Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) recently disclosed several significant updates in a Form 8-K filing with the Securities and Exchange Commission. On February 3, 2025, the company terminated its Loan and Guaranty Agreement, a transaction initiated on December 8, 2023. The Loan Agreement, involving multiple Tonix subsidiaries, was concluded with the repayment of $9.6 million to the lenders, including a $1.0 million prepayment fee as outlined in the agreement.
Regarding its financial performance, Tonix shared selective preliminary operating results for the fiscal year ending December 31, 2024. These included a cash balance of approximately $98.8 million, with around 559,044,486 outstanding common shares reported as of January 31, 2025. The net cash utilized in operational activities during 2024 totaled around $60.9 million, displaying improvements compared to $102.0 million in 2023. Additionally, the company’s net operating loss for 2024 amounted to roughly $126.6 million, with revenues from product sales increasing to $10.1 million in 2024 from $7.8 million in 2023.
Tonix underscored its anticipation that the reverse stock split, altering the total outstanding common shares, will fulfill Nasdaq’s minimum bid price requirement. In line with this adjustment, the CUSIP number for the common stock will change to 890260839.
The company emphasized that the reverse split would not affect the overall authorized shares of common stock. Shareholders will automatically receive adjusted shares according to set conversion guidelines. Fractional shares due to the split will be rounded to whole shares without cash compensation for any resulting fractions.
Investors were also informed that the financial update provided in the 8-K filing is preliminary and pending finalization, subject to potential alterations as part of the regular year-end closing procedures. Tonix plans to submit its Annual Report on Form 10-K for the fiscal year that ended December 31, 2024, around March 31, 2025.
The disclosure emphasized that the primary intention behind the reverse stock split is to meet Nasdaq’s stringent listing rules. Tonix believes this action will position the company for continued compliance, ensuring that its shares trade above the required minimum bid price to maintain its listing on The NASDAQ Capital Market.
The press release shared by Tonix Pharmaceuticals, which detailed the announcement of the reverse stock split, was included as an exhibit in the Form 8-K filing to provide additional context to investors and the public.
The filing underscored the Company’s forward-looking approach and highlighted key risks and uncertainties associated with its operations. Investors were encouraged to exercise due diligence and consult all available resources before making any financial decisions based on the information provided.
Disclaimer: Tonix Pharmaceuticals, as part of its disclosure, shared important safety information related to its prescription medications, Zembrace SymTouch and Tosymra, used for acute migraine headaches. These medications carry potential side effects, and users are advised to consult healthcare professionals for further guidance and information.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tonix Pharmaceuticals’s 8K filing here.
Tonix Pharmaceuticals Company Profile
Tonix Pharmaceuticals Holding Corp., a biopharmaceutical company, focuses on developing, discovering, commercializing, and licensing therapeutics to treat and prevent human disease and alleviate suffering. It markets Zembrace SymTouch and Tosymra for the treatment of acute migraine with or without aura in adults.
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