Tonix Pharmaceuticals Holding Corp. (TNXP), a company that discovers, acquires, develops, and licenses small molecules and biologics to treat and prevent human diseases, has increased 7.74% in aftermarket trading session and consequently is trading at $0.6 at the time of the writing. The increase could be attributed to the announcement of quarterly results by the company. On Monday, TNXP closed the day at $0.5569 after increasing 1.57% during regular trading hours.
Why TNXP Increasing?
On Monday, TNXP reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company bore total costs and expenses of $18.53 million during the quarter against $11.99 million for the same period of 2020. The company suffered a net loss of $18.52 million against $11.99 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.05 against $0.09 for the same period of 2020. The company had cash and cash equivalents of $182.97 million on 30th September 2021.
Seth Lederman, MD, President and CEO of TNXP, while commenting on the results said that the company’s portfolio of COVID-19 programs is continually advancing. He further highlighted that being a leader in the healthcare sector, the company is in a position to continue upon its recent success in the quarters coming ahead.
Oral Presentation of Positive Results
On the same day, i.e. Monday, TNXP announced an oral presentation of positive results from its Phase 3 clinical study, RELIEF, of TNX-102 SL for the management of fibromyalgia. The presentation, titled, “TNX-102 SL (Sublingual Cyclobenzaprine) for the Treatment of Fibromyalgia in the RELIEF Study: Positive Results of a Phase 3 Randomized, Double-Blind, Placebo-Controlled Multicenter Efficacy and Safety Trial” by Dr Gregory Sullivan, Chief Medical Officer of Tonix. It reported that TNX-102 SL met its pre-specified primary endpoint in the Phase 3 RELIEF trial, significantly reducing daily pain compared to placebo (p=0.01) in participants with fibromyalgia.
Future Outlook for TNXP
Despite recent success, during the last three months, TNXP has declined more than 25%. The primary reason or decline appears to be the developments associated with the TNX-102. However, the company believes that it is in a good position to deliver financially in the coming quarters. Hence, potential investors should keep a close eye on the performance of TNXP stock in upcoming quarters.