Tonix Pharmaceuticals Holding Corp. reported its financial results for the three and nine months ended September 30, 2024, reflecting notable changes in revenue, losses, and expenses compared to the same periods in 2023.
For the three months ended September 30, 2024, product revenue decreased to $2.8 million from $4.0 million in the prior year. Despite this decline in revenue, the net loss for the quarter improved significantly to $(14.2 million) from $(28.0 million) in the same quarter of 2023. The operating loss also decreased to $(15.6 million) from $(28.1 million), indicating a reduction in operational costs.
In the nine-month period, product revenue increased to $7.5 million from $4.0 million year-over-year. However, the net loss widened to $(107.9 million) compared to $(89.3 million) in the previous year. The operating loss for the nine months also increased to $(114.2 million) from $(91.1 million), reflecting higher overall expenses despite the revenue growth.
Research and development (R&D) expenses saw a significant reduction in both the three-month and nine-month periods. For the three months ended September 30, 2024, R&D expenses were $9.1 million, down from $21.0 million in 2023. For the nine months, R&D expenses decreased to $31.7 million from $69.5 million, indicating a strategic shift in spending.
As of September 30, 2024, the company reported cash, cash equivalents, and restricted cash totaling $29.1 million, a substantial increase from $7.9 million at the same time in 2023. This increase in liquidity was bolstered by net cash provided by financing activities, which amounted to $49.7 million for the nine months ended September 30, 2024, compared to a net cash outflow of $(4.2 million) in the prior year.
The accumulated deficit as of September 30, 2024, stood at $(708.6 million), reflecting the ongoing challenges in achieving profitability. Overall, while Tonix Pharmaceuticals experienced a decline in product revenue for the recent quarter, it made strides in reducing losses and managing R&D expenses effectively.
About Tonix Pharmaceuticals Holding Corp.
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