$TNXP
Tonix Pharmaceuticals Holding Corp.

2014 Q3 Form 10-Q Financial Statement

#000114420414048073 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.220M $1.970M $2.380M
YoY Change 53.1% 72.81% 95.08%
% of Gross Profit
Research & Development $5.217M $4.075M $1.330M
YoY Change 218.69% 331.67% 90.0%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $7.434M $6.049M $3.710M
YoY Change 140.43% 189.98% 93.23%
Operating Profit -$7.434M -$6.049M
YoY Change 140.43% 189.98%
Interest Expense $20.00K $10.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$7.420M -$6.040M -$3.710M
YoY Change 140.13% 189.0% 41.06%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.419M -$6.044M -$3.710M
YoY Change 140.1% 189.74% 41.06%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$742.0M -$604.0M -$371.0M
COMMON SHARES
Basic Shares Outstanding 10.59M shares 9.929M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.20M $43.90M $8.200M
YoY Change 524.32% 43800.0% 355.56%
Cash & Equivalents $46.23M $43.87M $8.202M
Short-Term Investments
Other Short-Term Assets $700.0K $900.0K $400.0K
YoY Change 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.90M $44.82M $8.631M
YoY Change 525.33% 39075.17% 329.4%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $71.00K $45.00K
YoY Change 82.92% -4.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $100.0K
YoY Change 100.0% 0.0% 0.0%
Total Long-Term Assets $428.0K $249.0K $105.0K
YoY Change 328.0% 24.47% -1.87%
TOTAL ASSETS
Total Short-Term Assets $46.90M $44.82M $8.631M
Total Long-Term Assets $428.0K $249.0K $105.0K
Total Assets $47.33M $45.07M $8.736M
YoY Change 522.74% 14231.78% 312.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.448M $1.518M $765.0K
YoY Change 144.8% 3.88% -7.27%
Accrued Expenses $1.049M $573.0K $1.166M
YoY Change 16.56% -4.75% 276.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K $300.0K
YoY Change -100.0% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.497M $2.371M $2.211M
YoY Change 66.52% 4.78% 94.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $0.00 $0.00
YoY Change
Total Long-Term Liabilities $100.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.497M $2.371M $2.211M
Total Long-Term Liabilities $100.0K $0.00 $0.00
Total Liabilities $3.551M $2.401M $2.224M
YoY Change 69.1% 5.4% 92.06%
SHAREHOLDERS EQUITY
Retained Earnings -$45.36M -$37.94M -$26.73M
YoY Change
Common Stock $89.13M $80.60M $33.24M
YoY Change 348.56% 97.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.78M $42.66M $6.512M
YoY Change
Total Liabilities & Shareholders Equity $47.33M $45.07M $8.736M
YoY Change 522.74% 14231.78% 312.66%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$7.419M -$6.044M -$3.710M
YoY Change 140.1% 189.74% 41.06%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change 0.0%
Cash From Operating Activities -$4.860M -$5.700M -$3.530M
YoY Change 69.34% 650.0% 135.33%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$40.00K -$10.00K
YoY Change 1400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$70.00K $0.00
YoY Change
Cash From Investing Activities -$160.0K -$110.0K -$10.00K
YoY Change 1500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.370M 130.0K 4.320M
YoY Change -27.89% -68.29% 32.92%
NET CHANGE
Cash From Operating Activities -4.860M -5.700M -3.530M
Cash From Investing Activities -160.0K -110.0K -10.00K
Cash From Financing Activities 7.370M 130.0K 4.320M
Net Change In Cash 2.350M -5.680M 780.0K
YoY Change -67.98% 1522.86% -55.43%
FREE CASH FLOW
Cash From Operating Activities -$4.860M -$5.700M -$3.530M
Capital Expenditures -$150.0K -$40.00K -$10.00K
Free Cash Flow -$4.710M -$5.660M -$3.520M
YoY Change 64.69% 644.74% 134.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
71000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2014Q2 us-gaap Cash
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CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2013Q4 us-gaap Cash
Cash
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><u>Risks and Uncertainties</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The Company's primary efforts are devoted to conducting research and development for the treatment of disorders of the central nervous system. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company does not have any commercial products available for sale and has not generated revenues and there is no assurance that if approval of their products is received that the Company will be able to generate cash flow to fund operations. In addition, there can be no assurance that the Company's research and development will be successfully completed or that any product will be approved or commercially viable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">At June 30, 2014, the Company had working capital of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">42.4</font> million<font style="BACKGROUND-COLOR: transparent">, after raising approximately $40.7 million through the sale of common stock in an underwritten public&#160;offering and approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.9</font> million upon the exercise of previously issued warrants.&#160;&#160;In addition, in July 2014, the Company raised approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.2</font> million</font></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: transparent">&#160;through the sale of common stock in&#160;a registered direct&#160;public&#160;offering (see Note 8). Management believes that the Company has sufficient funds to meet its research and development and other funding requirements for at least the next 12 months. The Company expects that cash used in operations for research and development will&#160; increase significantly over the next several years.&#160;In the event the funding obtained is not sufficient to complete the development and commercialization of its current product candidates, the Company intends to raise additional funds through equity or debt financing. If the Company is unsuccessful in raising additional financing, it will need to reduce costs and operations in the future.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Use of estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The preparation of financial statements in accordance with&#160;accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the useful life of fixed assets, assumptions used in the fair value of stock-based compensation and other equity instruments, and the percent of completion of research and development contracts.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q2 us-gaap Assets
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CY2013Q4 us-gaap Assets
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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tnxp Stock Issued During Period Value Warrants Exercised
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Purchase Of Assets
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us-gaap Depreciation
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8000 USD
us-gaap Depreciation
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9000 USD
us-gaap Share Based Compensation
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834000 USD
us-gaap Share Based Compensation
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1204000 USD
tnxp Issuance Of Common Stock To Intellectual Property
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0 USD
tnxp Issuance Of Common Stock To Intellectual Property
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608000 USD
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
507000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
636000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
754000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
290000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-577000 USD
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-3000 USD
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-1000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2123000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9763000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35000 USD
us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-107000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
200000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
40654000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
406000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
45543000 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
0 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-5000 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-1717000 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
35668000 USD
CY2012Q4 us-gaap Cash
Cash
1785000 USD
CY2013Q2 us-gaap Cash
Cash
68000 USD
us-gaap Interest Paid
InterestPaid
3000 USD
us-gaap Interest Paid
InterestPaid
0 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
Tonix Pharmaceuticals Holding Corp.
dei Entity Central Index Key
EntityCentralIndexKey
0001430306
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
TNXP
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10590106 shares
CY2014Q2 us-gaap Security Deposit
SecurityDeposit
45000 USD
CY2013Q4 us-gaap Security Deposit
SecurityDeposit
0 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
30664 USD
CY2014Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
30664 USD
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.19 pure
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1 pure
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
101000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
101000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
307000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4889000 USD
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
0 USD
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
45000 USD
CY2014Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
72354 USD

Files In Submission

Name View Source Status
0001144204-14-048073-index-headers.html Edgar Link pending
0001144204-14-048073-index.html Edgar Link pending
0001144204-14-048073.txt Edgar Link pending
0001144204-14-048073-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tnxp-20140630.xml Edgar Link completed
tnxp-20140630.xsd Edgar Link pending
tnxp-20140630_cal.xml Edgar Link unprocessable
tnxp-20140630_def.xml Edgar Link unprocessable
tnxp-20140630_lab.xml Edgar Link unprocessable
tnxp-20140630_pre.xml Edgar Link unprocessable
v385302_10q.htm Edgar Link pending
v385302_ex31-01.htm Edgar Link pending
v385302_ex31-02.htm Edgar Link pending
v385302_ex32-01.htm Edgar Link pending