025 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a fully-integrated biopharmaceutical company with marketed products and a pipeline of development candidates, recently announced selected preliminary operating results for the year ended December 31, 2024, and certain preliminary financial condition information as of December 31, 2024. Preliminary Full Year 2024 Financial Results1 The Company had approximately $98.8 million in cash and cash equivalents as of December 31, 2024.Net cash used in operating activities was approximately $60.9 million, compared to $102.0 million for the prior year.Capital expenditures was approximately $0.1 million, compared to $29.1 million for the prior year.Net operating loss was approximately $126.6 million, which includes non-cash impairment charges of approximately $59.0 million, compared to net operating loss of $116.7 million for the prior year.The Company announced that net revenue from the sale of its marketed products was approximately $10.1 million, compared to $7.8 million for the prior year.On February 3, 2025, the Company repaid a mortgage (Loan and Guaranty Agreement) with JGB Capital and related parties that was secured by two facilities and the Company is now debt-free. The Company expects that its cash resources at December 31, 2024, and the gross proceeds of approximately $30.4 million raised from sales under its at-the-market facility in the first quarter of 2025, will be sufficient to fund its planned operations into the first quarter of 2026. The cash runway is expected to fund the company beyond the August 15, 2025 Prescription Drug User Fee Act (PDUFA) goal date assigned by the U.S. Food and Drug Administration (FDA) for a decision on marketing authorization for TNX-102 SL (cyclobenzaprine HCl sublingual tablets) 5.6 mg for the management of fibromyalgia. 1 The above information is preliminary financial information for the year ended December 31, 2024 and subject to completion. The unaudited,...