Tonix sees inflection in sales of non-opioid pain drug after mid-2026, shares fall

Shares of drugmaker Tonix Pharmaceuticals TNXP.O fall 18.7% to $41.76 after surging over 12% in premarket trading

Late on Friday, TNXP said the US FDA has approved its drug to manage pain related to a type of chronic condition called fibromyalgia

However, co says in a call with analysts on Monday that its going to be at least until mid-2026 before they expect an inflection in sales of the drug, Tonmya

Zacks Small-Cap Research analyst David Bautz says "this could be the beginning of the turnover from short-term traders to longer-term shareholders"

"Its not uncommon for shares of small-cap biotech companies to "sell the news" following an FDA approval," Bautz adds

The non-opioid drug, to be sold under the brand Tonmya, is a pill designed for bedtime treatment to improve sleep quality and reduce pain associated with the chronic condition

Bautz estimates peak U.S. sales at $800 million for the drug after seven to eight years post launch

Including session moves, stock up 31.2% YTD