Fri, Aug 16, 9:20 PM (151 days ago)
For the quarter ended June 30, 2024, Tonix Pharmaceuticals reported a significant increase in net loss to $78.8 million, up 177% from $28.4 million in the same period last year. This was attributed to a combination of asset impairment charges totaling $58.9 million, which included $48.8 million related to the Advanced Development Center, and decreased revenues of $2.2 million from product sales of Zembrace and Tosymra. Research and development expenses fell by 56% to $9.7 million, reflecting reduced clinical activity. Operating expenses soared to $79.5 million from $29.0 million due to these impairments and rising general and administrative costs. Cash flow from operations showed improvement, with a net cash used of $27.5 million compared to $56.3 million in the prior year. As of June 30, 2024, the company held $4.2 million in cash, raising concerns about its ability to continue operations beyond the third quarter of 2024 without additional financing. The company is actively seeking funding through equity offerings and has initiated a sales agreement for at-the-market offerings.