Tonix Pharmaceuticals (TNXP) Stock: Why It Fell 10.16%

By Amit Chowdhry ● Jul 31, 2022
  • The stock price of Tonix Pharmaceuticals (TNXP) fell by 10.16% in the previous trading session. This is why.

The stock price of Tonix Pharmaceuticals (TNXP) fell by 10.16% in the previous trading session. Investors responded negatively to what was revealed in a regulatory filing.

In the regulatory filing, the company revealed the results of its operations and its financial condition. Tonix Pharmaceuticals disclosed selected preliminary operating results for the quarter ended June 30, 2022, and certain preliminary financial condition information as of June 30, 2022, as highlighted below:

— The company ended the second quarter with approximately $145.5 million in cash and cash equivalents, and shares of common stock outstanding of 31,692,024 on June 30, 2022.

— Net loss for the three and six months ended June 30, 2022, is expected to be approximately $23.1 million and $49.6 million, respectively, compared to $23.6 million and $44.2 million for the three and six months entered June 30, 2021, respectively.

— The company’s net cash used in operating activities for the six months ended June 30, 2022, was approximately $52.2 million compared to $40.2 million for the six months ended June 30, 2021.

— The company’s capital expenditures for the six months ended June 30, 2022, was approximately $34.7 million compared to $1.9 million for the six months ended June 30, 2021.

— The company’s equity proceeds from the sale of common stock for the six months ended June 30, 2022, were approximately $58.0 million compared to $130.7 million for the six months ended June 30, 2021.

— As of July 29, 2022, the company had 35,861,957 shares of common stock outstanding.

The above information is preliminary financial information for the second quarter of 2022 and is subject to completion.

And the unaudited, estimated results for the second quarter of 2022 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-end closing procedures and/or adjustments, the completion of the company’s interim consolidated financial statements and other operational procedures.

The company currently expects to file its Quarterly Report on a Form 10-Q including its financial statements for the quarter ended June 30, 2022, on or about August 8, 2022.