Category: 3. Business

Commercially launched in the U.S. in November 2025, TONMYA (cyclobenzaprine HCl sublingual tablets) for long-term daily dosing at bedtime is the first new FDA-approved treatment for fibromyalgia in adults in more than 15 years

The sublingual TONMYA tablet containing a basifying agent achieved the design objectives of rapid transmucosal absorption and bypassing first-pass liver metabolism

TONMYA was designed to decrease production of the active metabolite norcyclobenzaprine, which is believed to improve the durability of analgesic response in fibromyalgia relative to the transient (~1 month) effects of oral, swallowed cyclobenzaprine

BERKELEY HEIGHTS, N.J., March 05, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced the publication of a paper, “Single-Dose Pharmacokinetic Assessment of TNX-102 SL (Cyclobenzaprine HCl Sublingual Tablets): Results From Randomized, Open-Label Studies in Healthy Volunteers,” in Clinical Pharmacology in Drug Development, the peer-reviewed journal of the American College of Clinical Pharmacology (ACCP). TONMYA™ was investigated as TNX-102 SL (cyclobenzaprine HCl sublingual tablets) and approved by the U.S. Food and Drug Administration (FDA) on August 15, 2025, for the treatment of fibromyalgia in adults. The manuscript can be accessed at: https://accp1.onlinelibrary.wiley.com/doi/10.1002/cpdd.70034.

“These data demonstrate the importance of the proprietary basifying agent in TONMYA’s sublingual formulation,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “An earlier study conducted by Tonix showed that transmucosal delivery cannot be achieved by simply applying a liquid cyclobenzaprine HCl formulation under the tongue. Due to the basifying agent ingredient, sublingual TONMYA achieves rapid transmucosal absorption that bypasses first-pass hepatic metabolism. This pharmacokinetic profile underpins TONMYA’s unique sublingual formulation, which is designed to increase parent drug exposure during sleep while reducing exposure and side effects to the long half-life, active metabolite.”

Dr. Lederman continued, “Bedtime oral swallowed cyclobenzaprine was one of the first drugs studied as a treatment for fibromyalgia, but it failed because the benefits were only transient (~1 month) and fibromyalgia is a chronic condition requiring durable responses.¹ Our design objective for TONMYA was to improve the durability of cyclobenzaprine’s treatment effect by decreasing liver production of the major active metabolite norcyclobenzaprine, which we believe counteracted the benefits of swallowed cyclobenzaprine over time. We believe the clinical pharmacology studies published in Clinical Pharmacology in Drug Development, show that TONMYA achieved this design objective. Later studies^2,3 confirmed that TONMYA as a daily bedtime medicine provides a durable analgesic benefit to fibromyalgia patients and is generally well tolerated.”

The publication reports findings from two Phase 1 single-dose, open-label studies conducted in healthy adult volunteers.

In Study 1 (n=24), three sublingual formulations of cyclobenzaprine HCl 2.8 mg, each containing a different basifying agent, were compared with oral immediate-release (IR) cyclobenzaprine HCl 5 mg under fasting conditions. All sublingual formulations showed rapid absorption and increased relative bioavailability compared with oral IR cyclobenzaprine HCl. The potassium phosphate dibasic formulation (designated TNX-102 SL) demonstrated the most favorable pharmacokinetic profile, with a 154% relative bioavailability compared to oral IR, an absorption lag of approximately 3 minutes versus approximately 37 minutes for oral IR, and a 783% higher dose-normalized AUC during the first hour post-dose. Based on these results, the potassium phosphate dibasic formulation was selected for further clinical development.

In Study 2 (n=16), TNX-102 SL 2.8 mg and 5.6 mg were evaluated in a crossover design under fasting and fed conditions. The formulation exhibited dose proportionality between the two dose levels, and pharmacokinetic parameters were not affected by a high-calorie, high-fat meal, confirming the absence of a food effect. This study also provided a full clinical characterization of the active metabolite norcyclobenzaprine, demonstrating an elimination half-life of approximately 60 hours. Reduced exposure to norcyclobenzaprine following sublingual administration, as compared with oral delivery, is believed to contribute to the improved durability of efficacy and favorable tolerability profile observed with TONMYA in Phase 3 fibromyalgia studies.^2,3

Across both studies, single-dose sublingual cyclobenzaprine HCl was generally well tolerated. All treatment-emergent adverse events were mild or moderate in severity. The most commonly reported adverse events were oral hypoesthesia and abnormal taste. No serious adverse events were reported, and no clinically meaningful changes were observed in laboratory parameters, vital signs, or electrocardiogram findings.

Citations

¹Carette S, et al. Arthritis Rheum. 1994. 37(1):32-40. doi: 10.1002/art.1780370106.
²Lederman S, et al. Arthritis Care Res (Hoboken). 2023. 75(11):2359-2368. doi: 10.1002/acr.25142.
³Lederman S, et al. Pain Med. 2026. 27(1):86-94. doi: 10.1093/pm/pnaf089.

About Fibromyalgia

Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 6-12 million adults in the U.S., approximately 90% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep, fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products.

About TONMYA™ (cyclobenzaprine HCl sublingual tablets)

TONMYA (cyclobenzaprine HCl sublingual tablets) is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a multifunctional agent with potent binding and antagonist activities at the 5-HT_2A serotonergic, α₁-adrenergic, H₁-histaminergic, and M₁-muscarinic receptors, TONMYA was approved on August 15, 2025, by the FDA for the treatment of fibromyalgia in adults. TONMYA is the first new prescription medicine approved for fibromyalgia in more than 15 years. TONMYA was investigated as TNX-102 SL. TNX-102 SL is also being developed to treat acute stress reaction (ASR)/acute stress disorder (ASD), and major depressive disorder (MDD). The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10,357,465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary TONMYA composition. These patents are expected to provide TONMYA with U.S. market exclusivity until 2034/2035.

Tonix Pharmaceuticals Holding Corp.*

Tonix Pharmaceuticals is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA™ (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace^® SymTouch^® and Tosymra^®. Tonix is maximizing the science behind TNX-102 SL in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contacts
Jessica Morris
Tonix Pharmaceuticals 
(862) 799-8599 
investor.relations@tonixpharma.com 

Brian Korb 
astr partners 
(917) 653-5122 
brian.korb@astrpartners.com 

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
deborah.elson@tonixpharma.com

Ray Jordan 
Putnam Insights 
ray@putnaminsights.com 

INDICATION
TONMYA is indicated for the treatment of fibromyalgia in adults.

CONTRAINDICATIONS
TONMYA is contraindicated:
In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs.
During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.

WARNINGS AND PRECAUTIONS
Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.

Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.

Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.

Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.

CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.

ADVERSE REACTIONS
The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.

DRUG INTERACTIONS
MAO inhibitors: Life-threatening interactions may occur.

Other serotonergic drugs: Serotonin syndrome has been reported.

CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.

Tramadol: Seizure risk may be enhanced.
Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.

USE IN SPECIFIC POPULATIONS
Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).

Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.

Pediatric use: The safety and effectiveness of TONMYA have not been established.

Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.

Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.

Please see additional safety information in the full Prescribing Information.
To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Source: Tonix Pharmaceuticals Holding Corp.

Released March 5, 2026

On March 5, 2026, the U.S. Food and Drug Administration (FDA) approved teclistamab (Tecvayli) in combination with daratumumab hyaluronidase-fihj for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent. 

In addition, the approval converts the 2022 accelerated approval for teclistamab as monotherapy to a traditional approval. The monotherapy indication is for adult patients with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody. 

This approval was considered through the FDA Commissioner’s National Priority Review Voucher pilot program for accelerating the review of products with the potential to address key national priorities.

Efficacy and Safety

Efficacy for the teclistamab combination was evaluated in MajesTEC-3 (ClinicalTrials.gov identifier NCT05083169), a randomized, open-label, multi-center trial. A total of 587 patients were randomly assigned in the trial to the teclistamab and daratumumab hyaluronidase group (n = 291) or to the investigator’s choice control group of either daratumumab hyaluronidase, pomalidomide, and dexamethasone (DPd) or daratumumab hyaluronidase, bortezomib, and dexamethasone (DVd) (n = 296).

The major efficacy outcome measure was progression-free survival by independent review committee assessment based on International Myeloma Working Group 2016 criteria. Overall survival was an additional efficacy outcome measure. Median progression-free survival was not reached in the teclistamab and daratumumab hyaluronidase arm and was 18.1 months (95% confidence interval [CI] = 14.6–22.8) in the control arm (hazard ratio [HR] = 0.17, 95% CI = 0.12–0.23; P < .0001). Median overall survival was not reached in either arm (HR = 0.46, 95% CI = 0.32–0.65; P < .0001).

Prescribing information for teclistamab includes a Boxed Warning for life threatening or fatal cytokine-release syndrome and neurologic toxicity, including immune effector cell–associated neurotoxicity. Teclistamab is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS), called the Tecvayli-Talvey REMS.

In addition to cytokine-release syndrome, the most common adverse effects of teclistamab in combination with daratumumab hyaluronidase include hypogammaglobulinemia, upper respiratory tract infection, cough, diarrhea, musculoskeletal pain, COVID-19, pneumonia, injection site reaction, fatigue, pyrexia, headache, nausea, gastroenteritis, and decreased weight.

Expedited Programs

This review was conducted under Project Orbis, a framework for concurrent submission and review of oncology drugs among international partners. For this review, the FDA collaborated with Health Canada (HC) and Switzerland’s Swissmedic (SMC). The applications may still be under review at the other regulatory agencies.

Additionally, the review used the Real-Time Oncology Review pilot program, which streamlines data submission prior to filing the entire clinical application, as well as the Assessment Aid, a voluntary submission from the applicant to facilitate the FDA’s assessment.

The application was also granted a Priority Review designation, and teclistamab has previously received Breakthrough and Orphan Drug designations.

Block’s (XYZ) CFO Amrita Ah explained the mechanics behind the decision to lay off 40% of its staff to pursue AI-driven work functions in a call last night.

Some excerpts below.

What’s the read on the business since announcing the decision?

Ah: I mean, look, we’ve been on this journey for a little while. This is not just a fly-by-night decision for us or something that we took frivolously. We’ve been using tools, developing, actually, our own agents called codename Goose that we’ve been using now for 18 months, and so we see directly the power of automating our workflows and building faster using these tools, and that’s what gave us the confidence to do this. We can envision that other companies get on that journey as well. We also know that there is, you know, constraints on creativity, and that we are asking our teams to do more, but we’re also empowering them with all the most powerful tools in the world, so they can build the ways in which they will be getting more done with automation. And so that’s how we’ve chosen to go about it. We decided to take this more bold, upfront, decisive action so that we could rebuild and move forward from here, versus continuously being reactive and, you know, death by a 1,000 cuts through the intervals over the next couple of years. We wanted to make a bold move here so that we could frankly be more front-footed in our stance.

What did you see in the business that warranted doing this now?

I think it started with a few areas, a few disciplines, and it has now spread to really across every discipline within the business. The two that I would highlight are engineering and customer service. With our engineers, we are seeing a 40% increase in productivity and efficiency towards production code being shipped per engineer since September. I mean, this is the pace at which things are accelerating. We’d obviously seen increases before that, as people started to get their hands on tools, but even since September, we’ve seen a 40% improvement with customer service. 75% of Cash App’s customer service, questions, and answers are handled through automation, and oftentimes these agents actually get a customer to their answer faster. And so with strong NPS and CSAT scores, we’re actually able to automate a lot of this work, which then means we, the humans that are working at Block, can do more of the strategic work, more of the thinking, more of the things that involve taste and judgment, which is really a lot of the exciting work. So that’s some of what we saw over the past, you know, year plus. We’re now seeing designers able to push code into production. We now see accountants being able to use these tools to speed up our workflows and get to insights faster. And again, that’s part of what led to the decision.

What’s your advice to other CFOs wrestling with a decision like this?

Ah: I think it’s better to do it a little bit early than to do it too late. And I would encourage everybody, including my fellow CFOs, to just be curious and using the tools you often don’t get the aha moment until you realize you’ve automated a piece of your work, something that might have taken days before, can now take hours or less. You know, it is pretty powerful to see in action, and so I would say there’s nothing like just getting deep in it yourself. We as leaders now are not managing people; we are managing outcomes. And so in order to understand that, you need to actually get deep into the work. And as a CFO, you no longer are being prized on your finance acumen. You’re being praised on how you’re on your system thinking like how the work actually happens, and how it happens in a durable way, with integrity. And I think that is increasingly going to involve evolutions in the technology that we’re using to do our work.

Apple (AAPL) continued its March product rollout on Tuesday with the debut of its latest MacBook Air and MacBook Pro, alongside more powerful M5 Pro and M5 Max chips.

The MacBook Air, Apple’s volume seller, now starts at $1,099, a $100 price jump over last year’s model, and comes with the company’s M5 processor and more storage, 512GB rather than 256GB.

In addition to the Air, Apple announced its M5 Pro and M5 Max processors. The company says the chips use what Apple calls its Fusion Architecture, which combines two dies into a single processor. Both the M5 Pro and M5 Max can be outfitted with 18-core CPUs that include 6 “super cores” and 12 new “performance cores.”

Both processors slot into Apple’s new MacBook Pro 14-inch and MacBook Pro 16-inch. Apple is leaning into the laptops’ AI capabilities, saying that the MacBook Pro with the M5 Pro chip gets up to 6.9x faster LLM prompt processing than the M1 Pro, while the MacBook Pro with the M5 Max offers 8x faster AI image generation than the MacBook Pro with the M1 Max.

As with the Air, Apple is increasing the MacBook Pro’s base storage from 512GB in the M4 Pro the 1TB for the M5 Pro. The M5 Max model now gets 2TB, compared to the M4 Max’s 1TB.

The Pros will cost you, though. The base MacBook Pro 14-inch with a standard M5 chip starts at $1,699, up from $1,599 last year.

Jump to the M5 Pro, and you’ll pay $2,199. The M5 Max version, meanwhile, starts at $3,599.

Opt for a MacBook Pro 16-inch with all the bells and whistles, and you’ll end up paying $7,349.

Read the full story here.

Join us at Fairmont, Manchester Ballroom, March 12-14, 2026

HOUSTON–(BUSINESS WIRE)–
Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced that it intends to offer, subject to market and other conditions, Senior Notes due 2036 (the “2036 Notes”) and Senior Notes due 2056 (the “2056 Notes” and, together with the 2036 Notes, the “Notes”).

Cheniere intends to use the proceeds from the offering for general corporate purposes, which may include, among other things, the repayment, refinancing or redemption of our and our subsidiaries’ existing indebtedness (including currently outstanding amounts under our subsidiary Cheniere Corpus Christi Holdings, LLC’s term loan facility), funding capital expenditures, working capital and other business opportunities. The Notes will rank pari passu in right of payment with existing senior notes at Cheniere, including the senior notes due 2028 and the senior notes due 2034.

The offer of the Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260301745264/en/

Cheniere Energy, Inc.

Investor Relations

Randy Bhatia

713-375-5479

Frances Smith

713-375-5753

Source: Cheniere Energy, Inc.

Released March 5, 2026

As challenges persist in the global beverage alcohol market, the role of India as the planet’s most formidable growth engine has become even more vital – but what does it take to achieve success in this huge but enormously complex market?

Total beverage alcohol (TBA) volumes in India expanded at a CAGR of +3% between 2019 and 2024, capped by a +6% gain in 2024 and a projected +4% increase in 2025, according to IWSR data. Growth is expected to continue in the years ahead, with volumes predicted to rise at a CAGR of +3% between 2024 and 2034.

This growth spans all categories, with spirits, wine and beer all expected to record CAGR expansion of +3% to +4% over the next decade. Gains for RTDs are projected to be stronger still, with CAGR increases of +6% to 2034.

In volume terms beer is the largest category, but looking from a perspective of serves, whisky accounts for more than half of servings.

Domestic products dominate the spirits and beer categories, but imports are gaining ground. Imported spirits volumes grew at a CAGR of +16% between 2019 and 2024, with a projected +9% gain in 2025. IWSR projections show a +8% CAGR gain between 2024 and 2029, and a +6% CAGR to 2034. Beer imports are pursuing a similarly impressive trajectory.

“India leads TBA expansion in developing markets thanks to such factors as socialising, ongoing premiumisation, improvements in retailing and new product development, with 15-20 million new legal-drinking-age (LDA) consumers per year providing an expanding audience in what remains a dark market,” says Jason Holway, Senior Research Consultant at IWSR. “Spirits and RTDs saw continued growth in early 2025, with beer also posting steady volume gains. Wine’s performance is mixed: sparkling has grown a little, but still wine hasn’t yet broken out of its modest decline.”

What are the main challenges?

With a legal drinking age population fast approaching 1 billion potential consumers, there’s no doubting the scale of India’s potential, but this vast country is extremely nuanced, with state-level variations in taxation, regulation, distribution and retail. Alcohol is one of the most important generators of revenue for state authorities.