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Mar 31, 2025
Tonix Q1 2025 Earnings Report
Reported First Quarter 2025 Financial Results and Operational Highlights
Key Takeaways
Tonix Pharmaceuticals reported a net loss of $16.8 million for Q1 2025, an increase from the $14.9 million net loss in Q1 2024. Product revenue was relatively stable at $2.4 million. The company ended the quarter with $131.7 million in cash and cash equivalents and anticipates funding operations into the second quarter of 2026.
FDA PDUFA goal date for TNX-102 SL for fibromyalgia is August 15, 2025, with a potential launch in Q4 2025.
Positive topline results were announced from the Phase 1 study of TNX-1500 for transplant rejection and autoimmune disorders.
Cash and cash equivalents were $131.7 million as of March 31, 2025, sufficient to fund operations into Q2 2026.
Net loss for Q1 2025 was $16.8 million, or $2.84 per share.
Revenue by Segment
Forward Guidance
Tonix expects to fund operations into the second quarter of 2026 with current cash resources and proceeds from recent equity offerings. The company is focused on the potential launch of TNX-102 SL in Q4 2025 and advancing its pipeline candidates.
Positive Outlook
- Anticipated FDA decision on TNX-102 SL for fibromyalgia by August 15, 2025.
- Planned commercial team build-out for potential TNX-102 SL launch in Q4 2025.
- Cash resources expected to fund operations into Q2 2026.
- Advancement of TNX-1500 to planned Phase 2 trial.
- Initiation of OASIS trial for TNX-102 SL in Q2 2025.
Challenges Ahead
- Discontinuation of enrollment in the Phase 2 CATALYST study for TNX-1300 due to slow enrollment.
- Need to evaluate new study designs and endpoints for further development of TNX-1300.
- Dependence on successful regulatory approvals for product candidates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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