TNXP

MKT CAP:$168M

Tonix Pharmaceuticals Holding Corp.

Market Cap

$168M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$12.49-$4.06 (-24.53%)

Apr 23, 2026

Company Details

Tonix Pharmaceuticals Holding Corp., a clinical-stage biopharmaceutical company, focuses on discovering, acquiring, developing, and licensing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Its portf...

CEO

Seth Lederman

IPO Date

May 10, 2012

Website

www.tonixpharma.com

Key Metrics TTM

Revenue

$13M

+29.8% YoY

Net Income

-$124M

EPS (Diluted)

-$14.57

Free Cash Flow

-$105M

Revenue / Share

$1.54

Gross Margin

49.3%

Operating Margin

-959.1%

Net Margin

-946.2%

FCF Margin

-802.8%

P/S

12.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 12, 2026

$13M+29.8%EPS -$14.57

Q4 2025

Mar 12, 2026

$5M+108.8%EPS -$4.28

Q3 2025

Nov 10, 2025

$3M+16.6%EPS -$3.59

Q2 2025

Aug 11, 2025

$2M-9.5%EPS -$3.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$26M
Q2 22	$0	$0	-$23M
Q3 22	$0	$0	-$30M
Q4 22	$0	$0	-$33M
Q1 23	$0	$0	-$34M
Q2 23	$0	$0	-$29M
Q3 23	$4M	$2M	-$28M
Q4 23	$4M	-$79.0K	-$27M
Q1 24	$2M	$822.0K	-$21M
Q2 24	$2M	-$1M	-$18M
Q3 24	$3M	$1M	-$16M
Q4 24	$3M	$1M	-$22M
Q1 25	$2M	$1M	-$16M
Q2 25	$2M	-$1M	-$28M
Q3 25	$3M	$2M	-$33M
Q4 25	$5M	$4M	-$48M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	37.3x	—
Q4 23	37.7x	—
Q1 24	28.2x	—
Q2 24	9.2x	—
Q3 24	9.4x	—
Q4 24	51.5x	—
Q1 25	32.4x	—
Q2 25	52.0x	—
Q3 25	24.6x	—
Q4 25	8.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$31M	-$51M
Q2 22	-$21M	-$36M
Q3 22	-$24M	-$32M
Q4 22	-$22M	-$27M
Q1 23	-$33M	-$37M
Q2 23	-$23M	-$25M
Q3 23	-$23M	-$25M
Q4 23	-$22M	-$23M
Q1 24	-$18M	-$18M
Q2 24	-$10M	-$10M
Q3 24	-$19M	-$19M
Q4 24	-$15M	-$15M
Q1 25	-$17M	-$17M
Q2 25	-$15M	-$17M
Q3 25	-$29M	-$30M
Q4 25	-$40M	-$42M

Capital Expenditures

Quarter	CapEx
Q1 22	$20M
Q2 22	$14M
Q3 22	$9M
Q4 22	$5M
Q1 23	$4M
Q2 23	$2M
Q3 23	$2M
Q4 23	$438.0K
Q1 24	$108.0K
Q2 24	$0
Q3 24	$9.0K
Q4 24	$3.0K
Q1 25	$6.0K
Q2 25	$3M
Q3 25	$962.0K
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+27.5%
Q2 22	—	-1.0%
Q3 22	—	+59.6%
Q4 22	—	+11.0%
Q1 23	—	+28.2%
Q2 23	—	+24.3%
Q3 23	—	+8.6%
Q4 23	—	-4.9%
Q1 24	—	-29.7%
Q2 24	—	-29.1%
Q3 24	-29.3%	-42.8%
Q4 24	-31.7%	-19.4%
Q1 25	-2.1%	-22.4%
Q2 25	-9.5%	+47.3%
Q3 25	+16.6%	+97.9%
Q4 25	+108.8%	+114.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	—
Q2 22	$3M	—
Q3 22	$3M	—
Q4 22	$3M	—
Q1 23	$3M	—
Q2 23	$2M	—
Q3 23	$2M	52.1%
Q4 23	$2M	53.9%
Q1 24	$2M	68.2%
Q2 24	$1M	52.3%
Q3 24	$1M	36.8%
Q4 24	$894.0K	34.6%
Q1 25	$882.0K	36.3%
Q2 25	$1M	71.2%
Q3 25	$2M	54.7%
Q4 25	$2M	33.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$18M	$8M	—	—
Q2 22	$17M	$7M	—	—
Q3 22	$22M	$7M	—	—
Q4 22	$25M	$8M	—	—
Q1 23	$27M	$7M	—	—
Q2 23	$22M	$7M	—	—
Q3 23	$21M	$9M	—	—
Q4 23	$17M	—	—	$10M
Q1 24	$13M	$9M	—	—
Q2 24	$10M	$8M	—	—
Q3 24	$9M	—	—	—
Q4 24	$8M	$3M	$12M	—
Q1 25	$7M	$10M	—	—
Q2 25	$11M	—	—	—
Q3 25	$9M	—	—	—
Q4 25	$17M	$26M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$140M	$0	$140M
Q2 22	$145M	$0	$145M
Q3 22	$140M	$0	$140M
Q4 22	$120M	$0	$120M
Q1 23	$72M	$0	$72M
Q2 23	$26M	$0	$26M
Q3 23	$7M	$0	$7M
Q4 23	$25M	$0	$25M
Q1 24	$7M	$0	$7M
Q2 24	$4M	$0	$4M
Q3 24	$28M	$0	$28M
Q4 24	$99M	$0	$99M
Q1 25	$132M	$0	$132M
Q2 25	$125M	$0	$125M
Q3 25	$190M	$0	$190M
Q4 25	$208M	$0	$208M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	8M	+15.7%	+80.0%
Q2 22	1M	-86.3%	-78.6%
Q3 22	2M	+90.9%	+373756.6%
Q4 22	3M	+43.5%	-56.5%
Q1 23	3M	+4.6%	-60.7%
Q2 23	6M	+79.5%	+414.2%
Q3 23	7M	+25.7%	+238.7%
Q4 23	2M	-74.7%	-40.3%
Q1 24	3M	+38.0%	-21.2%
Q2 24	4M	+61.6%	-29.1%
Q3 24	6M	+52.1%	-14.2%
Q4 24	2M	-63.6%	+23.6%
Q1 25	6M	+161.9%	+134.5%
Q2 25	7M	+23.6%	+79.4%
Q3 25	9M	+21.8%	+43.6%
Q4 25	9M	-4.6%	+276.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	73
Q2 22	$0	73
Q3 22	$0	73
Q4 22	$0	117
Q1 23	$0	117
Q2 23	$0	117
Q3 23	$34.1K	117
Q4 23	$36.7K	103
Q1 24	$24.1K	103
Q2 24	$21.4K	103
Q3 24	$27.4K	103
Q4 24	$31.9K	81
Q1 25	$30.0K	81
Q2 25	$24.7K	81
Q3 25	$40.6K	81
Q4 25	$41	130K

Revenue / Employee