|
Item 2.02
|
Results of Operations and Financial Condition.
|
Tonix Pharmaceuticals Holding Corp. (the "Company") is disclosing selected preliminary operating results for the quarter ended June 30, 2024, and certain preliminary financial condition information as of June 30, 2024, as set forth below:
|
•
|
The Company ended the quarter with approximately $4.2 million in cash and cash equivalents, and 21,164,412 shares of common stock outstanding as of August 5, 2024.
|
|
•
|
The Company's net cash used in operating activities for the quarter ended June 30, 2024 was approximately $12.9 million compared to $23.4 million for the quarter ended June 30, 2023.
|
|
•
|
The Company's capital expenditures for the quarter ended June 30, 2024 was approximately $0 compared to $24.0 million for the quarter ended June 30, 2023.
|
|
•
|
The Company's net operating loss for the quarter ended June 30, 2024 was approximately $77.3 million, which includes non-cash impairment charges of approximately $59.0 million and an inventory write-off of approximately $1.7 million, compared to $29.0 million for the quarter ended June 30, 2023.
|
|
•
|
The Company's net revenue from the sale of its marketed products for the quarter ended June 30, 2024 was approximately $2.2 million.
|
The Company believes that its cash resources at June 30, 2024, and the gross proceeds of approximately $4.0 million that it raised from an equity offering in the third quarter of 2024, will not meet its operating and capital expenditure requirements through the third quarter of 2024.
The above information is preliminary financial information for the quarter ended June 30, 2024 and subject to completion. The unaudited, estimated results for the quarter ended June 30, 2024 are preliminary and were prepared by the Company's management, based upon its estimates, a number of assumptions and currently available information, and are subject to revision based upon, among other things, quarter and year-end closing procedures and/or adjustments, the completion of the Company's consolidated financial statements and other operational procedures. This preliminary financial information is the responsibility of management and has been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the quarter ended June 30, 2024, and its actual results could be materially different from this preliminary financial information, which preliminary information should not be regarded as a representation by the Company or its management as to its actual results for the quarter ended June 30, 2024. In addition, EisnerAmper LLP, the Company's independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial information and does not express an opinion or any other form of assurance with respect to this preliminary financial information. During the course of the preparation of the Company's financial statements and related notes as of and for the quarter ended June 30, 2024, the Company may identify items that would require it to make material adjustments to this preliminary financial information. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles and reviewed by the Company's auditors.
The Company currently expects to file its Quarterly Report on Form 10-Q, including its financial statements for the quarter ended June 30, 2024, on or about August 14, 2024.
