Summary by Moomoo AI
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