Tonix Pharmaceuticals Holding Corp. (Tonix) reported financial results for the quarter ended March 31, 2024. The company recognized $2.5 million in product revenue, primarily from the sales of Zembrace SymTouch and Tosymra, which were acquired in June 2023. Cost of sales for the quarter was $1.7 million. Research and development expenses decreased by 51% to $12.9 million, due to reduced clinical and non-clinical expenses, manufacturing costs, and employee-related expenses. General and administrative expenses increased by 26% to $9.3 million, mainly due to financial reporting expenses, sales and marketing, and transition services agreement fees. The net loss for the quarter was $14.9 million, a significant decrease from the $33.0 million net loss in the same period of the previous year. The company engaged CBRE to potentially find a strategic partner...Show More

Tonix Pharmaceuticals Holding Corp. (Tonix) reported financial results for the quarter ended March 31, 2024. The company recognized $2.5 million in product revenue, primarily from the sales of Zembrace SymTouch and Tosymra, which were acquired in June 2023. Cost of sales for the quarter was $1.7 million. Research and development expenses decreased by 51% to $12.9 million, due to reduced clinical and non-clinical expenses, manufacturing costs, and employee-related expenses. General and administrative expenses increased by 26% to $9.3 million, mainly due to financial reporting expenses, sales and marketing, and transition services agreement fees. The net loss for the quarter was $14.9 million, a significant decrease from the $33.0 million net loss in the same period of the previous year. The company engaged CBRE to potentially find a strategic partner or buyer for its Advanced Development Center in Massachusetts, aligning with current business objectives. Tonix continues to face significant challenges and uncertainties, and its cash resources are not expected to meet operating and capital expenditure requirements through the second quarter of 2024. The company will need to obtain additional funding to continue operations and may be forced to delay or scale back research and development activities if additional funds are not secured.