DEBT FINANCING |
9 Months Ended |
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Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| DEBT FINANCING |
NOTE 8 – DEBT FINANCING
On December 8, 2023, the Company entered into a Loan and Guaranty Agreement (the “Loan Agreement”) by and among the Company, Krele LLC, Tonix Pharmaceuticals, Inc., Jenner Institute LLC and Tonix R&D Center LLC (collectively, the “Loan Parties”), with JGB Capital, LP, JGB Partners, LP, JGB (Cayman) Port Ellen Ltd., and any other lender from time to time party hereto (collectively, the “Lenders”), and JGB Collateral LLC, as administrative agent and collateral agent for the Lenders (in such capacity, “JGB Agent”) for a 36-month term loan (the “Term Loan”) in the aggregate principal amount of $11.0 million, with a maturity date of December 8, 2026 (the “Maturity Date”). The Term Loan was funded with an original issue discount of 9% of the principal amount of the Term Loan, or $1.0 million, which was amortized over the term of the debt as an adjustment to the effective interest rate on the outstanding borrowings.
During the first quarter of 2025, the Company paid $9.6 million as a result of a repayment of the above-mentioned Term Loan. The amount paid by the Company in connection with the termination of the Loan Agreement was pursuant to a pay-off letter and included a prepayment fee of $1.0 million in accordance with the terms and provisions of the Loan Agreement. In connection with the repayment of the Term Loan, the Company incurred a loss on extinguishment of the debt amounting to $2.1 million during the nine months ended September 30, 2025. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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