Overview

• U.S. biotech firm's Q1 net product revenue rose on first full quarter of TONMYA sales

• Net loss widened to $40.2 mln as SG&A expenses increased with commercialization

• Company ended Q1 with $185.5 mln in cash, expects runway into early Q2 2027

Outlook

• Company expects to initiate Phase 2 study of TONMYA for major depressive disorder mid-2026

• Tonix plans adaptive Phase 2 field study for TNX-4800 Lyme disease prevention in first half 2027, pending FDA agreement

• Company says cash resources expected to fund operations into early Q2 2027

Result Drivers

• TONMYA LAUNCH - First full quarter of TONMYA sales drove revenue growth, with 2,145 prescribers and 3,588 patients initiating treatment

• COMMERCIALIZATION SPENDING - Higher selling, general, and administrative expenses due to TONMYA launch and increased headcount

• PAYER ACCESS - Secured managed care partnership and expanded Medicaid coverage increased patient access to TONMYA

Company press release: ID:nGNX48bqy8

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$40.19 mln
Q1 Operating Income		-$41.54 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Tonix Pharmaceuticals Holding Corp is $49.00, about 247.8% above its May 8 closing price of $14.09

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