By Connor Hart
Shares of Tonix Pharmaceuticals Holding fell after the company logged lower sales and another net loss in the fourth quarter.
The stock declined 6.9%, to $19.12, in after-hours trading Tuesday. Shares, which have lost more than 98% of their value in the past year, have surged 87% in the past month.
The biopharmaceutical company narrowed its fourth-quarter net loss to $22.1 million from $27.3 million a year earlier.
During the same period, net product revenue fell to $2.6 million from $3.8 million.
Research and development expenses fell year over year on fewer clinical trials and pipeline prioritization efforts, though operating expenses rose due to an increase in financial reporting expenses, sales and marketing, and professional fees, the company said.
Chief Executive Seth Lederman said he is optimistic about the year ahead, citing the pending approval of its drug for the management of fibromyalgia and the continued development of its pipeline.
"With commercial preparations under way, we believe we are well positioned to launch TNX-102 SL for the management of fibromyalgia in the fourth quarter of this year, if approved by the U.S. Food and Drug Administration," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 18, 2025 18:22 ET (22:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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