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Sep 30, 2025
Tonix Q3 2025 Earnings Report
Tonix posted a wider net loss in Q3 2025 driven by a significant increase in SG&A expenses ahead of the Tonmya launch.
Key Takeaways
Tonix Pharmaceuticals reported a net loss of $32 million in Q3 2025 as the company ramped up commercial operations for the upcoming Tonmya launch. Revenues increased modestly, but elevated R&D and SG&A expenditures weighed heavily on the bottom line.
Net product revenue reached $3.3 million, a slight increase from the prior year.
Net loss widened to $32 million in Q3 2025, compared to $14.2 million in Q3 2024.
General and administrative expenses surged to $25.7 million due to Tonmya pre-launch investments.
Cash and cash equivalents stood at $190.1 million, expected to fund operations into Q1 2027.
Revenue by Segment
Forward Guidance
Tonix plans to commercialize Tonmya for fibromyalgia in Q4 2025 while continuing to advance a diverse pipeline with multiple mid-stage assets.
Positive Outlook
- Tonmya set to launch in November 2025 following FDA approval.
- Commercial infrastructure, market access, and distribution fully in place.
- Tosymra gaining formulary access for 16 million covered lives starting Jan 2026.
- TNX-1500 moving into Phase 2 study for kidney transplant prevention in H1 2026.
- Cash runway extends into Q1 2027.
Challenges Ahead
- High SG&A spend ahead of Tonmya commercialization inflating quarterly losses.
- R&D costs remain elevated due to manufacturing investments.
- Net loss widened significantly year-over-year.
- Product revenue growth remains modest ahead of Tonmya launch.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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