One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Tonix Pharmaceuticals Holding Corp.
TNXP · NMS · Healthcare · Biotechnology
Current price
$9.86
52-week range
$9.40 - $25.52
Market cap
$169.11M
Balance sheet
Healthy
-1,378.55x Concerning
Net cash $174.96M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 122.0% last year.
- Risk Return on equity was -81.8% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 0.2% (peer median: 5.0%).
What this company does
Tonix Pharmaceuticals Holding Corp.
Tonix Pharmaceuticals is a drug company that develops treatments for a wide range of health issues, from migraines to infectious diseases and cancer. While it sells a few approved drugs for conditions like fibromyalgia, most of the company's focus and potential value lie in its large number of other drugs that are still in the testing and development phase. The company's future success depends on whether these potential new medicines are proven safe and effective and are eventually approved for sale.
How the company got here
Tonix started its public life through a 'reverse merger' (a way for a private company to become publicly traded without a traditional offering) with a mining company in 2011. [10] For most of its history, it was a clinical-stage company, meaning it was focused on researching and testing new drugs but wasn't selling any yet. To pay for this expensive research, the company frequently sold new shares of its stock, which leads to dilution (when a company issues more shares, it reduces the ownership percentage of existing shareholders). [3] A major turning point came in 2025 with the approval and launch of its first major drug, TONMYA, shifting its focus from just development to now also selling products. [26, 29]
What it actually does
Tonix is a biopharmaceutical company that develops and sells medicines for challenging health problems. [19] Its main product is a tablet called TONMYA, which is prescribed to adults to manage fibromyalgia, a condition that causes widespread pain, fatigue, and sleep issues. [14, 26] The company also sells two different treatments for adults who suffer from acute migraine headaches: Zembrace SymTouch, which is an injection, and Tosymra, a nasal spray. [14] Beyond these approved medicines, Tonix has a large pipeline (a group of potential new drugs in various stages of research and testing) for other conditions. [7]
Fibromyalgia Treatment
This is the company's largest business segment, centered entirely on its flagship drug, TONMYA. [18] Tonix makes money when doctors prescribe this daily tablet to patients with fibromyalgia, and the payments come from patients and, more significantly, their health insurance providers. [27] Since its launch in late 2025, this product has quickly become the company's primary source of revenue (the total money a company brings in from sales). [18, 27] This part of the business represents Tonix's successful transition from a research-only company to one with a commercial product on the market.
Migraine Treatments
This part of the business sells two products, Zembrace SymTouch and Tosymra, that provide relief from acute migraine headaches in adults. [28] Unlike a daily medication, these are used only when a migraine attack occurs. Revenue for this segment comes from prescriptions filled for patients who need an on-the-spot treatment for their migraines. While it provides a steady stream of income, this business is a smaller slice of the company's total sales compared to its fibromyalgia treatment. [18]
Therapeutics Pipeline
This segment is the company's research and development arm and doesn't generate any revenue yet. [3] It includes all the potential new medicines Tonix is working on for future use, from early-stage ideas to products in clinical trials (studies with human volunteers to test for safety and effectiveness). [5] This pipeline is diverse, with programs focused on preventing organ transplant rejection, developing vaccines for viruses like mpox, and creating treatments for conditions like Lyme disease and cocaine intoxication. [5, 11, 16] The company's spending on research and development is an investment in this segment, with the hope that some of these candidates will become approved, money-making products in the future. [18]
What management is betting on now
The company's main focus is to make its new fibromyalgia drug, TONMYA, a commercial success by increasing sales and prescriptions. [27] A key part of this strategy is expanding payer coverage (getting more insurance plans to agree to pay for the medication), which makes it more affordable for patients. [22] Management is also trying to get TONMYA approved for other uses, such as treating depression and acute stress disorder. [28] At the same time, they are pushing forward with their most promising drugs in the pipeline, especially a potential treatment to prevent organ transplant rejection (TNX-1500) and another to prevent Lyme disease (TNX-4800). [22, 26]
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-18.81M
FY2024 Q4
$-14.63M
FY2025 Q1
$-16.59M
FY2025 Q2
$-15.36M
FY2025 Q3
$-29.74M
FY2025 Q4
$-41.52M
FY2026 Q1
$-44.01M
FY2026 Q2
$-42.83M
Revenue
$13.54M
Net income
$-40.55M
Diluted EPS
-2.44
Operating cash flow
$-42.24M
Free cash flow
$-42.83M
Fetching…
Sources
Revenue
$6.88M
Net income
$-40.19M
Diluted EPS
-2.93
Operating cash flow
$-42.32M
Free cash flow
$-44.01M
Fetching…
Sources
Revenue
$5.39M
Net income
$-46.91M
Diluted EPS
-4.28
Operating cash flow
$-39.65M
Free cash flow
$-41.52M
Fetching…
Sources
Revenue
$3.29M
Net income
$-32.01M
Diluted EPS
-3.59
Operating cash flow
$-28.78M
Free cash flow
$-29.74M
Fetching…
Sources
Revenue
$2.00M
Net income
$-28.27M
Diluted EPS
-3.86
Operating cash flow
$-14.83M
Free cash flow
$-15.36M
Fetching…
Sources
Revenue
$2.43M
Net income
$-16.83M
Diluted EPS
-2.84
Operating cash flow
$-16.58M
Free cash flow
$-16.59M
Fetching…
Sources
Revenue
$2.58M
Net income
$-22.11M
Diluted EPS
-156.91
Operating cash flow
$-14.63M
Free cash flow
$-14.63M
Fetching…
Sources
Revenue
$2.82M
Net income
$-14.21M
Diluted EPS
-0.23
Operating cash flow
$-18.80M
Free cash flow
$-18.81M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $9.86
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $175.0M - more cash than debt. Interest coverage -1378.6x.
Net debt
$-174.96M
Interest coverage
-1,378.55x
Tonix Pharmaceuticals Holding Corp.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
TNXP
BASELINE
Tonix Pharmaceuticals Holding Corp.
Total debt $1.27M Interest coverage -1,378.55x This is the baseline the peer rows are being compared against.
Total debt $31.65M Interest coverage -29.32x Neither company has much profit cushion over interest right now.
Total debt $313.95M Interest coverage -1.88x Neither company has much profit cushion over interest right now.
What you should know
The case for and against TNXP
1 Reward
2 Risks
Rewards
-
Revenue grew 122.0% last year.
Risks
-
Return on equity was -81.8% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 0.2% (peer median: 5.0%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-1.25x
P/B
0.74x
P/S
5.81x
EV/EBITDA
0.04x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
83.8%
Operating margin
-314.1%
Net margin
0.0%
ROE
-81.8%
ROA
-46.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
6.61x
Quick ratio
6.12x
Total debt
$1.27M
Total cash
$176.23M
Growth
How the business has been compounding
Revenue TTM
$29.10M
Revenue 5Y CAGR
29.9%
EPS TTM
-13.09
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-152.99M
Free CF TTM
$-103.21M
FCF margin
-354.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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