Tonix Pharmaceuticals Holding Corp.
TNXPHealthcare|Biotechnology|US
$4.74
+0.14 (+3.04%)
DCF Value
$24.35
Tangible Book / Share
$13.35
Cash / Share
$10.59
Financials
Financial Snapshot
Market Cap
$81.3M
Enterprise Value
-$93.7M
Revenue (TTM)
$29.1M
Net Income (TTM)
-$159.7M
Cash & Investments
$176.2M
Net Cash
$175.0M
Free Cash Flow (TTM)
-$159.9M
Operating CF (TTM)
-$154.7M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$176.2M
Quarterly Burn
$38.7M
Monthly Burn
$12.9M
Est. Runway
~4.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $26.1M | $25.5M | $25.0M | $11.2M | $77.1M | $178.7M | $120.2M | $24.9M | $98.8M | $207.6M | $176.2M | |
| Operating Cash Flow | -$37.3M | -$19.1M | -$24.0M | -$26.7M | -$48.6M | -$75.6M | -$98.1M | -$102.0M | -$60.9M | -$99.8M | -$154.7M | |
| Free Cash Flow | -$37.4M | -$19.1M | -$24.0M | -$26.7M | -$57.1M | -$110.9M | -$146.2M | -$109.9M | -$61.0M | -$103.2M | -$159.9M | |
| Capital Expenditure | -$66.0K | -$5.0K | -$6.0K | -$17.0K | -$8.6M | -$35.3M | -$48.1M | -$7.9M | -$120.0K | -$3.4M | -$5.2M | |
| Financing Cash Flow | $20.5M | $18.5M | $23.5M | $12.9M | $123.1M | $212.5M | $87.8M | $36.5M | $134.9M | $214.5M | $213.1M |
R&D Spending
R&D (TTM)
$63.9M
R&D Intensity
219.4%
R&D Growth vs Prior
+43.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.8M | $10.1M | $13.1M | $29.1M | |
| R&D Expense | $28.5M | $13.3M | $17.6M | $18.2M | $36.2M | $68.8M | $81.9M | $86.7M | $40.4M | $44.5M | $63.9M | |
| R&D % of Revenue | — | — | — | — | — | — | — | 1115.5% | 400.7% | 339.4% | 219.4% | |
| SG&A | $10.4M | $7.9M | $8.8M | $10.6M | $14.3M | $23.5M | $30.2M | $34.8M | $40.1M | $85.8M | $99.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.8M | $10.1M | $13.1M | $29.1M | |
| Cost of Revenue | $39.0M | $21.3M | $26.3M | $0.00 | $27.0K | $0.00 | $0.00 | $4.7M | $7.8M | $8.6M | $5.7M | |
| Gross Profit | -$39.0M | -$21.3M | -$26.3M | $0.00 | -$27.0K | $0.00 | $0.00 | $3.0M | $2.3M | $4.5M | $23.4M | |
| R&D | $28.5M | $13.3M | $17.6M | $18.2M | $36.2M | $68.8M | $81.9M | $86.7M | $40.4M | $44.5M | $63.9M | |
| SG&A | $10.4M | $7.9M | $8.8M | $10.6M | $14.3M | $23.5M | $30.2M | $34.8M | $40.1M | $85.8M | $99.2M | |
| Operating Income | -$39.0M | -$21.3M | -$26.3M | -$28.8M | -$50.5M | -$92.3M | -$112.1M | -$118.4M | -$136.7M | -$125.7M | -$165.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $89.0K | $0.00 | |
| Pretax Income | -$38.8M | -$21.1M | -$26.1M | -$28.6M | -$50.5M | -$92.3M | -$110.2M | -$116.7M | -$130.0M | -$124.0M | -$159.7M | |
| Net Income | -$38.8M | -$21.1M | -$29.4M | -$28.6M | -$50.5M | -$92.3M | -$110.2M | -$116.7M | -$130.0M | -$124.0M | -$159.7M | |
| EPS (Diluted) | -199189.74 | -54023.02 | -18064.62 | -3866.00 | -5056.00 | -163968.00 | -811.68 | -6368.84 | -176.60 | -14.57 | -13.24 | |
| EBITDA | -$38.8M | -$21.2M | -$26.3M | -$28.8M | -$50.4M | -$92.2M | -$109.0M | -$112.4M | -$74.3M | -$122.0M | -$157.5M | |
| Shares Out. (M) | 0.02 | 0.04 | 0.16 | 0.80 | 2.56 | 0.00 | 3.07 | 1.83 | 2.26 | 8.51 | 16.64 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.9M | $25.5M | $25.0M | $11.2M | $77.1M | $178.7M | $120.2M | $24.9M | $98.8M | $207.6M | $176.2M | |
| Short-Term Investments | $7.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $27.1M | $26.4M | $26.1M | $13.9M | $88.0M | $189.0M | $130.8M | $47.8M | $119.0M | $228.9M | $203.4M | |
| Total Assets | $27.5M | $26.8M | $26.3M | $14.6M | $98.2M | $240.9M | $225.7M | $154.5M | $162.9M | $277.2M | $254.1M | |
| Total Current Liabilities | $2.1M | $2.1M | $2.7M | $5.1M | $9.8M | $21.7M | $18.2M | $18.9M | $18.3M | $30.8M | $30.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.6M | $4.7M | $0.00 | $0.00 | |
| Total Liabilities | $2.1M | $2.1M | $2.7M | $5.1M | $10.5M | $22.2M | $18.5M | $48.9M | $23.3M | $32.0M | $31.8M | |
| Stockholders' Equity | $25.4M | $24.6M | $23.7M | $9.4M | $87.6M | $218.7M | $207.2M | $105.5M | $139.6M | $245.2M | $222.3M | |
| Retained Earnings | -$141.2M | -$162.4M | -$188.5M | -$217.1M | -$267.5M | -$359.8M | -$470.0M | -$600.7M | -$730.7M | -$854.7M | -$935.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$37.3M | -$19.1M | -$24.0M | -$26.7M | -$48.6M | -$75.6M | -$98.1M | -$102.0M | -$60.9M | -$99.8M | -$154.7M | |
| Capital Expenditure | -$66.0K | -$5.0K | -$6.0K | -$17.0K | -$8.6M | -$35.3M | -$48.1M | -$7.9M | -$120.0K | -$3.4M | -$5.2M | |
| Free Cash Flow | -$37.4M | -$19.1M | -$24.0M | -$26.7M | -$57.1M | -$110.9M | -$146.2M | -$109.9M | -$61.0M | -$103.2M | -$159.9M | |
| Investing Cash Flow | $16.6M | $7.2M | -$6.0K | -$17.0K | -$8.6M | -$35.3M | -$48.1M | -$29.1M | -$120.0K | -$4.5M | -$4.3M | |
| Financing Cash Flow | $20.5M | $18.5M | $23.5M | $12.9M | $123.1M | $212.5M | $87.8M | $36.5M | $134.9M | $214.5M | $213.1M | |
| Issuance of Stock | $20.5M | $18.5M | $12.7M | $5.8M | $108.6M | $212.4M | $94.5M | $18.9M | $140.2M | $237.9M | $221.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$47.3M | -$14.0M | $0.00 | -$13.8M | -$8.1M | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.9M | -$2.4M | -$9.7M | $34.6K | |
| Stock Based Comp. | $3.3M | $1.8M | $1.6M | $1.5M | $2.9M | $7.9M | $10.9M | $9.3M | $4.8M | $6.0M | $6.0M | |
| Net Change in Cash | -$234.0K | $6.6M | -$451.0K | -$13.8M | $66.0M | $101.6M | -$58.4M | -$94.6M | $73.8M | $110.1M | $51.6M |
Dilution Tracker
Shares outstanding grew 232.4% over 5 years — significant dilution
Shares Outstanding
17M
5-Year Share Growth
+232.4%
Stock Issuance (TTM)
$221.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.02 | 0.04 | 0.16 | 0.80 | 2.56 | 0.00 | 3.07 | 1.83 | 2.26 | 8.51 | 16.64 | |
| Change vs Prior % | — | 100.5% | 315.6% | 394.9% | 218.4% | -100.0% | 545011.9% | -40.3% | 23.6% | 276.0% | 95.4% | |
| Stock Issuance | $20.5M | $18.5M | $12.7M | $5.8M | $108.6M | $212.4M | $94.5M | $18.9M | $140.2M | $237.9M | $221.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$47.3M | -$14.0M | $0.00 | -$13.8M | -$8.1M | |
| Stock Based Comp. | $3.3M | $1.8M | $1.6M | $1.5M | $2.9M | $7.9M | $10.9M | $9.3M | $4.8M | $6.0M | $6.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | 39.0% | 23.1% | 34.7% | 80.2% | |
| Operating Margin % | — | — | — | — | — | — | — | -1523.9% | -1354.3% | -959.1% | -568.4% | |
| Net Margin % | — | — | — | — | — | — | — | -1501.8% | -1288.3% | -946.2% | -548.6% | |
| EBITDA Margin % | — | — | — | — | — | — | — | -1446.5% | -736.3% | -930.9% | -541.3% | |
| FCF Margin % | — | — | — | — | — | — | — | -1414.8% | -604.8% | -787.5% | -549.4% | |
| ROE % | -153.2% | -85.8% | -124.0% | -303.9% | -57.6% | -42.2% | -53.2% | -110.6% | -93.2% | -50.6% | -69.0% | |
| ROA % | -141.2% | -79.0% | -111.5% | -196.6% | -51.4% | -38.3% | -48.8% | -75.5% | -79.8% | -44.7% | -62.8% | |
| ROIC % | -152.6% | -86.2% | -111.2% | -294.9% | -56.8% | -42.0% | -53.9% | -85.7% | -94.4% | -51.0% | -74.0% | |
| R&D / Revenue % | — | — | — | — | — | — | — | 1115.5% | 400.7% | 339.4% | 219.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 29.9% | 29.8% | |
| Gross Profit | 19.1% | 45.4% | -23.6% | 100.0% | 0.0% | 100.0% | 0.0% | 0.0% | -23.1% | 95.0% | |
| Operating Income | 19.1% | 45.4% | -23.6% | -9.5% | -75.2% | -82.8% | -21.4% | -5.6% | -15.5% | 8.0% | |
| Net Income | 19.2% | 45.6% | -39.0% | 2.5% | -76.3% | -82.9% | -19.4% | -5.8% | -11.5% | 4.6% | |
| EPS (Diluted) | 61.0% | 72.9% | 66.6% | 78.6% | -30.8% | -3143.0% | 99.5% | -684.6% | 97.2% | 91.7% | |
| Operating Cash Flow | 12.3% | 48.7% | -25.3% | -11.3% | -82.0% | -55.6% | -29.8% | -4.0% | 40.3% | -63.9% | |
| Free Cash Flow | 12.6% | 48.8% | -25.3% | -11.4% | -114.0% | -94.1% | -31.9% | 24.8% | 44.5% | -69.1% | |
| R&D Expense | -19.6% | -53.2% | 31.6% | 3.6% | 98.8% | 90.4% | 18.9% | 5.8% | -53.3% | 10.0% | |
| SG&A Expense | -17.6% | -23.8% | 10.3% | 21.4% | 34.7% | 63.8% | 28.7% | 15.0% | 15.4% | 113.9% | |
| Total Assets | -41.5% | -2.7% | -1.6% | -44.7% | 574.4% | 145.4% | -6.3% | -31.6% | 5.5% | 70.2% | |
| Book Value / Share | -69.6% | -51.6% | -76.9% | -92.0% | 192.3% | 1134798.2% | -100.0% | -14.7% | 7.0% | -53.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 266.2% | -27.1% | -20.5% | 1191.2% | -46.0% | -75.3% | |
| Diluted Shares | 107.4% | 100.5% | 315.6% | 394.9% | 218.4% | -100.0% | 545011.9% | -40.3% | 23.6% | 276.0% |
Valuation
P/E (TTM)At Loss
P/S2.79
10Y Low / Med / High7.40 / 10.14 / 304.09
P/B0.35
10Y Low / Med / High0.53 / 12620.21 / 63946.58
EV/EBITDA0.59
10Y Low / Med / High0.25 / 0.53 / 0.60
EV/Revenue-3.22
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$24.35
Tangible Book / Share
$13.35
Net Current Assets / Share
$10.01
Graham Net-Net
$9.21
Cash / Share
$10.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -251.71 | -681.12 | -389.71 | -193.69 | -85.44 | -1.40 | -9.60 | -0.20 | -0.19 | -1.07 | -0.36 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 304.09 | 7.40 | 10.14 | 2.79 | |
| P/B Ratio | 38551.72 | 58447.19 | 48343.48 | 63946.58 | 12620.21 | 0.59 | 115.48 | 22.38 | 0.53 | 0.54 | 0.35 | |
| EV/EBITDA | -25222.28 | -67796.55 | -43550.14 | -20907.37 | -21929.98 | 0.53 | -218.48 | -20.89 | 0.25 | 0.60 | 0.59 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 302.14 | -1.87 | -5.60 | -3.22 |
Analyst Estimates & Quality
Altman Z-Score
-4.76
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $55.8M | $111.1M | $182.5M |
| Net Income | -$82.6M | -$56.6M | -$34.0M |
| EPS | $-9.78 | $-6.41 | $-3.75 |
| # Analysts (EPS) | 3 | 3 | 4 |