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Results of Operations and Financial Condition.
Tonix Pharmaceuticals Holding Corp. (the “Company”) is disclosing selected preliminary operating results for the quarter ended June 30, 2022, and certain preliminary financial condition information as of June 30, 2022, as set forth below:
• The Company ended the second quarter with approximately $145.5 million in cash and cash equivalents, and shares of common stock outstanding of 31,692,024 at June 30, 2022.
• Net loss for the three and six months ended June 30, 2022, is expected to be approximately $23.1 million and $49.6 million, respectively, compared to $23.6 million and $44.2 million for the three and six months entered June 30, 2021, respectively.
• The Company’s net cash used in operating activities for the six months ended June 30, 2022, was approximately $52.2 million compared to $40.2 million for the six months ended June 30, 2021.
• The Company’s capital expenditures for the six months ended June 30, 2022, was approximately $34.7 million compared to $1.9 million for the six months ended June 30, 2021.
• The Company’s equity proceeds from the sale of common stock for the six months ended June 30, 2022, was approximately $58.0 million compared to $130.7 million for the six months ended June 30, 2021.
• As of July 29, 2022, the Company had 35,861,957 shares of common stock outstanding.
The above information is preliminary financial information for the second quarter of 2022 and subject to completion. The unaudited, estimated results for the second quarter of 2022 are preliminary and were prepared by the Company’s management, based upon its estimates, a number of assumptions and currently available information, and are subject to revision based upon, among other things, quarter-end closing procedures and/or adjustments, the completion of the Company’s interim consolidated financial statements and other operational procedures. This preliminary financial information is the responsibility of management and has been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the quarter ended June 30, 2022, and its actual results could be materially different from this preliminary financial information, which preliminary information should not be regarded as a representation by the Company or its management as to its actual results for quarter ended June 30, 2022. In addition, EisnerAmper LLP, the Company’s independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial information and does not express an opinion or any other form of assurance with respect to this preliminary financial information. During the course of the preparation of the Company’s financial statements and related notes as of and for the quarter ended June 30, 2022, the Company may identify items that would require it to make material adjustments to this preliminary financial information. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles and reviewed by the Company’s auditors.
The Company currently expects to file its Quarterly Report on Form 10-Q includ
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