Summary by Moomoo AI
Tonix Pharmaceuticals reported Q2 2024 net product revenue of $2.2 million from Zembrace and Tosymra sales, with a net loss of $78.8 million compared to a $28.4 million loss in Q2 2023. The company recorded a $59 million non-cash impairment charge related to property, equipment, goodwill and intangible assets, including $48.8 million for its Advanced Development Center facility.Research and development expenses decreased 56% to $9.7 million from $22.0 million in Q2 2023, driven by reduced clinical trials and pipeline prioritization. General and administrative expenses increased 7% to $7.5 million. The company recognized $3.4 million in cost of sales, including a $1.7 million inventory write-down based on projected sales before expiration dates.As of June 30, 2024, Tonix had cash and cash equivalents of $4.2 million, which management believes will fund operations into Q3 2024. The company faces substantial doubt about its ability to continue as a going concern and may need to delay or scale back operations without additional funding. Tonix plans to submit a New Drug Application for TNX-102 SL for fibromyalgia in H2 2024.
