NOTE 13 – SUBSEQUENT EVENTS

On July 7, the Company announced that it entered into a $4 million non-binding Purchase and Sales Agreement in connection with a setting up a Massachusetts R&D facility to accelerate clinical development of vaccines and protein-based therapeutics.

On July 13, 2020, the Company entered into an underwriting agreement (“the July 2020 Financing”) with AGP, relating to the issuance and sale of 20,940,000 shares of common stock, in a registered direct public offering. The public offering price for each share of common stock was $0.50. The July 2020 Financing closed on July 15, 2020. AGP purchased the shares at a seven percent discount, for an aggregate discount of $0.7 million. The Company expects to incur other offering expenses of approximately $0.2 million. The Company expects to receive net proceeds of approximately $9.6 million, after deducting the underwriting discount and other offering expenses.

On July 13, the Company entered into a research and exclusive license option Agreement with Kansas State University to develop TNX-2300 as a vaccine to protect against COVID-19.

On July 16, 2020, the Company announced a research collaboration and option agreement with Columbia University to develop precision medicine techniques for COVID-19 vaccines and therapeutics.

On July 29, 2020, Tonix engaged Premier Research International to initiate a new $10.3 million Phase 3 trial, F306 or Rally study, to study TNX-102 SL for the management of fibromyalgia. Tonix expects enrollment to begin in the third quarter of this year.  The trial design will be very similar to the ongoing Phase 3 RELIEF study.  The FDA requires two registration-quality clinical studies to support marketing approval.

 Subsequent to the quarter ended June 30, 2020, the Company raised approximately $2.4 million through warrant exercises.