Why Tonix Pharmaceuticals Got Crushed Today
Tonix Pharmaceuticals (NASDAQ: TNXP) had to swallow a spoonful of awful medicine on Monday. The company's stock tumbled by nearly 9% following the release of its latest set of quarterly results.
For its first quarter, Tonix -- a pre-revenue biotech -- posted a net loss of $26.7 million, or $0.05 per share. This was deeper than the nearly $20.7 million shortfall in the same period last year. The difference was due to higher research and development expenses and general and administrative costs. Both grew by roughly $3 million apiece over that one-year stretch.
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Source Fool.com
