$TNXP
Tonix Pharmaceuticals Holding Corp.

2015 Q4 Form 10-Q Financial Statement

#000114420415063388 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 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 $3.910M $2.970M $3.230M
YoY Change 21.05% 33.78% 35.71%
% of Gross Profit
Research & Development $9.490M $10.31M $5.780M
YoY Change 64.19% 97.7% 334.59%
% of Gross Profit
Depreciation & Amortization $70.00K $40.00K $20.00K
YoY Change 250.0% 300.0% 100.0%
% of Gross Profit
Operating Expenses $13.40M $13.28M $9.000M
YoY Change 48.89% 78.64% 142.59%
Operating Profit -$13.40M -$13.28M -$9.004M
YoY Change 48.84% 78.64%
Interest Expense $40.00K $30.00K $20.00K
YoY Change 100.0% 50.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.36M -$13.25M -$8.990M
YoY Change 48.61% 78.57% 142.32%
Income Tax
% Of Pretax Income
Net Earnings -$13.36M -$13.25M -$8.989M
YoY Change 48.63% 78.6% 142.29%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$668.0M -$662.5M -$899.0M
COMMON SHARES
Basic Shares Outstanding 18.83M shares 18.83M shares 10.77M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $55.00M $38.20M
YoY Change 12.57% 19.05% 365.85%
Cash & Equivalents $19.18M $33.01M $38.18M
Short-Term Investments $23.80M $22.00M
Other Short-Term Assets $3.300M $2.100M $900.0K
YoY Change 266.67% 200.0% 125.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.36M $57.19M $39.04M
YoY Change 18.76% 21.94% 352.28%
LONG-TERM ASSETS
Property, Plant & Equipment $350.0K $327.0K $328.0K
YoY Change 6.71% 63.5% 628.89%
Goodwill
YoY Change
Intangibles $120.0K $120.0K $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
Total Long-Term Assets $659.0K $636.0K $506.0K
YoY Change 30.24% 48.6% 381.9%
TOTAL ASSETS
Total Short-Term Assets $46.36M $57.19M $39.04M
Total Long-Term Assets $659.0K $636.0K $506.0K
Total Assets $47.02M $57.83M $39.54M
YoY Change 18.91% 22.18% 352.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.049M $2.422M $1.487M
YoY Change 105.04% -1.06% 94.38%
Accrued Expenses $3.601M $2.675M $1.895M
YoY Change 90.03% 155.0% 62.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.650M $5.097M $3.382M
YoY Change 96.63% 45.75% 52.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.650M $5.097M $3.382M
Total Long-Term Liabilities $100.0K $100.0K $100.0K
Total Liabilities $6.756M $5.174M $3.450M
YoY Change 95.83% 45.71% 55.13%
SHAREHOLDERS EQUITY
Retained Earnings -$102.4M -$89.04M -$54.34M
YoY Change 88.43% 96.31% 103.32%
Common Stock $142.7M $141.7M $90.43M
YoY Change 57.77% 58.95% 172.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.26M $52.65M $36.09M
YoY Change
Total Liabilities & Shareholders Equity $47.02M $57.83M $39.54M
YoY Change 18.91% 22.18% 352.63%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$13.36M -$13.25M -$8.989M
YoY Change 48.63% 78.6% 142.29%
Depreciation, Depletion And Amortization $70.00K $40.00K $20.00K
YoY Change 250.0% 300.0% 100.0%
Cash From Operating Activities -$11.91M -$12.33M -$8.220M
YoY Change 44.89% 153.7% 132.86%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$40.00K -$130.0K
YoY Change -61.54% -73.33% 1200.0%
Acquisitions
YoY Change
Other Investing Activities -$1.870M -$22.06M $0.00
YoY Change
Cash From Investing Activities -$1.920M -$22.10M -$120.0K
YoY Change 1500.0% 13712.5% 1100.0%
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 0.000 18.69M 310.0K
YoY Change -100.0% 153.6% -92.82%
NET CHANGE
Cash From Operating Activities -11.91M -12.33M -8.220M
Cash From Investing Activities -1.920M -22.10M -120.0K
Cash From Financing Activities 0.000 18.69M 310.0K
Net Change In Cash -13.83M -15.74M -8.030M
YoY Change 72.23% -769.79% -1129.49%
FREE CASH FLOW
Cash From Operating Activities -$11.91M -$12.33M -$8.220M
Capital Expenditures -$50.00K -$40.00K -$130.0K
Free Cash Flow -$11.86M -$12.29M -$8.090M
YoY Change 46.6% 160.93% 129.83%

Facts In Submission

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dei Entity Registrant Name
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Tonix Pharmaceuticals Holding Corp.
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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;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" 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 style="FONT-SIZE: 10pt"></font></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 September 30, 2015, the Company had working capital of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">52.1</font> million, after raising approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">29.0</font> million, net of expenses, and $<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 underwritten public&#160;offerings in February 2015 and July 2015, respectively.&#160; 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;The Company intends to raise additional funds to complete the development and commercialization of its current product candidates 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>
CY2015Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2325000 shares
CY2015Q3 tnxp Common Stock Issued During Period Per Share Two
CommonStockIssuedDuringPeriodPerShareTwo
7.50
CY2015Q3 tnxp Underwriters Over Allotment Number Of Shares
UnderwritersOverAllotmentNumberOfShares
348750 shares
CY2015Q3 tnxp Common Stock Issuance Discount Amount
CommonStockIssuanceDiscountAmount
1000000 USD
CY2015Q3 tnxp Common Stock Issuance Discount Price Per Share
CommonStockIssuanceDiscountPricePerShare
0.45
CY2015Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
200000 USD
CY2015Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0.0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0.0 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2294000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
74706 USD
tnxp Stock Issued During Period Value New Issues One
StockIssuedDuringPeriodValueNewIssuesOne
18685000 USD
tnxp Stock Issued During Period Value In Exchange For Exercise Of Warrants Transaction
StockIssuedDuringPeriodValueInExchangeForExerciseOfWarrantsTransaction
9000 USD
tnxp Stock Issued During Period Exercise Price Warrants Exercised
StockIssuedDuringPeriodExercisePriceWarrantsExercised
4.25
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22058000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
280000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
0 USD
CY2015Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9535000 USD
CY2015Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
22038000 USD
CY2015Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
31573000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <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"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Use of estimates</font></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>
CY2015Q3 tnxp Unamortized Stock Based Compensation
UnamortizedStockBasedCompensation
100000 USD
CY2014Q4 tnxp Common Stock Shares To Be Issued
CommonStockSharesToBeIssued
13978 shares
CY2015Q3 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
7993000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
42000 shares

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