TNXP · Tonix Pharmaceuticals Holding Corp.
Tonix Pharmaceuticals Holding Corp., a fully integrated biopharmaceutical company, develops and commercializes therapies for central nervous system (CNS) disorders, immunology and immuno-oncology, infectious diseases, and rare diseases in the United States. The company offers TONMYA, a cyclobenzaprine HCl sublingual tablet for the treatment of fibromyalgia. It also markets Zembrace SymTouch and Tosymra for the treatment of acute migraine with or without aura in adults. In addition, the company develops TNX-102 SL, a cyclobenzaprine HCl sublingual tablet for the treatment of major depressive disorder and acute stress reaction/acute stress disorder; TNX-1300, a double-mutant cocaine esterase for the treatment of cocaine intoxication; TNX-1500, an Fc-modified humanized monoclonal antibody to prevent kidney transplant rejection, as well as to treat autoimmune conditions; TNX-4800, a humanized monoclonal antibody for the seasonal prevention of Lyme disease; and TNX-2900, an intranasal oxytocin potentiated with magnesium for the treatment of Prader-Willi syndrome. Further, it is developing TNX-1900, an intranasal potentiated oxytocin for the treatment of binge eating disorder, adolescent obesity, and bone health in pediatric autism, and arginine-vasopressin deficiency; TNX-801, a live horsepox vaccine for the prevention of smallpox and mpox; TNX-4200, a small molecule broad-spectrum antiviral agent targeting CD45 for the treatment or prevention of viral disease; TNX-4900, a highly selective small-molecule Sigma-1 receptor antagonist for neuropathic pain; TNX-1700, a recombinant Trefoil Factor Family 2 fusion protein for the treatment of gastric and colorectal cancers; and TNX-1800 and TNX-1850, live modified horsepox vaccines for the prevention of COVID. Tonix Pharmaceuticals Holding Corp. was founded in 2007 and is based in Berkeley Heights, New Jersey.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $11.48 |
| SO | 15.9M |
| Options | 2.1M |
| Warrants | 0.6M |
| FD SO | 18.7M |
| MC | $214.9M |
| Cash | $185.5M |
| Total debt | — |
| EV | $29.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 45.8% |
| Insiders | 0.1% |
| # Institutions | 125 |
| Analysts | 5 |
| Consensus | Strong Buy |
| Avg target | $42.20 |
| Short % float | 22.5% |
| Days to cover | 5.90 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 6.88 | 5.39 | 3.29 | 2.00 |
| Revenue YoY % | 183.2% | 108.8% | 16.6% | (9.5%) |
| Cost of Revenue | 1.58 | 1.06 | 1.37 | 3.27 |
| Gross Profit | 5.30 | 4.33 | 1.92 | (1.27) |
| Gross Profit YoY % | 256.7% | 209.6% | 51.8% | (9.9%) |
| Gross Margin % | 77.1% | 80.4% | 58.4% | (63.8%) |
| SG&A | 28.62 | 35.68 | 25.70 | 16.20 |
| R&D | 18.21 | 16.94 | 9.29 | 10.82 |
| Operating Expense | 46.84 | 52.62 | 34.99 | 27.02 |
| Operating Income | (41.54) | (48.29) | (33.07) | (28.30) |
| Operating Income YoY % | (158.7%) | (114.8%) | (112.6%) | 63.4% |
| Operating Margin % | (603.9%) | (895.8%) | (1005.1%) | (1416.2%) |
| EBITDA | (40.98) | (47.80) | (32.61) | (27.81) |
| EBITDA Margin % | (595.8%) | (886.8%) | (991.1%) | (1392.0%) |
| Interest Expense | — | 0.00 | — | — |
| Other Income / (Expense) | 1.34 | 1.38 | 1.06 | — |
| Pretax Income | (40.19) | (46.91) | (32.01) | (28.27) |
| Net Income | (40.19) | (46.91) | (32.01) | (28.27) |
| Net Margin % | (584.4%) | (870.3%) | (972.9%) | (1415.0%) |
| Diluted EPS | -$2.93 | -$4.15 | -$3.59 | -$3.86 |
| Basic EPS | -$2.93 | -$4.15 | -$3.59 | -$3.86 |
| Diluted Avg Shares | 13.7 | — | 8.9 | 7.3 |
| Basic Avg Shares | 13.7 | — | 8.9 | 7.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 17.56 | 13.11 | 10.09 | 7.77 | — |
| Revenue YoY % | 33.9% | 29.8% | 29.9% | — | — |
| Cost of Revenue | 7.28 | 6.64 | 7.76 | 4.74 | — |
| Gross Profit | 10.28 | 6.47 | 2.33 | 3.03 | — |
| Gross Profit YoY % | 59.0% | 177.7% | (23.1%) | — | — |
| Gross Margin % | 58.6% | 49.3% | 23.1% | 39.0% | — |
| SG&A | 106.20 | 87.68 | 40.10 | 34.75 | 30.21 |
| R&D | 55.26 | 44.49 | 39.97 | 86.66 | 81.88 |
| Operating Expense | 161.47 | 132.17 | 139.03 | 121.41 | — |
| Operating Income | (151.19) | (125.70) | (136.70) | (118.38) | (112.09) |
| Operating Income YoY % | (20.3%) | 8.0% | (15.5%) | (5.6%) | — |
| Operating Margin % | (861.2%) | (959.1%) | (1354.3%) | (1523.9%) | — |
| EBITDA | (149.20) | (123.78) | (133.28) | (114.09) | (110.84) |
| EBITDA Margin % | (849.8%) | (944.4%) | (1320.4%) | (1468.7%) | — |
| Interest Expense | — | 0.09 | 1.23 | — | — |
| Other Income / (Expense) | 3.80 | 1.77 | 7.90 | 1.72 | 1.87 |
| Pretax Income | (147.39) | (124.02) | (130.04) | (116.66) | (110.22) |
| Net Income | (147.39) | (124.02) | (130.04) | (116.66) | (110.22) |
| Net Margin % | (839.5%) | (946.2%) | (1288.3%) | (1501.8%) | — |
| Diluted EPS | -$14.53 | -$14.57 | -$176.60 | -$14720.25 | -$20.01 |
| Basic EPS | -$14.53 | -$14.57 | -$176.60 | -$14720.25 | -$20.01 |
| Diluted Avg Shares | 13.7 | 8.5 | 0.7 | 0.0 | 5.8 |
| Basic Avg Shares | 13.7 | 8.5 | 0.7 | 0.0 | 5.8 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 185.47 | 207.64 | 190.06 | 125.33 |
| Receivables | 8.82 | 6.27 | 3.48 | 2.32 |
| Other Current Assets | 12.88 | 14.97 | 14.54 | 15.88 |
| Total Current Assets | 207.17 | 228.88 | 208.07 | 143.53 |
| Net PPE | 44.89 | 44.46 | 42.57 | 42.34 |
| Operating Lease ROU | 1.45 | 1.54 | 0.38 | 0.44 |
| Intangible Assets | 0.12 | 0.12 | 0.12 | 0.12 |
| Other Assets | 4.29 | 2.17 | 1.30 | — |
| Total Assets | 257.91 | 277.17 | 252.44 | 187.36 |
| Accounts Payable | 9.65 | 8.11 | 8.54 | 7.78 |
| Current Lease Liabilities | 0.16 | 0.12 | 0.16 | 0.20 |
| Other Current Liabilities | 19.84 | 22.60 | 12.33 | 11.08 |
| Total Current Liabilities | 29.65 | 30.84 | 21.03 | 19.06 |
| Long-term Lease Liabilities | 1.13 | 1.18 | 0.27 | 0.30 |
| Total Liabilities | 30.77 | 32.02 | 21.30 | 19.36 |
| Retained Earnings | (894.91) | (854.72) | (807.80) | (775.79) |
| Total Equity | 227.14 | 245.15 | 231.14 | 168.00 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 185.47 | 207.64 | 98.78 | 24.95 | 120.23 |
| Receivables | 8.82 | 6.27 | 3.68 | — | — |
| Inventory | — | — | 8.41 | 13.64 | — |
| Other Current Assets | 12.88 | 14.97 | 8.13 | 9.18 | 10.55 |
| Total Current Assets | 207.17 | 228.88 | 119.00 | 47.77 | 130.78 |
| Net PPE | 44.89 | 44.46 | 42.25 | 94.03 | 93.81 |
| Operating Lease ROU | 1.45 | 1.54 | 0.56 | 0.82 | 0.71 |
| Goodwill | — | — | — | 0.96 | — |
| Intangible Assets | 0.12 | 0.12 | 0.12 | 9.74 | 0.12 |
| Other Assets | 4.29 | 2.17 | 0.95 | 1.13 | — |
| Total Assets | 257.91 | 277.17 | 162.89 | 154.46 | 225.69 |
| Accounts Payable | 9.65 | 8.11 | 4.55 | 3.78 | 8.07 |
| Current Debt | — | — | 2.82 | 2.35 | — |
| Current Lease Liabilities | 0.16 | 0.12 | 0.27 | 0.27 | 0.43 |
| Other Current Liabilities | 19.84 | 22.60 | 10.67 | 12.48 | 9.68 |
| Total Current Liabilities | 29.65 | 30.84 | 18.31 | 18.88 | 18.18 |
| Long-term Debt | — | — | 4.67 | 6.56 | — |
| Long-term Lease Liabilities | 1.13 | 1.18 | 0.36 | 0.63 | 0.33 |
| Other Liabilities | — | — | — | 22.86 | — |
| Total Liabilities | 30.77 | 32.02 | 23.33 | 48.93 | 18.51 |
| Retained Earnings | (894.91) | (854.72) | (730.69) | (600.66) | (470.04) |
| Total Equity | 227.14 | 245.15 | 139.56 | 105.53 | 207.18 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (40.19) | (46.91) | (32.01) | (28.27) |
| D&A | 0.56 | 0.49 | 0.46 | 0.48 |
| Stock-Based Comp | 1.97 | 1.79 | 1.92 | 1.42 |
| Δ Working Cap & Other | (4.65) | 4.98 | 0.84 | 11.53 |
| Operating Cash Flow | (42.32) | (39.65) | (28.78) | (14.83) |
| CapEx | (1.69) | (1.87) | (0.96) | (0.53) |
| Other Investing | — | 0.85 | — | (2.01) |
| Investing Cash Flow | (1.69) | (1.02) | (0.96) | (2.54) |
| Debt Repayment | — | 0.00 | 0.00 | 0.00 |
| Stock Issuance | 20.13 | 66.95 | 94.86 | 13.89 |
| Stock Buyback | — | (7.81) | 0.00 | (2.90) |
| Financing Cash Flow | 20.20 | 59.14 | 94.86 | 10.99 |
| Effect of FX on Cash | 0.01 | (0.01) | (0.00) | (0.00) |
| Free Cash Flow | (44.01) | (41.52) | (29.74) | (15.36) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (147.39) | (124.02) | (130.04) | (116.66) | (110.22) |
| D&A | 1.99 | 1.93 | 3.42 | 4.29 | 1.25 |
| Stock-Based Comp | 7.11 | 6.02 | 4.78 | 9.28 | 10.91 |
| Δ Working Cap & Other | 12.71 | 16.23 | 60.91 | 1.09 | (0.00) |
| Operating Cash Flow | (125.58) | (99.84) | (60.92) | (102.00) | (98.05) |
| CapEx | (5.05) | (3.37) | (0.12) | (7.89) | (48.15) |
| Other Investing | (1.16) | (1.16) | — | (21.18) | — |
| Investing Cash Flow | (6.21) | (4.53) | (0.12) | (29.07) | (48.15) |
| Debt Repayment | — | (9.65) | (2.35) | — | — |
| Stock Issuance | 195.84 | 237.94 | 140.19 | 18.94 | 94.46 |
| Stock Buyback | — | (13.76) | — | (13.96) | — |
| Other Financing | (10.63) | — | (2.97) | 31.54 | (6.62) |
| Financing Cash Flow | 185.20 | 214.53 | 134.87 | 36.52 | 87.84 |
| Effect of FX on Cash | (0.02) | (0.03) | 0.00 | (0.07) | (0.07) |
| Free Cash Flow | (130.64) | (103.21) | (61.05) | (109.90) | (146.20) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 6.99 | 7.42 | 9.89 | 7.53 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.14 | 0.13 | 0.09 | 0.12 |
| EBITDA Margin % | (595.8%) | (886.8%) | (991.1%) | (1392.0%) |
| Working Capital | 177.52 | 198.04 | 187.04 | 124.47 |
| Net Debt | — | — | — | — |
| ROE % | (17.7%) | (19.1%) | (13.8%) | (16.8%) |
| ROA % | (15.6%) | (16.9%) | (12.7%) | (15.1%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 6.99 | 7.42 | 6.50 | 2.53 | 7.19 |
| Quick Ratio | — | — | 6.04 | 1.81 | — |
| Debt / Equity | 0.14 | 0.13 | 0.17 | 0.46 | 0.09 |
| EBITDA Margin % | (849.8%) | (944.4%) | (1320.4%) | (1468.7%) | — |
| Working Capital | 177.52 | 198.04 | 100.69 | 28.88 | 112.60 |
| Net Debt | — | — | (94.11) | (18.39) | — |
| ROE % | (64.9%) | (50.6%) | (93.2%) | (110.6%) | (53.2%) |
| ROA % | (57.1%) | (44.7%) | (79.8%) | (75.5%) | (48.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2026-06-09 | P | 5,000 | $11.79 | $58,950 |
| 2026-06-09 | Stillwell Richard Newcomb | Director | 2026-06-08 | P | 5,000 | $11.65 | $58,250 |
| 2026-05-14 | Stillwell Richard Newcomb | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | OLUKOTUN ADEOYE Y | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | Bell Margaret Smith | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | Hunter James Randolph Jr | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | Treco James | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | GRANGE DAVID L | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | BAGGER RICHARD H | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-05-14 | Taylor Carolyn E. | Director | 2026-05-12 | A | 22,700 | — | $0 |
| 2026-04-01 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2026-03-31 | P | 5,000 | $12.62 | $63,100 |
| 2026-03-18 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2026-03-18 | P | 15,000 | $14.89 | $223,350 |
| 2026-02-26 | MORRIS JESSICA EDGAR | Officer (Chief Operating Officer) | 2026-02-24 | A | 39,012 | — | $0 |
| 2026-02-26 | MORRIS JESSICA EDGAR | Officer (Chief Operating Officer) | 2026-02-24 | A | 39,011 | — | $0 |
| 2026-02-26 | SAENGER BRADLEY | Officer (Chief Financial Officer) | 2026-02-24 | A | 39,012 | — | $0 |
| 2026-02-26 | SAENGER BRADLEY | Officer (Chief Financial Officer) | 2026-02-24 | A | 39,011 | — | $0 |
| 2026-02-26 | SULLIVAN GREGORY M | Officer (Chief Medical Officer) | 2026-02-24 | A | 39,012 | — | $0 |
| 2026-02-26 | SULLIVAN GREGORY M | Officer (Chief Medical Officer) | 2026-02-24 | A | 39,011 | — | $0 |
| 2026-02-26 | Fogarty Siobhan | Officer (Chief Technology Officer) | 2026-02-24 | A | 39,012 | — | $0 |
| 2026-02-26 | Fogarty Siobhan | Officer (Chief Technology Officer) | 2026-02-24 | A | 39,011 | — | $0 |
| 2026-02-26 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2026-02-24 | A | 134,504 | — | $0 |
| 2026-02-26 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2026-02-24 | A | 134,503 | — | $0 |
| 2025-08-21 | Taylor Carolyn E. | Director | 2025-08-21 | P | 418 | $36.03 | $15,061 |
| 2025-08-20 | Treco James | Director | 2025-08-20 | P | 250 | $36.00 | $9,000 |
| 2025-06-13 | Hunter James Randolph Jr | Director | 2025-06-12 | A | 7,740 | — | $0 |
| 2025-05-15 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-05-15 | P | 4,000 | $21.55 | $86,200 |
| 2025-05-15 | Treco James | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | Bell Margaret Smith | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | Taylor Carolyn E. | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | BAGGER RICHARD H | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | Stillwell Richard Newcomb | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | OLUKOTUN ADEOYE Y | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-05-15 | GRANGE DAVID L | Director | 2025-05-13 | A | 10,000 | — | $0 |
| 2025-02-28 | Bell Margaret Smith | Director | 2025-02-05 | J | (1) | $0.15 | -$0 |
| 2025-02-28 | Treco James | Director | 2025-02-05 | J | 0 | $0.30 | -$0 |
| 2025-02-28 | BAGGER RICHARD H | Director | 2025-02-05 | J | 0 | $0.20 | -$0 |
| 2025-02-28 | OLUKOTUN ADEOYE Y | Director | 2024-06-10 | J | 0 | $1.91 | -$2 |
| 2025-02-27 | SAENGER BRADLEY | Officer (Chief Financial Officer) | 2025-02-25 | A | 25,792 | — | $0 |
| 2025-02-27 | SAENGER BRADLEY | Officer (Chief Financial Officer) | 2025-02-25 | A | 25,792 | — | $0 |
| 2025-02-27 | SULLIVAN GREGORY M | Officer (Chief Medical Officer) | 2025-02-25 | A | 29,017 | — | $0 |
| 2025-02-27 | SULLIVAN GREGORY M | Officer (Chief Medical Officer) | 2025-02-25 | A | 29,017 | — | $0 |
| 2025-02-27 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-02-25 | A | 123,958 | — | $0 |
| 2025-02-27 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-02-25 | A | 123,958 | — | $0 |
| 2025-02-27 | MORRIS JESSICA EDGAR | Officer (Chief Operating Officer) | 2025-02-25 | A | 29,291 | — | $0 |
| 2025-02-27 | MORRIS JESSICA EDGAR | Officer (Chief Operating Officer) | 2025-02-25 | A | 29,291 | — | $0 |
| 2025-02-27 | Fogarty Siobhan | Officer (Chief Technology Officer) | 2025-02-25 | A | 13,500 | — | $0 |
| 2025-02-27 | Fogarty Siobhan | Officer (Chief Technology Officer) | 2025-02-25 | A | 13,500 | — | $0 |
| 2025-02-27 | SAENGER BRADLEY | Officer (Chief Financial Officer) | 2025-02-05 | J | 0 | — | $-0 |
| 2025-02-27 | SULLIVAN GREGORY M | Officer (Chief Medical Officer) | 2025-02-05 | J | 0 | $1.47 | -$0 |
| 2025-02-27 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-02-05 | J | (5) | $3.38 | -$18 |
| 2025-02-27 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-02-05 | J | 0 | $3.30 | -$1 |
| 2025-02-27 | LEDERMAN SETH | Director, Officer (Chief Executive Officer) | 2025-02-05 | J | (1) | $0.15 | -$0 |
| 2025-02-27 | MORRIS JESSICA EDGAR | Officer (Chief Operating Officer) | 2025-02-05 | J | (1) | — | $-0 |