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TNXP

Tonix Pharmaceuticals Holding Corp.

TNXP

Tonix Pharmaceuticals Holding Corp. • NASDAQ
$15.97 ▲ 5.90% (+0.89)
Market Cap $139.99 M
52w High $130.00
52w Low $6.76
Dividend Yield 0%
P/E 0.06
Volume 281.65K
Outstanding Shares 8.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.29M ▲ $34.99M ▲ $-32.01M ▼ -972.948% ▲ $-3.59 ▲ $-31.549M ▼
Q2-2025 $1.998M ▼ $27.022M ▲ $-28.272M ▼ -1.415K% ▼ $-3.86 ▼ $-27.813M ▼
Q1-2025 $2.429M ▼ $17.54M ▼ $-16.829M ▲ -692.837% ▲ $-2.84 ▲ $-16.336M ▲
Q4-2024 $2.582M ▼ $23.879M ▲ $-22.108M ▼ -856.235% ▼ $-9.77 ▼ $-21.612M ▼
Q3-2024 $2.822M $16.821M $-14.213M -503.65% $-0.23 $-15.044M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $190.055M ▲ $252.44M ▲ $21.297M ▲ $231.143M ▲
Q2-2025 $125.331M ▼ $187.359M ▼ $19.358M ▲ $168.001M ▼
Q1-2025 $131.716M ▲ $192.87M ▲ $12.474M ▼ $180.396M ▲
Q4-2024 $98.776M ▲ $162.89M ▲ $23.332M ▲ $139.558M ▲
Q3-2024 $28.233M $94.989M $20.778M $74.211M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-32.01M ▼ $-28.782M ▼ $-962K ▲ $94.861M ▲ $65.113M ▲ $-29.744M ▼
Q2-2025 $-28.272M ▼ $-14.833M ▲ $-2.539M ▼ $10.993M ▼ $-6.383M ▼ $-17.372M ▼
Q1-2025 $-16.829M ▲ $-16.579M ▼ $-6K ▼ $49.533M ▼ $32.939M ▼ $-16.585M ▼
Q4-2024 $-22.108M ▼ $-14.63M ▲ $-3K ▲ $85.154M ▲ $70.544M ▲ $-14.633M ▲
Q3-2024 $-14.213M $-18.801M $-9K $42.905M $24.078M $-18.81M

Five-Year Company Overview

Income Statement

Income Statement Tonix’s income statement looks like a classic early‑stage biotech that has only just become commercial. Revenue over the past several years has been negligible, so the company has effectively been funded by capital markets rather than by sales. Operating costs, mainly research, development, and corporate overhead, have consistently exceeded revenue by a wide margin, leading to steady losses each year. While the size of these losses has been relatively stable, the business is still far from self‑funding and depends heavily on the successful ramp‑up of its newly approved product and future pipeline progress.

Balance Sheet

Balance Sheet The balance sheet is small and reflects a lean organization. Total assets and cash are modest, with cash levels moving up and down as the company raises capital and spends on trials and operations. Debt is minimal, which reduces financial strain from interest payments, but it also means the company has leaned primarily on issuing equity, contributing to shareholder dilution over time. Equity remains positive, yet the overall financial cushion is limited, making the company sensitive to setbacks in clinical development or commercialization.

Cash Flow

Cash Flow Tonix has been consistently burning cash, which is typical for a clinical‑stage and early commercial biotech. Operating cash flow has been negative every year, reflecting spending on R&D, personnel, and preparation for product launches without meaningful offsetting revenue. Free cash flow is also clearly negative, although capital spending on equipment and facilities is relatively light, so most cash use is tied directly to running and growing the pipeline and commercial capabilities. The business model currently requires regular access to new funding to sustain operations and pursue its development plans.

Competitive Edge

Competitive Edge Tonix now has a notable foothold with an approved fibromyalgia drug, giving it a first‑mover edge as the first new treatment in this condition in many years. Its proprietary sublingual delivery technology and patent estate create differentiation and potential protection from direct generic competition for a long period. The company also has a diversified pipeline across central nervous system disorders, immunology, and infectious disease vaccines, which spreads scientific risk. However, Tonix is still a small player facing large, well‑funded competitors in each therapeutic area, and its ability to build commercial scale and physician adoption is not yet proven.

Innovation and R&D

Innovation and R&D Innovation is the core strength of Tonix. It has developed a novel sublingual delivery platform for central nervous system drugs, a horsepox‑based vaccine platform for infectious diseases, and a next‑generation antibody targeting the CD40L pathway, all backed by a broad set of patents that extend well into the next decade. The pipeline also includes a biologic for cocaine intoxication with special regulatory status and a digital health platform that ties certain products into a more integrated care experience. At the same time, most of these programs remain in early or mid‑stage development, so scientific, regulatory, and execution risks are high, and timelines to potential commercialization are uncertain.

Summary

Tonix is transitioning from a purely development‑stage biotech into an early commercial company, anchored by a newly approved fibromyalgia treatment and a scientifically ambitious pipeline. Financially, it remains in a loss‑making, cash‑burning phase with a modest balance sheet and little debt, relying on external capital to fund its operations. Strategically, it benefits from differentiated technologies, long‑dated patent protection, and a first‑mover position in a large chronic pain market. However, its small scale, unproven commercial track record, heavy dependence on a few key programs, and ongoing funding needs create substantial uncertainty. The company’s future trajectory will largely hinge on real‑world uptake of its approved product and clinical outcomes for its lead pipeline candidates.

NEWS

November 24, 2025 · 7:00 AM UTC

Tonix Pharmaceuticals Announces FDA IND Clearance for Phase 2 Study of TNX-102 SL for the Treatment of Major Depressive Disorder

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November 17, 2025 · 7:00 AM UTC

Tonix Pharmaceuticals Announces U.S. Commercial Availability of TONMYA™ (cyclobenzaprine HCl sublingual tablets) as a First-in-Class Fibromyalgia Treatment

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November 10, 2025 · 4:15 PM UTC

Tonix Pharmaceuticals Reports Third Quarter 2025 Financial Results and Operational Highlights

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November 6, 2025 · 7:00 AM UTC

Tonix Pharmaceuticals to Participate in the Stifel 2025 Healthcare Conference

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November 4, 2025 · 7:00 AM UTC

Tonix Pharmaceuticals Announces Collaboration with Massachusetts General Hospital to Advance Phase 2 Clinical Trial of Dimeric Fc-modified anti-CD40L mAb, TNX-1500, to Prevent Kidney Transplant Organ Rejection

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