TNF Pharmaceuticals Reports $27.2 Million Net Loss for 2024, Undergoes Significant Corporate Changes

TNF Pharmaceuticals, Inc. (formerly MyMD Pharmaceuticals, Inc.) reported a net loss attributable to common shareholders of $27.2 million for the year ended December 31, 2024, a significant increase from the $8.2 million loss reported in 2023. This substantial increase is primarily due to a $13.2 million net loss from other income (expense) in 2024, compared to a $13.1 million gain in 2023. Operating expenses decreased by $7 million, primarily due to reductions in research and development and stock-based compensation.

The company underwent several significant changes during the fiscal year. On July 22, 2024, the company changed its name from MyMD Pharmaceuticals, Inc. to TNF Pharmaceuticals, Inc., and its common stock began trading under the ticker symbol "TNFA" on the Nasdaq Stock Market. A 1-for-30 reverse stock split was also effected on February 14, 2024, and the number of authorized shares of common stock was increased from 16,666,666 to 250,000,000 on July 25, 2024. The company also underwent a reincorporation from New Jersey to Delaware, effective March 4, 2024. A reduction in workforce, eliminating three of ten employees, occurred in October 2023.

Key operational developments included the completion of a 28-day Phase 2 clinical trial for Isomyosamine in sarcopenia in the second quarter of 2023, and the initiation of a 90-day Phase 2 clinical trial to evaluate improvements in clinical outcomes in older sarcopenic patients who sustained hip or femur fractures. A Phase 2 clinical trial for rheumatoid arthritis also commenced in August 2023. The company also conducted several in vitro and in vivo studies on Isomyosamine and Supera-CBD, publishing data in scientific journals. As of December 31, 2024, TNF had two full-time employees.

The company's financial statements were prepared on a going concern basis, with the independent registered public accounting firm, Stephano Slack LLC, expressing substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient liquidity. The company's cash and marketable securities totaled approximately $8.5 million as of December 31, 2024. The company is actively evaluating various financing strategies to secure additional funding.

TNF Pharmaceuticals plans to launch a Phase 2b clinical trial of Isomyosamine's efficacy in sarcopenia in the first quarter of 2025. The company also entered into a collaborative agreement with Renova Health for a trial evaluating Isomyosamine as a treatment for GLP-1-induced sarcopenia and frailty. The company's outlook remains contingent upon securing additional funding and successfully navigating the regulatory approval process for its product candidates.