Tonix is developing TNX-102 SL, a sublingual formulation of cyclobenzaprine for two large indications, fibromyalgia and post-traumatic stress disorder (PTSD). The fibromyalgia program is the most advanced and we expect a read out of Phase III data in Q316. Due to previous data and clinical trial design improvements over its Phase IIb BESTFIT trial, we believe Phase III has a high chance of success. Data from a proof-ofconcept Phase II trial in PTSD is expected in Q216, although we view this as very high risk because it is an exceptionally difficult indication.
