Tonix Pharmaceuticals Holding Corp. ( TNXP ) shares are moving higher on Friday after the company provided preliminary 2024 fiscal-year financial results.

What To Know: The company reported net revenue of $10.1 million, compared to $7.8 million for the prior year. In addition, it reported $98.8 million in cash and cash equivalents as of the end of 2024.

Tonix expects its cash reserves, along with approximately $30.4 million in gross proceeds from 2025 first-quarter sales, to sustain operations through the 2026 first quarter. The cash runway is expected to cover operations past the Food and Drug Administration’s August 15th goal date for a decision on marketing authorization for TNX-102 SL for fibromyalgia management. The company is now debt-free after repaying a mortgage with JGB Capital on February 3.

Additionally, it reported capital expenditures of $0.1 million, compared $29.1 million for the prior year.

Lastly, Tonix reported a net operating loss of $126.6 million, compared to a net operating loss of $116.7 million for the prior year.

See Also: Consumer Sentiment Sinks In February: Economist Flags ‘Unusually Large’ Rise In Inflation Perception

TNXP Price Action: At the time of writing, Tonix shares are trading 14.8% higher at $12.90, per data from Benzinga Pro.

Image: via Shutterstock