Exhibit 99.04

Novel Targetable Pathways in Costimulation Pathway Blockade Richard N. Pierson III, MD Professor of Surgery, Harvard Medical School Cardiac Surgeon, Massachusetts General Hospital, Boston, Massachusetts, USA rpierson@mgh.harvard.edu No significant financial conflicts to declare Consultant, Moderna (not relevant to this presentation) Industry support (eGenesis, Revivicor, Tonix) for research in Allo, Xeno Chair, IXA Ethics Committee; NIH grants (heart, liver Xeno; allo tolerance)

Costimulation Pathways: Novel Regents Approaching the Clinic Richard N. Pierson III, MD Professor of Surgery, Harvard Medical School Cardiac Surgeon, Massachusetts General Hospital, Boston, Massachusetts, USA rpierson@mgh.harvard.edu None of the reagents discussed are approved for any clinical indication No (off - label) clinical use will be described

CD154 TNX - 1500 (Tonix) BMS - 986004 (BMS), AT - 1501 (Eledon); HZN 4920 (dazodalibep, Horizon) CD28 FR104 (OSE, Veloxis) lulizumab (NCT04066114, BMS); Acazicolcept (Alpine, ICOSL vIgD - Fc) CD2 Primatized Rh - loCD2bR1 (NHP Reagent Resource Center) Siplizumab (ITBMed) Emerging Costimulation Blockade Approaches

Emerging Costimulation Blockade:  CD154 γ IgG1 antibodies against CD154 form immune complexes with soluble CD154, activate platelets via Fc  RIIa hu5c8: Ruplizumab (Biogen) IDEC - 131: (Biogen/IDEC) Clinical trials halted due to prothrombotic safety signal

Emerging Costimulation Blockade:  CD154 • Aglycosyl IgG 1  CD 154 Ab exhibits reduced efficacy in allo islet model (Ferrant et al 2004 ) • Fc  R silenced  CD154 domain Ab exhibits reduced efficacy in allo kidney model (Kim et al 2016) • TNX - 1500 is an Fc - modified IgG4  CD154 with reduced binding to FcγRIIa γ TNX - 1500:  CD154 IgG4 with retained hu5c8 Fab

Emerging Costimulation Blockade:  CD154 Low - dose TNX - 1500 monoRx (loTNX - 1500) Low - dose TNX - 1500 + MMF (loTNX - 1500 +MMF) Protocol biopsies : POD ~45 and 90 Heterotopic abdominal heart allotransplant model EOS : POD 180 Group - 1 : n=4 Group - 2 : n=4 Group - 3 : n=5 Historical: n=5 Primatized hu5c8 monotherapy (Reference) Standard - dose TNX - 1500 monoRx (stTNX - 1500)

Emerging Costimulation Blockade:  CD154 Treatment Group MST (range) hu5c8 (Rx off d90) 133 days (90 - 173) loTNX 99 days (35 - 183) loTNX + MMF 88 days (58 - 146) stTNX >265 days (116 - 305) Results - Heart Allograft Survival in NHPs is significantly prolonged with standard dose TNX - 1500 (stTNX) Explant of beating graft Rejection after cessation of stTNX treatment P<0.05 for all comparisons against stTNX

Emerging Costimulation Blockade:  CD154 Results - TNX - 1500 suppresses anti - donor - alloantibody elaboration loTNX - 1500 (n=4) loTNX - 1500 + MMF (n=4) stTNX - 1500 (n=5)

Emerging Costimulation Blockade:  CD154 Results - Immune Injury CAV significantly more severe with loTNX - 1500+MMF ISHLT scores * P<0.05 ** P<0.01 *** P<0.005 **** p<0.001 CAV severity scores

Emerging Costimulation Blockade:  CD154 Results - Platelet counts stable No thromboembolic complications were observed Miura S et al ATC 2022, #582

Emerging Costimulation Blockade:  CD154 0 6w 12w 18w 24w 30w 20mg/kg q wk 20mg/kg q wk MMF Tacrolimus Group A (n=6) Group B (n=6) Conventional IS (n=20) 6 Standard Dose TNX - 1500 (Group A) 6 Reduced - Dose TNX - 1500+MMF (Group B) Compared with Historical Results Steroids MMF No IS (n=4) 20mg/kg q 2 wk Lassiter G, Kawai T et al ATC 2022 , Abstract # 172 Cyno Kidney AlloTxp

Emerging Costimulation Blockade:  CD154 Lassiter G, Kawai T et al ATC 2022, Abstract #172 TNX - 1500 > loTNX - 1500 + MMF No thromboembolic complications were observed ~stTNX ~loTNX+MMF

Emerging Costimulation Blockade:  CD154 Conclusions • Standard - dose TNX - 1500 inhibits pathologic alloimmunity in NHPs • Consistently prolonged NHP cardiac and renal allograft survival • Relative expansion of Tregs in peripheral blood • No CMV activation (no prophylaxis) • No clinical thrombotic events. • MMF does not improve heart results with low - dose TNX - 1500 • Similar findings for kidney • Does MMF interfere with Treg expansion, function under  CD154 Rx? (Kirk AD et al) • TNX - 1500 inhibits alloantibody elaboration, class switching • Dose - dependent effect

 CD28 Emerging Costimulation Blockade :  CD28 References: Poirier et al. Immunotherapy 2010; Transpl Int 2011; Am J Transplant 2012 T cell APC Selective CD28 blockade APC CD80/CD86 blockade FR104: domain - associated antibody, PEGylated LEA29Y: CTLA4 - Ig

Emerging Costimulation Blockade:  CD28

Emerging Costimulation Blockade:  CD28 17 FR104 monoRx promotes baboon kidney allo - Tx survival Superior control of graft rejection vs Belatacept (steroid - resistant) FR104 Belatacept Days post - transplantation Tac for only 1 month Steroids if BPAR Tacrolimus 30 day Rx Expanded intragraft Tregs Better control of intragraft T fh (decrease in IL - 21 secreting cells) Ville, Poirier et al, J Am Soc Nephrol 2016 Poirier et al, Am J Transplant. 2015 Poirier et al, Science Transl Med 2010 N=5 per group

Emerging Costimulation Blockade:  CD28 FR104 Rx promotes monkey heart allo - Tx survival Possibly synergistic when combined with  CD40 or  CD154 N=5 - 7 per group Rx stopped after d84 No viral illness (no Rx) Azimzadeh, Pierson, unpublished

CD2:  - loCD2 to replace  CD8 for tolerance induction in NHP Emerging Costimulation Blockade:  CD2 A D C B A. Engineered for NHP studies B. Suppressive in MLR C. Prolonged depletion of CD8 TEM, Relative sparing of CD4 N, CM D. Predominance of T regs

CD154 Tonix emphasizing transplantation (allo, xeno) for TNX - 1500 Phase 1 targeted for 2022 pending IND approval CD28 OSE/Veloxis in Phase 2 for kidney transplantation with FR104 “Encouraging so far…” CD2 Primatized  loCD2 effective in kidney tolerance model Siplizumab for human kidney tolerance: in progress (MGH) “Encouraging so far…” Emerging Costimulation Blockade Approaches

Thank you for your attention! Emerging Costimulation Blockade Approaches