On March 28, Tonix Pharmaceutical Holding Corp. (TNXP) after trading in the red during regular trading, rebounded in the after hours. This rebound in the stock can be attributed to the company’s latest investor presentation which includes an overview of the company’s pipeline and developments. The presentation is available on the company’s website while a Current Report regarding the update was also filed with the SEC.
During the regular session, TNXP stock suffered a decline of 4.48% at a volume of 21.02 million shares. The volume of the session remained just below the average at 82%. The stock closed the session at a value of $0.2197 per share. Following the downfall, the stock rebounded in the after-hours to add 6.05%. Thus, TNXP was trading at $0.2330 apiece in the after-hours at a volume of 1.71 million shares.
The clinical-stage biopharmaceutical company, Tonix Pharmaceutical Holding Corp. has a market capitalization of $122.8 million. Founded in 2007, the company has 533.93 million shares outstanding currently.
TNXP Recent Developments
Currently, the company is participating in the ongoing 2022 Virtual Growth Conference which started on March 28 and will end on March 30, 2022. Hosted by M-Vest, the conference is presented by Maxim Group LLC.
TNXP’s President and CEO Seth Lederman was invited to present at the conference.
On March 21, the company announced Phase 3 RALLY study results for TNX-102 SL 5.6 mg for the management of fibromyalgia. According to the results, the company’s fibromyalgia candidate did not achieve statistical significance on the primary endpoint.
Previously, in July 2021, the company’s interim data from the study had suggested the inability of the study to achieve the primary endpoint. Thus, the company stopped further enrollments at that point and continued with the enrolled patients while its Independent Data Monitoring Committee had suggested stopping the study.
Fiscal 2021 Results
On March 14, the company declared its financial results for Q4 and fiscal 2021, which ended on December 31, 2021.
The company had R&D expenses of $22.3 million in Q4 and 68.8 million in fiscal 2021.
Moreover, the G&A expenses were $7.3 million and $23.5 million in Q4 and fiscal 2021, respectively.
TNXP reported a net loss of $29.6 million or $0.07 per share for Q4 2021 while the net loss for fiscal 2021 was $92.3 million or $0.26 per share.
Additionally, the company ended 2021 with cash and cash equivalents of $178.7 million.
