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Jun 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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