TNF Pharmaceuticals (TNFA)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	1.19 mm	1.19 mm	1.19 mm	1.19 mm	1.19 mm	1.19 mm
Cash burn (monthly)	(no burn)	(no burn)	643.13 k	2.18 mm	1.21 mm	845.41 k
Cash used (since last report)	n/a	n/a	2.40 mm	8.13 mm	4.51 mm	3.15 mm
Cash remaining	n/a	n/a	-1.20 mm	-6.94 mm	-3.32 mm	-1.96 mm
Runway (months of cash)	n/a	n/a	-1.9	-3.2	-2.7	-2.3

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Institutional ownership, Q3 2024

TNFA institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	24	27	-11.1%
Opened positions	4	7	-42.9%
Closed positions	7	2	+250.0%
Increased positions	4	2	+100.0%
Reduced positions	1	6	-83.3%

13F shares	Current	Prev Q	Change
Total value	94.87 mm	127.19 mm	-25.4%
Total shares	15.90 mm	19.03 mm	-16.5%
Total puts	0.00	0.00
Total calls	0.00	0.00
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
PMCB PharmaCyte Biotech	11.56 mm	$23.13 mm	0.0%
Caroline C Williams	3.75 mm	$9.26 mm	0.0%
Intracoastal Capital	364.96 k	$2.21 mm	0.0%
Iroquois Capital Management	187.42 k	$0.00	0.0%
Geode Capital Management	15.97 k	$25.87 mm	+10.8%
Vanguard	14.00 k	$22.68 mm	0.0%
BlackRock	3.80 k	$6.16 mm	NEW
Tower Research Capital	1.24 k	$2.00 mm	+3069.2%
Parallel Advisors	838.00	$1.36 mm	0.0%
Group One Trading	387.00	$627.00 k	0.0%

Largest transactions	Shares	Bought/sold	Change
Global X Management	0.00	-3.11 mm	EXIT
UBS UBS	0.00	-15.82 k	EXIT
Virtu Financial	0.00	-11.69 k	EXIT
BlackRock	3.80 k	+3.80 k	NEW
BLK BlackRock	0.00	-3.80 k	EXIT
Geode Capital Management	15.97 k	+1.56 k	+10.8%
Tower Research Capital	1.24 k	+1.20 k	+3069.2%
Advisor	99.00	-167.00	-62.8%
BRYN MAWR TRUST	134.00	+134.00	NEW
Redwood Wealth Management	0.00	-50.00	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

TNFA insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
24 Aug 23	Paul Rivard	Common stock	Buy	Acquire P	No	No	1.11	150,000	166.50 k	400,000
17 Aug 23	Paul Rivard	Common stock	Buy	Acquire P	No	No	1.1232	25,000	28.08 k	250,000

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Press releases

From Benzinga Pro

TNF Pharmaceuticals Announces Positive Clinical Data Supporting Clinical Trial Expansion

15 Jan 25

Set to begin larger Phase 2b study in sarcopenia and new trial in GLP-1-induced sarcopenia and frailty Transformative potential for novel TNF-alpha inhibitor drug: Estimated $40 billion TNF inhibitor market and $50

TNF Pharmaceuticals Announces Trial to Explore Effects of Lead Candidate in Sarcopenia/Frailty Induced by GLP-1 Weight Loss Drugs

19 Dec 24

Fully funded study to evaluate Wegovy and Ozempic patients at risk for increased inflammation associated with sarcopenic muscle deterioration Collaboration partner to use AI and machine learning to identify targeted

TNF Pharmaceuticals Presents Statistically Significant Phase 2a Trial Results for Novel Sarcopenia/Frailty Treatment at Prestigious International Conference

9 Dec 24

Based on successful Phase 2a data, Company set to initiate Phase 2b sarcopenia study in early 2025; currently securing centers of excellence to begin enrollment First oral TNF-α inhibitor, if approved, would offer