Tonix Pharmaceuticals (NASDAQ: TNXP) stock fell over 10% in pre-market trading Wednesday after the biopharmaceutical company released fourth-quarter earnings that missed analyst forecasts.
The company posted a loss of $9.77 per share, significantly wider than the analysts’ forecast of $3.91 per share. Revenue also disappointed, coming in at $2.58 million, compared to the consensus estimate of $3.2 million.
Net product revenue for Q4 2024 was $2.6 million, down from $3.8 million in the same period last year. This figure reflected combined sales of its migraine treatments, Zembrace SymTouch and Tosymra.
Research and development spending fell to $8.3 million, compared to $17.1 million in Q4 2023. Tonix attributed the decrease to reduced clinical trial activity and a focus on prioritizing its pipeline efforts.
“With commercial preparations underway, we believe we are well positioned to launch TNX-102 SL for the management of fibromyalgia in the fourth quarter of this year if approved by the U.S. Food and Drug Administration,” said CEO Seth Lederman.
Tonix reported a cash balance of $98.8 million as of December 31, 2024. The company expects this reserve to fund operations beyond the August 15, 2025, PDUFA date for TNX-102 SL and its planned Q4 2025 launch.
In other company news, Tonix Pharmaceuticals (NASDAQ: TNXP) recently signed an employment agreement with Siobhan Fogarty as its new Chief Technical Officer. The agreement, effective February 27, 2025, outlines her salary and compensation terms.
Under the agreement, Fogarty will receive an annual base salary of €385,000. She will also be eligible for an annual bonus and equity compensation, tying her rewards to the company’s performance and shareholder value. The contract allows either party to terminate the arrangement with at least 180 days’ notice. If Tonix decides to end the arrangement, Fogarty will continue to receive her base salary throughout the notice period.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
