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Jun 30
Tonix Q2 2025 Earnings Report
Tonix Pharmaceuticals reported Q2 2025 revenue of $2.0M and a net loss of $28.3M, reflecting higher R&D and G&A spending ahead of a potential TNX-102 SL approval.
Key Takeaways
In Q2 2025, Tonix generated $2.0M in net product revenue, slightly down from $2.2M in Q2 2024. R&D expenses increased to $10.8M, and G&A expenses more than doubled to $16.2M, largely due to pre-launch activities for TNX-102 SL. The company reported a net loss of $28.3M, or $3.86 per share, and ended the quarter with $125.3M in cash and cash equivalents.
Net product revenue decreased slightly year-over-year to $2.0M.
R&D expenses rose 11% to $10.8M due to pipeline development costs.
G&A expenses more than doubled to $16.2M from $7.5M a year earlier.
Cash runway expected to extend into Q3 2026, bolstered by recent equity offering proceeds.
Tonix
Tonix
Tonix Revenue by Segment
Revenue by Segment
Net product Revenue
CapyFin.com Forward Guidance
Tonix expects FDA approval for TNX-102 SL for fibromyalgia by August 15, 2025, and is preparing for commercialization while advancing its broader CNS and immunology pipeline.
Positive Outlook
- FDA PDUFA goal date for TNX-102 SL set for August 15, 2025.
- Positive Phase 3 RESILIENT trial results published in Pain Medicine.
- First patient dosed in DoD-funded OASIS trial for acute stress reaction.
- New preclinical data for TNX-801 vaccine show durable protection against mpox and rabbitpox.
- Cash runway expected to fund operations into Q3 2026.
Challenges Ahead
- Net loss of $28.3M in Q2 2025 despite modest revenue.
- Increased operating expenses from R&D and G&A spending.
- Product revenue decline compared to Q2 2024.
- Continued reliance on TNX-102 SL regulatory approval for growth.
- Potential risks related to regulatory approval and commercialization.