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Why Tonix Pharmaceuticals Got Crushed Today

TheMotleyFool

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Why Tonix Pharmaceuticals Got Crushed TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

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.

Image source: Getty Images.

Source Fool.com

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