$TNXP
Tonix Pharmaceuticals Holding Corp.

2023 Q4 Form 10-Q Financial Statement

#000183988223030328 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $3.779M $3.989M $0.00
YoY Change
Cost Of Revenue $2.367M $2.374M
YoY Change
Gross Profit $1.412M $1.615M $0.00
YoY Change
Gross Profit Margin 37.36% 40.49%
Selling, General & Admin $11.62M $8.712M $7.390M
YoY Change 44.29% 17.89% 35.52%
% of Gross Profit 823.02% 539.44%
Research & Development $17.12M $21.05M $22.20M
YoY Change -30.62% -5.18% 69.71%
% of Gross Profit 1212.46% 1303.41%
Depreciation & Amortization $1.261M $1.220M $252.0K
YoY Change 50.84% 384.13% 2420.0%
% of Gross Profit 89.31% 75.54%
Operating Expenses $28.74M $29.76M $22.20M
YoY Change -12.18% 34.06% 19.78%
Operating Profit -$27.33M -$28.15M -$29.59M
YoY Change -4.88% 59.65%
Interest Expense $170.0K $610.0K
YoY Change -72.13% 8614.29%
% of Operating Profit
Other Income/Expense, Net $7.000K $172.0K
YoY Change
Pretax Income -$27.32M -$27.98M -$28.98M
YoY Change -13.76% -3.45% 56.42%
Income Tax
% Of Pretax Income
Net Earnings -$27.32M -$27.98M -$28.98M
YoY Change -19.84% -3.47% 56.42%
Net Earnings / Revenue -723.0% -701.3%
Basic Earnings Per Share -$1.83 -$0.69
Diluted Earnings Per Share -$0.86 -$1.83 -$0.69
COMMON SHARES
Basic Shares Outstanding 23.85M shares 17.76M shares 43.06M shares
Diluted Shares Outstanding 15.33M shares 41.94M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.95M $6.900M $140.0M
YoY Change -79.25% -95.07% -23.5%
Cash & Equivalents $24.95M $6.914M $140.0M
Short-Term Investments
Other Short-Term Assets $9.181M $9.500M $11.16M
YoY Change -12.96% -14.88% -7.85%
Inventory $13.64M $13.32M
Prepaid Expenses
Receivables $1.600M
Other Receivables $0.00
Total Short-Term Assets $47.77M $31.34M $151.1M
YoY Change -63.47% -79.27% -22.53%
LONG-TERM ASSETS
Property, Plant & Equipment $94.03M $94.87M $90.31M
YoY Change 0.23% 5.05% 367.89%
Goodwill $965.0K $965.0K
YoY Change
Intangibles $9.743M $9.982M
YoY Change 8019.17%
Long-Term Investments
YoY Change
Other Assets $1.129M $1.051M $360.0K
YoY Change 194.01% 191.94% 32.84%
Total Long-Term Assets $106.7M $107.9M $91.51M
YoY Change 12.41% 17.96% 364.69%
TOTAL ASSETS
Total Short-Term Assets $47.77M $31.34M $151.1M
Total Long-Term Assets $106.7M $107.9M $91.51M
Total Assets $154.5M $139.3M $242.6M
YoY Change -31.56% -42.6% 12.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.782M $7.799M $4.556M
YoY Change -53.12% 71.18% -42.79%
Accrued Expenses $12.75M $9.900M $8.784M
YoY Change 26.11% 12.7% 116.25%
Deferred Revenue $2.980M
YoY Change -8.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.350M
YoY Change
Total Short-Term Liabilities $18.88M $17.73M $13.34M
YoY Change 3.87% 32.93% 10.93%
LONG-TERM LIABILITIES
Long-Term Debt $6.561M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.49M $700.0K $382.0K
YoY Change 7060.67% 83.25% -27.92%
Total Long-Term Liabilities $6.561M $700.0K $382.0K
YoY Change 1900.3% 83.25% -27.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.88M $17.73M $13.34M
Total Long-Term Liabilities $6.561M $700.0K $382.0K
Total Liabilities $48.93M $18.45M $13.72M
YoY Change 164.38% 34.45% 9.29%
SHAREHOLDERS EQUITY
Retained Earnings -$600.7M -$573.3M -$438.4M
YoY Change 27.79% 30.79% 32.73%
Common Stock $706.4M $694.4M $667.4M
YoY Change 4.29% 4.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.5M $120.8M $228.9M
YoY Change
Total Liabilities & Shareholders Equity $154.5M $139.3M $242.6M
YoY Change -31.56% -42.6% 12.98%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$27.32M -$27.98M -$28.98M
YoY Change -19.84% -3.47% 56.42%
Depreciation, Depletion And Amortization $1.261M $1.220M $252.0K
YoY Change 50.84% 384.13% 2420.0%
Cash From Operating Activities -$22.34M -$23.38M -$23.53M
YoY Change 0.19% -0.66% 81.79%
INVESTING ACTIVITIES
Capital Expenditures $435.0K $1.820M -$8.820M
YoY Change -90.69% -120.63% 13.79%
Acquisitions
YoY Change
Other Investing Activities $5.000K $990.0K
YoY Change
Cash From Investing Activities -$430.0K -$820.0K -$8.820M
YoY Change -90.79% -90.7% 13.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.72M 6.270M -4.625M
YoY Change 463.25% -235.57% -112.18%
NET CHANGE
Cash From Operating Activities -22.34M -23.38M -23.53M
Cash From Investing Activities -430.0K -820.0K -8.820M
Cash From Financing Activities 40.72M 6.270M -4.625M
Net Change In Cash 17.94M -17.93M -36.98M
YoY Change -190.89% -51.51% -314.2%
FREE CASH FLOW
Cash From Operating Activities -$22.34M -$23.38M -$23.53M
Capital Expenditures $435.0K $1.820M -$8.820M
Free Cash Flow -$22.78M -$25.20M -$14.71M
YoY Change -15.55% 71.25% 183.25%

Facts In Submission

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CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
29000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2794000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-44000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-33005000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
165427000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
36000 usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1029000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2364000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-28356000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
140463000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
726000 usd
CY2023Q3 tnxp Issuance Of Common Stock Under Agp Financing Net Of Transactional Expenses
IssuanceOfCommonStockUnderAGPFinancingNetOfTransactionalExpenses
6274000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2079000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-8000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-27975000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
120833000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
218717000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
507000 usd
CY2022Q1 tnxp Stock Issued During Period Value New Issues7
StockIssuedDuringPeriodValueNewIssues7
8488000 usd
CY2022Q1 tnxp Issuance Of Common Stock Under Purchase Agreement2
IssuanceOfCommonStockUnderPurchaseAgreement2
4535000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
40000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2620000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-26000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-26417000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
207957000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1426000 usd
CY2022Q2 tnxp Issuances Of Common Stock Net Of Transactional Expenses
IssuancesOfCommonStockNetOfTransactionalExpenses
42968000 usd
CY2022Q2 tnxp Issuance Of Common Stock Under Purchase Agreement2
IssuanceOfCommonStockUnderPurchaseAgreement2
1964000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
4255000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2813000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-25000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-23140000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
228282000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
805000 usd
CY2022Q3 tnxp Issuances Of Common Stock Net Of Transactional Expenses1
IssuancesOfCommonStockNetOfTransactionalExpenses1
24692000 usd
CY2022Q3 tnxp Issuance Of Common Stock Under Purchase Agreement2
IssuanceOfCommonStockUnderPurchaseAgreement2
2183000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2765000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-28981000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
228924000 usd
us-gaap Net Income Loss
NetIncomeLoss
-89336000 usd
us-gaap Net Income Loss
NetIncomeLoss
-78538000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3030000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
417000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
196000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7237000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
8198000 usd
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
1562000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3334000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
753000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
446000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4079000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
24000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
5000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-2640000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-1002000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79663000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-75752000 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
22174000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
992000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7457000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43476000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28639000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43476000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
29000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
40000 usd
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
27245000 usd
us-gaap Payments For Repurchase Of Redeemable Convertible Preferred Stock
PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock
31500000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13965000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9739000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
84830000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4197000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
80615000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-55000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-69000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-112554000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-38682000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120470000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178900000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7916000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140218000 usd
tnxp Purchases Of Property And Equipment Included In Accounts Payable And Accrued Liabilities
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayableAndAccruedLiabilities
-275000 usd
tnxp Purchases Of Property And Equipment Included In Accounts Payable And Accrued Liabilities
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayableAndAccruedLiabilities
3310000 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
4255000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_802_eus-gaap--NatureOfOperations_zEmKTJVDVDck" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>NOTE 1 – <span id="xdx_82B_zhPTLjLCQIq">BUSINESS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc. (“Tonix Sub”), is a biopharmaceutical company focused on commercializing, developing, discovering and licensing therapeutics to treat and prevent human disease and alleviate suffering. The therapeutics under development include both small molecules and biologics. Tonix, through its recent acquisition, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg. Zembrace® SymTouch® and Tosymra®, which were acquired as of June 30, 2023 (See Note 10), are each indicated for the treatment of acute migraine with or without aura in adults. All other drug product and vaccine candidates are still in development, and are not approved or marketed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The condensed consolidated financial statements include the accounts of Tonix Pharmaceuticals Holding Corp. and its wholly owned subsidiaries, Tonix Sub, Krele LLC, Tonix Pharmaceuticals (Canada), Inc., Tonix Medicines, Inc., Jenner LLC, Tonix R&amp;D Center LLC, Tonix Pharma Holdings Limited and Tonix Pharma Limited (collectively hereafter referred to as the “Company” or “Tonix”). All intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="text-decoration: underline">Going Concern</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At September 30, 2023, the Company had working capital of approximately $<span id="xdx_905_ecustom--WorkingCapital_iI_pn5n6_c20230930_zXldo3ZxAJz7" title="Working capital">13.6</span> million. At September 30, 2023, the Company had an accumulated deficit of approximately $<span id="xdx_903_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_dxL_c20230930_ztcvozi7agmg" title="Accumulated deficit::XDX::-573336"><span style="-sec-ix-hidden: xdx2ixbrl0714">573.3</span></span> million. The Company held cash and cash equivalents of approximately $<span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_dxL_c20230930_zLpgSSReTtO7" title="Cash and cash equivalents::XDX::6914"><span style="-sec-ix-hidden: xdx2ixbrl0716">6.9</span></span> million as of September 30, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company believes that its cash resources at September 30, 2023 and the proceeds that it raised from equity offerings in the fourth quarter of 2023 (See Note 20), will not meet its operating and capital expenditure requirements through the fourth quarter of 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company continues to face significant challenges and uncertainties and must obtain additional funding through public and private financing and collaborative arrangements with strategic partners to increase the funds available to fund operations. However, the Company may not be able to raise capital on terms acceptable to the Company, or at all. Without additional funds, it may be forced to delay, scale back or eliminate some of its research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue operations. If any of these events occurs, its ability to achieve our development and commercialization goals would be adversely affected and the Company may be forced to cease operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
CY2023Q3 tnxp Working Capital
WorkingCapital
13600000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zaLq6sFAdO55" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="text-decoration: underline">Risks and uncertainties</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The Company’s primary efforts are devoted to conducting research and development of innovative pharmaceutical and biological products to address public health challenges. 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 now has commercial products available for sale, and generates revenue from the sale of its Zembrace® SymTouch® and Tosymra® products, with no assurance that the Company will be able to generate sufficient cash flow to fund operations from its commercial products or products in development if and when approved. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zbXiVTMJIG93" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="text-decoration: underline">Use of estimates</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) 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 expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, provisions for product returns, coupons, rebates, chargebacks, discounts, allowances, inventory realization, the assumptions used in the fair value of stock-based compensation and other equity instruments, the percent of completion of research and development contracts, fair value estimates for assets acquired in business combinations, and assessment of useful lives of acquired intangible assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
3700000 usd
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
116300000 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
244000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
241000 usd
CY2023Q3 us-gaap Escrow Deposit
EscrowDeposit
758000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6914000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
139978000 usd
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
1002000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
240000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7916000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140218000 usd
CY2023Q3 us-gaap Inventory Adjustments
InventoryAdjustments
21000 usd
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
30 to 90 days
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
978000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2800000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
252000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
417000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
238000 usd
CY2023Q3 us-gaap Government Assistance Amount
GovernmentAssistanceAmount
400000 usd
us-gaap Government Assistance Amount
GovernmentAssistanceAmount
2300000 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
3064000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8387460 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
395839 shares
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
1565000 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8709000 usd
CY2023Q3 us-gaap Inventory Gross
InventoryGross
13338000 usd
CY2023Q3 us-gaap Inventory Gross
InventoryGross
13338000 usd
CY2023Q3 us-gaap Inventory Adjustments
InventoryAdjustments
21000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
13317000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
99261000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
95467000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
95467000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4395000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1653000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
94866000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93814000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93814000 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
965000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
965000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10100000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
238000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9862000 usd
CY2023Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9982000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
120000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
238000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
238000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
953000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
953000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
953000 usd
CY2023Q3 tnxp Finite Lived Intangible Assets Amortization Expense After Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearThree
6765000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9862000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
160000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
24000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
160000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
8000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
24000000 shares
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3989000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3989000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
392643 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
334.08
tnxp Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1
P8Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1019130 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
27509 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
453.81
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1384264 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
89.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
248656 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
392.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M10D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.84
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.99
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
32.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0342 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0435 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0167 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0305 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.2219 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.4272 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.2032 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.3322 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7003196 shares
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
107000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
460000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
299000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
142000 usd
CY2023Q3 tnxp Lessee Operating Lease Liability Payments Due After Year Three
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree
246000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1254000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
104000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1150000 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
434000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
447000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M29D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0463 pure
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0226 pure

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0001839882-23-030328.txt Edgar Link pending
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ex31-01.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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tnxp-20230930.xsd Edgar Link pending
tnxp_10q-093023.htm Edgar Link pending
tnxp-20230930_cal.xml Edgar Link unprocessable
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tnxp_10q-093023_htm.xml Edgar Link completed