Tonix製藥第二季產品收入增6倍 淨虧損擴大至4055萬美元

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UNITED STATES

SECURITIES AND
EXCHANGE COMMISSION

Washington, D.C.
20549

 

FORM 10-Q

 

(Mark One)

 

 ☒
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30,
2026

 

or

 

 ☐
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from _________
to _________

 

Commission file number: 001-36019

 

TONIX
PHARMACEUTICALS HOLDING CORP.

(Exact name of registrant as specified in
its charter)

 

  
 Nevada
  
 26-1434750
  

  
 (State
 or other jurisdiction of incorporation or organization)
  
 (I.R.S.
 Employer Identification No.)
  

  
  
  
  
  

  
 200 Connell Drive,
 Suite 3100
  
  
  

  
 Berkeley
 Heights, New Jersey 
  
 07922
  

  
 (Address of Principal
 Executive Offices)
  
 (Zip Code)
  

 

 (862)
 799-8599

(Registrant’s
telephone number, including area code)

 

 Securities
registered pursuant to Section 12(b) of the Act:

 

  
 Title
 of each class
  
 Trading
 Symbol(s)
  
 Name
 of each exchange on which registered
  

  
 Common
 Stock
  
 TNXP
  
 The NASDAQ Global
 Select Market
  

 

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated
filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange
Act.

 

 Large accelerated filer
 ☐
  
 Accelerated filer
 ☐

 Non-accelerated
 filer
 ☒
  
 Smaller reporting company
 ☒

  
  
  
 Emerging
 growth company
 ☐

 

If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

 

Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As
of August 7, 2026, there were 17,151,024 shares of registrant’s common stock outstanding.

 

 

  

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP.

 

INDEX

 

 PART I.
 FINANCIAL
 INFORMATION
  
  

  
  
  
  
  

  
 ITEM 1.
 Financial Statements
  
  

  
  
  
  
  

  
  
 Condensed
 consolidated balance sheets as of June 30, 2026 (unaudited) and December 31, 2025
  
 1

  
  
  
  
  

  
  
 Condensed
 consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (unaudited)
  
 2

  
  
  
  
  

  
  
 Condensed
 consolidated statements of comprehensive loss for the three and six months ended June 30, 2026 and 2025 (unaudited)
  
 3

  
  
  
  
  

  
  
 Condensed
 consolidated statements of stockholders’ equity for three and the six months ended June 30, 2026 and 2025 (unaudited)
  
 4-5

  
  
  
  
  

  
  
 Condensed
 consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 (unaudited)
  
 6

  
  
  
  
  

  
  
 Notes
 to condensed consolidated financial statements (unaudited)
  
 7-26

  
  
  
  
  

  
 ITEM 2.
 Management’s
 Discussion and Analysis of Financial Condition and Results of Operations
  
 27

  
  
  
  
  

  
 ITEM 3.
 Quantitative
 and Qualitative Disclosures about Market Risk
  
 39

  
  
  
  
  

  
 ITEM 4.
 Controls
 and Procedures
  
 39

  
  
  
  
  

 PART II.
 OTHER
 INFORMATION
  
  

  
  
  
  
  

  
 ITEM 1.
 Legal Proceedings
  
 39

  
 ITEM 1A.
 Risk Factors
  
 39

  
 ITEM 2.
 Unregistered Sales
 of Equity Securities and Use of Proceeds
  
 40

  
 ITEM 3.
 Defaults Upon Senior
 Securities
  
 40

  
 ITEM 4.
 Mine Safety Disclosures
  
 40

  
 ITEM 5.
 Other Information
  
 40

  
 ITEM 6.
 Exhibits
  
 40

  
  
  
  
  

  
 SIGNATURES
  
 43

 

  

  

 

 

PART
I – FINANCIAL INFORMATION

 

ITEM
1. FINANCIAL STATEMENTS

 

TONIX
PHARMACEUTICALS HOLDING CORP.

CONDENSED
CONSOLIDATED BALANCE SHEETS

(In
Thousands, Except Par Value and Share Amounts) (unaudited)

 

   
 June 30,  
 December 31, 

   
 2026  
 2025 

 ASSETS 
     
    

 Current assets: 
     
    

 Cash and cash equivalents 
 $176,232  
 $207,637 

 Accounts receivable, net 
  11,805  
  6,271 

 Inventory 
  4,678  
  6,013 

 Prepaid expenses and other current assets 
  10,717  
  8,955 

 Total current assets 
  203,432  
  228,876 

   
     
    

 Property and equipment, net 
  44,760  
  44,456 

 Operating lease right-of-use assets 
  1,346  
  1,544 

 Other non-current assets 
  4,550  
  2,295 

   
     
    

 Total assets 
 $254,088  
 $277,171 

   
     
    

 LIABILITIES AND STOCKHOLDERS’ EQUITY 
     
    

 Current liabilities: 
     
    

 Accounts payable 
 $9,051  
 $8,114 

 Accrued expenses and other current liabilities 
  21,484  
  22,598 

 Lease liability, short term 
  250  
  125 

 Total current liabilities 
  30,785  
  30,837 

   
     
    

 Lease liability, long term 
  1,022  
  1,184 

   
     
    

 Total liabilities 
  31,807  
  32,021 

   
     
    

 Commitments and contingencies (See Note 16) 
     
    

   
     
    

 Stockholders’ equity: 
     
    

 Preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 shares issued and outstanding - as of both June 30, 2026 and December 31, 2025 
  —  
  — 

   
     
    

 Common stock, $0.001 par value; 1,000,000,000 shares authorized; 16,792,317 and 12,788,069 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively and 5,883 shares to be issued as of December 31, 2025 
  17  
  13 

 Additional paid in capital 
  1,158,073  
  1,100,141 

 Accumulated deficit 
  (935,461) 
  (854,715)

 Accumulated other comprehensive loss 
  (348) 
  (289)

   
     
    

 Total stockholders’ equity 
  222,281  
  245,150 

   
     
    

 Total liabilities and stockholders’ equity 
 $254,088  
 $277,171 

 

See
the accompanying notes to the condensed consolidated financial statements 

 

 1 

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP.

CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS

(In
Thousands, Except Share and Per Share Amounts)

(unaudited)

  
  
  
  
  
  
  
  
  
  
  
  
  

  
  
 Three
 Months Ended

 June 30,
  
  
 Six
 Months Ended

 June 30,
  

  
  
 2026
  
  
 2025
  
  
 2026
  
  
 2025
  

 REVENUE:
  
  
  
  
  
  
  
  
  
  
  
  

 Product
 revenue, net
  
 $
 13,544
  
  
 $
 1,998
  
  
 $
 20,422
  
  
 $
 4,427
  

 COSTS
 AND EXPENSES:
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Cost
 of sales
  
  
 703
  
  
  
 3,272
  
  
  
 2,281
  
  
  
 4,215
  

 Research
 and development
  
  
 19,417
  
  
  
 10,820
  
  
  
 37,630
  
  
  
 18,256
  

 Selling,
 general and administrative
  
  
 35,959
  
  
  
 16,202
  
  
  
 64,583
  
  
  
 26,306
  

  Total operating expenses
  
  
 56,079
  
  
  
 30,294
  
  
  
 104,494
  
  
  
 48,777
  

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Operating
 loss
  
  
 (42,535
 )
  
  
 (28,296
 )
  
  
 (84,072
 )
  
  
 (44,350
 )

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Grant
 income
  
  
 600
  
  
  
 1,036
  
  
  
 600
  
  
  
 1,959
  

 Loss
 on extinguishment of debt
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 (2,092)
  

 Interest
 income, net
  
  
 1,432
  
  
  
 943
  
  
  
 2,778
  
  
  
 1,571
  

 Other
 expense, net
  
  
 (49)
  
  
  
 (1,955)
  
  
  
 (52)
  
  
  
 (2,189)
  

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Net
 loss available to common stockholders
  
 $
 (40,552
 )
  
 $
 (28,272
 )
  
 $
 (80,746
 )
  
 $
 (45,101
 )

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Net
 loss per common share, basic and diluted
  
 $
 (2.44
 )
  
 $
 (3.86
 )
  
 $
 (5.32
 )
  
 $
 (6.80
 )

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Weighted
 average common shares outstanding, basic and diluted
  
  
 16,635,254
  
  
  
 7,327,257
  
  
  
 15,179,268
  
  
  
 6,631,111
  

 

See
the accompanying notes to the condensed consolidated financial statements  

 

 2 

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP.

CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In
Thousands)

(unaudited)

   
    
    
    
   

   
 Three Months Ended June 30,  
 Six Months Ended June 30, 

   
 2026  
 2025  
 2026  
 2025 

 Net loss 
 $(40,552) 
 $(28,272) 
 $(80,746) 
 $(45,101)

   
     
     
     
    

 Other comprehensive loss: 
     
     
     
    

 Foreign currency translation gain (loss) 
  (65) 
  (4) 
  (59) 
  (15)

   
     
     
     
    

 Comprehensive loss 
 $(40,617) 
 $(28,276) 
 $(80,805) 
 $(45,116)

 

See
the accompanying notes to the condensed consolidated financial statements

 

 3 

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP.

CONDENSED
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY 

(In
Thousands, Except Share and Per Share Amounts)

(unaudited)

 

   
    
    
    
 Accumulated  
    
   

   
    
    
 Additional  
 Other  
    
   

   
 Common stock  
 Paid in  
 Comprehensive  
 Accumulated  
   

   
 Shares  
 Amount  
 Capital  
 Gain (loss)  
 Deficit  
 Total 

 Balance, December 31, 2025 
  12,788,069  
 $13  
 $1,100,141  
 $(289) 
 $(854,715) 
 $245,150 

 Issuance of common stock under ATM program, net of transactional
 expenses of $676 
  1,411,449  
  1  
  20,125  
  —  
  —  
  20,126 

 Employee stock purchase plan (ESPP) 
  5,883  
  —  
  79  
  —  
  —  
  79 

 Stock-based compensation 
  —  
  —  
  1,970  
  —  
  —  
  1,970 

 Foreign currency translation gain (loss) 
  —  
  —  
  —  
  6  
  —  
  6 

 Net loss 
  —  
  —  
  —  
  —  
  (40,194) 
  (40,194)

 Balance, March 31, 2026 
  14,205,401  
  14  
  1,122,315  
  (283) 
  (894,909) 
  227,137 

 Issuance of common stock under ATM program, net of transactional expenses of $1,049 
  2,585,400  
  3  
  33,486  
  —  
  —  
  33,489 

 Issuance of common stock upon exercise of stock option 
  1,516  
  —  
  16  
  —  
  —  
  16 

 Stock-based compensation 
  —  
  —  
  2,256  
  —  
  —  
  2,256 

 Foreign currency translation gain (loss) 
  —  
  —  
  —  
  (65) 
  —  
  (65)

 Net loss 
  —  
  —  
  —  
  —  
  (40,552) 
  (40,552)

 Balance, June 30, 2026 
  16,792,317  
 $17  
 $1,158,073  
 $(348) 
 $(935,461) 
 $222,281 

 

See
the accompanying notes to the condensed consolidated financial statements 

 4 

  

 

  

TONIX
PHARMACEUTICALS HOLDING CORP.

CONDENSED
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(In
Thousands, Except Share and Per Share Amounts)

(unaudited)

 

   
    
    
    
 Accumulated  
    
   

   
    
    
 Additional  
 Other  
    
   

   
 Common stock  
 Paid in  
 Comprehensive  
 Accumulated  
   

   
 Shares  
 Amount  
 Capital  
 Gain (loss)  
 Deficit  
 Total 

 Balance, December 31, 2024 
  4,385,929  
 $4  
 $870,503  
 $(255) 
 $(730,694) 
 $139,558 

 Repurchase of common stock under share repurchase program (including transactional expenses of $8) 
  (250,000) 
  —  
  (3,047) 
  —  
  —  
  (3,047)

 Issuance of common stock under ATM program, net of transactional expenses of $2,182 
  2,741,887  
  3  
  59,840  
  —  
  —  
  59,843 

 Stock-based compensation 
  —  
  —  
  882  
  —  
  —  
  882 

 Foreign currency translation gain (loss) 
  —  
  —  
  —  
  (11) 
  —  
  (11)

 Net loss 
  —  
  —  
  —  
  —  
  (16,829) 
  (16,829)

 Balance, March 31, 2025 
  6,877,816  
  7  
  928,178  
  (266) 
  (747,523) 
  180,396 

 Repurchase of common stock under share repurchase program
 (including transactional expenses of $5) 
  (150,000) 
  —  
  (2,902) 
  —  
  —  
  (2,902)

 Issuance of common stock under ATM program, net of transactional expenses of $487 
  769,752  
  1  
  15,522  
  —  
  —  
  15,523 

 Issuance of common stock for 2025 Lincoln Park Transaction commitment shares 
  48,708  
  —  
  1,837  
  —  
  —  
  1,837 

 Stock-based compensation 
  —  
  —  
  1,423  
  —  
  —  
  1,423 

 Foreign currency translation gain (loss) 
  —  
  —  
  —  
  (4) 
  —  
  (4)

 Net loss 
  —  
  —  
  —  
  —  
  (28,272) 
  (28,272)

 Balance, June 30, 2025 
  7,546,276  
 $8  
 $944,058  
 $(270) 
 $(775,795) 
 $168,001 

 

See
the accompanying notes to the condensed consolidated financial statements 

 

 5 

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP. 

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In
Thousands) 

(unaudited)

   
    
   

   
 Six Months Ended June 30, 

   
 2026  
 2025 

 CASH FLOWS FROM OPERATING ACTIVITIES: 
     
    

 Net loss 
 $(80,746) 
 $(45,101)

 Adjustments to reconcile net loss to net cash used in operating activities: 
     
    

 Depreciation and amortization 
  1,174  
  976 

 Inventory write-off 
  —  
  2,280 

 Amortization of debt discount 
  —  
  65 

 Loss on extinguishment of debt 
  —  
  2,092 

 Stock-based compensation 
  4,226  
  2,305 

 Issuance costs from derivative instruments 
  —  
  1,837 

 Changes in operating assets and liabilities: 
     
    

 Accounts receivable 
  (5,534) 
  1,363 

 Inventory, current and non-current 
  (534) 
  142 

 Prepaid expenses and other current assets 
  (1,763) 
  (483)

 Other non-current assets 
  (2,169)  
  — 

 Accounts payable 
  937  
  2,711 

 Lease liabilities and right-of-use (ROU) asset, net 
  160  
  (12)

 Accrued expenses and other current liabilities 
  (312) 
  413 

 Net cash used in operating activities 
  (84,561) 
  (31,412)

   
     
    

 CASH FLOWS FROM INVESTING ACTIVITIES: 
     
    

 Issuance of note 
  —  
  (2,012)

 Purchase of property and equipment 
  (2,279) 
  (533)

 Net cash used in investing activities 
  (2,279) 
  (2,545)

   
     
    

 CASH FLOWS FROM FINANCING ACTIVITIES: 
     
    

 Repurchase of common stock 
  —  
  (5,949)

 Proceeds from ESPP 
  79  
  — 

 Proceeds from the exercise of options 
  16  
  — 

 Payment of term loan 
  —  
  (9,650)

 Proceeds, net of $1,725 and $2,757 expenses, from sale of common stock 
  53,615  
  76,125 

 Net cash provided by financing activities 
  53,710  
  60,526 

   
     
    

 Effect of currency rate change on cash 
  (58) 
  (13)

   
     
    

 Net (decrease) increase in cash, cash equivalents and
 restricted cash 
  (33,188) 
  26,556 

 Cash, cash equivalents and restricted cash beginning of the period 
  209,807  
  99,680 

   
     
    

 Cash, cash equivalents and restricted cash end of period 
 $176,619  
 $126,236 

   
     
    

 Supplemental disclosures of cash flow information: 
     
    

     Interest paid 
 $—  
 $117 

 Non-cash financing and investing activities: 
     
    

 Issuance costs from derivative instruments 
 $—  
  1,837 

 Net ATM proceeds received after quarter-end 
 $—  
 $1,629 

 Purchases of property and equipment included in accounts payable and accrued liabilities 
 $63  
 $526 

 

See
the accompanying notes to the condensed consolidated financial statements

 

 6 

  

 

TONIX
PHARMACEUTICALS HOLDING CORP. 

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

(UNAUDITED)

 

NOTE
1 – BUSINESS 

 

Tonix
Pharmaceuticals (“Tonix” or the “Company”) is a fully-integrated biopharmaceutical company commercializing
and developing innovative therapies for central nervous system (“CNS”) disorders, infectious diseases, immunology,
and rare diseases. Our portfolio consists of both commercial and development-stage programs.

 

Tonix markets TONMYA® (cyclobenzaprine HCl sublingual tablets) for
the treatment of fibromyalgia in adults in the U.S., as well as Zembrace® SymTouch® (sumatriptan injection) and Tosymra® (sumatriptan
nasal spray) for the treatment of acute migraine in adults in the U.S. Tonix received approval from the U.S. Food and Drug Administration
(“FDA”) for TONMYA for the treatment of fibromyalgia in August 2025 and commercially launched TONMYA in November 2025. TONMYA
is Tonix’s first internally developed product to become FDA approved and is the first new medicine for fibromyalgia in more than
15 years. TONMYA is a centrally acting, non-opioid analgesic designed for bedtime administration and long-term use, for which the Company
holds worldwide commercialization rights. Tonix’s commercial platform includes sales, marketing, market access, distribution, and
patient support capabilities.

  

Tonix is advancing a diversified
development pipeline generated through internal discovery, in-licensing, acquisitions, and collaborations with academic and non-profit
institutions. The Company’s pipeline addresses conditions that span CNS, infectious disease, immunology, and rare disease, with
multiple programs in clinical and preclinical development. TONMYA’s proprietary cyclobenzaprine HCl sublingual tablet formulation
is referred to as “TNX-102 SL” outside of the fibromyalgia indication. Tonix is exploring the utility of TNX-102 SL (cyclobenzaprine
HCl sublingual tablets) in Phase 2 clinical trials for major depressive disorder (MDD) and acute stress disorder (ASD)/acute stress reaction
(ASR). A potentially pivotal Phase 2 study of TNX-102 SL as a first-line monotherapy in adults with MDD, the HORIZON study, commenced
in June 2026.

  

TNX-102 SL is being developed to treat ASD/ASR under an Investigator-Initiated
investigational new drug application (“IND”) at the University of North Carolina in the ongoing OASIS study funded by a grant
they received from the U.S. Department of Defense (“DoD”). Topline data from the OASIS study is expected to be reported mid-2027.

 

Tonix’s clinical stage
infectious disease portfolio includes monoclonal antibody TNX-4800 (anti Borrelia OspA human monoclonal antibody) for the prevention
of Lyme disease in the U.S. which has no FDA-approved vaccines or prophylactics. The Company received positive, final minutes from the
FDA following a Type C meeting in early third quarter of 2026. The minutes support the planned initiation of an adaptive Phase 2 field
in the first quarter of 2027. TNX-4800 was licensed from UMass Chan Medical School. Tonix’s clinical-stage immunology development portfolio
includes TNX-1500, which is a Phase 2 ready Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed
for the prevention of kidney transplant rejection, and for the treatment of autoimmune diseases. A Phase 2, open-label, investigator-initiated
study in adult kidney transplant patients at Massachusetts General Hospital (MGH) is expected to initiate in the second half of 2026 pending
FDA clearance of MGH’s IND application. Another CNS candidate in clinical development is TNX-1300 (double-mutant cocaine esterase),
which is in Phase 2 for the treatment of cocaine intoxication. TNX-1300 has been granted Breakthrough Therapy designation by the FDA and
a Phase 2a study was completed. The Company intends to meet with the FDA in 2026 to help inform the clinical design of its next Phase
2 study. Finally, Tonix’s clinical-stage rare disease portfolio includes TNX-2900, intranasal oxytocin potentiated with magnesium,
in development for Prader-Willi syndrome and expected to start a Phase 2 study in the second half of 2027.

  

Tonix’s pre-clinical, pre-IND infectious disease portfolio includes TNX-801
(horsepox, live virus vaccine), a potential vaccine for mpox and smallpox which is expected to enter a Phase 1 study in 2027 pending FDA
clearance of an IND. Tonix owns a facility in Dartmouth, MA that was purpose-built to manufacture TNX-801 under Good Manufacturing Practices
(GMP) to support clinical development and potential commercialization. The GMP suites were decommissioned in 2024 and may be reactivated
the earlier of 2028 or in the case of a national or international emergency.
Tonix’s pre-IND infectious disease portfolio also includes TNX-4200, which is a small molecule broad-spectrum antiviral agent targeting
CD45 for the prevention or treatment of high lethality infections to improve the medical readiness of military personnel in biological
threat environments. The TNX-4200 program is supported by a $34 million contract over five years from the U.S. DoD’s Defense Threat
Reduction Agency (DTRA). Tonix owns and operates a state-of-the art research facility in Frederick, Maryland
that supports this research. Tonix’s pre-IND pre-clinical immunology portfolio includes TNX-1700, which is a fusion protein of TFF2
and albumin, is in preclinical development for the treatment of gastric and colorectal cancer in combination with PD-1 blockade in collaboration
with Columbia University. Finally, Tonix’s pre-clinical, pre-IND CNS portfolio also includes TNX-4900, a highly selective small-molecule
Sigma-1 receptor (“S1R”) antagonist for neuropathic pain licensed from Rutgers University.

  

The condensed consolidated
financial statements include the accounts of Tonix Pharmaceuticals Holding Corp. and its wholly owned subsidiaries, Tonix Pharmaceuticals,
Inc., Krele LLC, Tonix Pharmaceuticals (Canada), Inc., Tonix Medicines, Jenner Institute LLC, Tonix R&D Center LLC and Tonix Pharma
Limited (collectively, the “Company” or “Tonix”). All intercompany balances and transactions have been eliminated
in consolidation.

 

 

  7

  

 

 

TONIX
PHARMACEUTICALS HOLDING CORP.

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  

(UNAUDITED)

 

Going
Concern

 

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
June 30, 2026, the Company had working capital of approximately $172.6 million. At June 30,