$TNXP
Tonix Pharmaceuticals Holding Corp.

2015 Q3 Form 10-Q Financial Statement

#000114420415047318 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.970M $2.910M $1.970M
YoY Change 33.78% 47.72% 72.81%
% of Gross Profit
Research & Development $10.31M $8.871M $4.075M
YoY Change 97.7% 117.69% 331.67%
% of Gross Profit
Depreciation & Amortization $40.00K $30.00K $10.00K
YoY Change 300.0% 200.0% 0.0%
% of Gross Profit
Operating Expenses $13.28M $11.78M $6.049M
YoY Change 78.64% 94.81% 189.98%
Operating Profit -$13.28M -$11.78M -$6.049M
YoY Change 78.64% 94.81% 189.98%
Interest Expense $30.00K $20.00K $10.00K
YoY Change 50.0% 100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.25M -$11.76M -$6.040M
YoY Change 78.57% 94.7% 189.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.25M -$11.76M -$6.044M
YoY Change 78.6% 94.62% 189.74%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$662.5M -$588.0M -$604.0M
COMMON SHARES
Basic Shares Outstanding 18.83M shares 16.14M shares 9.929M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.00M $48.70M $43.90M
YoY Change 19.05% 10.93% 43800.0%
Cash & Equivalents $33.01M $48.74M $43.87M
Short-Term Investments $22.00M
Other Short-Term Assets $2.100M $1.600M $900.0K
YoY Change 200.0% 77.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $57.19M $50.31M $44.82M
YoY Change 21.94% 12.27% 39075.17%
LONG-TERM ASSETS
Property, Plant & Equipment $327.0K $316.0K $71.00K
YoY Change 63.5% 345.07% 82.92%
Goodwill
YoY Change
Intangibles $120.0K $120.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $636.0K $614.0K $249.0K
YoY Change 48.6% 146.59% 24.47%
TOTAL ASSETS
Total Short-Term Assets $57.19M $50.31M $44.82M
Total Long-Term Assets $636.0K $614.0K $249.0K
Total Assets $57.83M $50.93M $45.07M
YoY Change 22.18% 13.01% 14231.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.422M $2.770M $1.518M
YoY Change -1.06% 82.48% 3.88%
Accrued Expenses $2.675M $1.849M $573.0K
YoY Change 155.0% 222.69% -4.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $300.0K
YoY Change -100.0% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.097M $4.619M $2.371M
YoY Change 45.75% 94.81% 4.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $0.00
YoY Change 0.0%
Total Long-Term Liabilities $100.0K $100.0K $0.00
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.097M $4.619M $2.371M
Total Long-Term Liabilities $100.0K $100.0K $0.00
Total Liabilities $5.174M $4.684M $2.401M
YoY Change 45.71% 95.09% 5.4%
SHAREHOLDERS EQUITY
Retained Earnings -$89.04M -$75.79M -$37.94M
YoY Change 96.31% 99.78%
Common Stock $141.7M $122.0M $80.60M
YoY Change 58.95% 51.4% 348.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.65M $46.24M $42.66M
YoY Change
Total Liabilities & Shareholders Equity $57.83M $50.93M $45.07M
YoY Change 22.18% 13.01% 14231.78%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$13.25M -$11.76M -$6.044M
YoY Change 78.6% 94.62% 189.74%
Depreciation, Depletion And Amortization $40.00K $30.00K $10.00K
YoY Change 300.0% 200.0% 0.0%
Cash From Operating Activities -$12.33M -$9.240M -$5.700M
YoY Change 153.7% 62.11% 650.0%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$150.0K -$40.00K
YoY Change -73.33% 275.0%
Acquisitions
YoY Change
Other Investing Activities -$22.06M $0.00 -$70.00K
YoY Change -100.0%
Cash From Investing Activities -$22.10M -$150.0K -$110.0K
YoY Change 13712.5% 36.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.69M -50.00K 130.0K
YoY Change 153.6% -138.46% -68.29%
NET CHANGE
Cash From Operating Activities -12.33M -9.240M -5.700M
Cash From Investing Activities -22.10M -150.0K -110.0K
Cash From Financing Activities 18.69M -50.00K 130.0K
Net Change In Cash -15.74M -9.440M -5.680M
YoY Change -769.79% 66.2% 1522.86%
FREE CASH FLOW
Cash From Operating Activities -$12.33M -$9.240M -$5.700M
Capital Expenditures -$40.00K -$150.0K -$40.00K
Free Cash Flow -$12.29M -$9.090M -$5.660M
YoY Change 160.93% 60.6% 644.74%

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><u><font style="FONT-SIZE: 10pt">Risks and uncertainties</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="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 its products are approved for sale 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;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">At June 30, 2015, the Company had working capital of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45.7</font> million, after raising approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">29.0</font> million, net of expenses through the sale of common stock in an underwritten public&#160;offering in February 2015.&#160; In addition, in July 2015, the Company raised approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">18.7</font> million, net of expenses, through the sale of common stock in an underwritten public&#160;offering&#160; (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 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></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;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Use of estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="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 Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
0 USD
CY2015Q2 tnxp Unamortised Stock Based Compensation
UnamortisedStockBasedCompensation
200000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
0 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1963000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
104390 USD
CY2014Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
30664 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
30664 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7143 shares
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000 USD
CY2015Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1731217 shares
CY2015Q2 tnxp Common Stock Shares To Be Issued
CommonStockSharesToBeIssued
18021 shares
CY2014Q4 tnxp Common Stock Shares To Be Issued
CommonStockSharesToBeIssued
13978 shares
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
65520 USD

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