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CHATHAM, N.J. - Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) shares fell sharply after the biopharmaceutical company reported fourth quarter earnings and revenue that missed analyst expectations.
The company posted a loss of $9.77 per share, significantly wider than the $3.91 loss analysts were anticipating. Revenue came in at $2.58 million, below the $3.2 million consensus estimate.
Tonix’s stock plunged 17.4% following the earnings release, reflecting investor disappointment with the results.
Net product revenue for Q4 2024 was $2.6 million, down from $3.8 million in the same period last year. The company said this consisted of combined sales of its migraine treatments Zembrace SymTouch and Tosymra.
Research and development expenses decreased to $8.3 million in Q4 2024 from $17.1 million a year ago, which the company attributed to fewer clinical trials and pipeline prioritization 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 expects to have sufficient cash to fund operations beyond the August 15, 2025 PDUFA date for TNX-102 SL and its anticipated Q4 2025 launch. The company reported $98.8 million in cash as of December 31, 2024.
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