Tonix Pharmaceuticals (TNXP)
Market Price (8/9/2026): $12.0 | Market Cap: $164.5 MilSector: Health Care | Industry: Biotechnology
Tonix Pharmaceuticals (TNXP)
Market Price (8/9/2026): $12.0Market Cap: $164.5 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -112% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 75% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -172% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -149 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -849% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -715%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -750% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% Key risksTNXP key risks include [1] the uncertain commercial success and market penetration of its newly approved drug Tonmya™ and [2] a history of significant operating losses, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -112% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 75% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -172% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -149 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -849% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -715%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -750% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% |
| Key risksTNXP key risks include [1] the uncertain commercial success and market penetration of its newly approved drug Tonmya™ and [2] a history of significant operating losses, Show more. |
Qualitative Assessment
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Tonix Pharmaceuticals (TNXP) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Expanded Net Loss and Increased Operating Expenses in Fiscal Q1 2026.
Tonix Pharmaceuticals reported a significant widening of its GAAP net loss to $(40.194) million for fiscal Q1 2026, which ended March 31, 2026, compared to a net loss of $(16.8) million in fiscal Q1 2025. This substantial increase was primarily driven by higher operating expenses, with the GAAP operating loss reaching $(41.537) million in fiscal Q1 2026, up from $(16.054) million in the prior year. Research and development expenses more than doubled from $7.4 million to $18.213 million, and selling, general, and administrative expenses surged from $10.1 million to $28.6 million, mainly due to pipeline activities and the commercialization efforts for TONMYA®. The company also missed analyst earnings per share (EPS) estimates for fiscal Q1 2026, reporting ($2.93) per share against a consensus estimate of ($2.54).
2. Share Dilution from Equity Offerings to Fund Operations.
Subsequent to fiscal Q1 2026, Tonix Pharmaceuticals raised $22.6 million in net proceeds through an at-the-market (ATM) equity facility. While these funds are intended to extend the company's cash runway into early fiscal Q2 2027, such equity offerings typically result in the dilution of existing shareholders' ownership, which can exert downward pressure on the stock price. The number of common shares outstanding increased to 15,540,801 as of April 30, 2026, from 13,707,104 in fiscal Q1 2026.
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Tonix Pharmaceuticals (TNXP) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Expanded Net Loss and Increased Operating Expenses in Fiscal Q1 2026.
Tonix Pharmaceuticals reported a significant widening of its GAAP net loss to $(40.194) million for fiscal Q1 2026, which ended March 31, 2026, compared to a net loss of $(16.8) million in fiscal Q1 2025. This substantial increase was primarily driven by higher operating expenses, with the GAAP operating loss reaching $(41.537) million in fiscal Q1 2026, up from $(16.054) million in the prior year. Research and development expenses more than doubled from $7.4 million to $18.213 million, and selling, general, and administrative expenses surged from $10.1 million to $28.6 million, mainly due to pipeline activities and the commercialization efforts for TONMYA®. The company also missed analyst earnings per share (EPS) estimates for fiscal Q1 2026, reporting ($2.93) per share against a consensus estimate of ($2.54).
2. Share Dilution from Equity Offerings to Fund Operations.
Subsequent to fiscal Q1 2026, Tonix Pharmaceuticals raised $22.6 million in net proceeds through an at-the-market (ATM) equity facility. While these funds are intended to extend the company's cash runway into early fiscal Q2 2027, such equity offerings typically result in the dilution of existing shareholders' ownership, which can exert downward pressure on the stock price. The number of common shares outstanding increased to 15,540,801 as of April 30, 2026, from 13,707,104 in fiscal Q1 2026.
3. High Cash Burn Rate and Persistent Negative Profitability Metrics.
Tonix Pharmaceuticals demonstrated a high cash burn rate, with net cash used in operations increasing significantly to approximately $42.3 million for fiscal Q1 2026, compared to $16.6 million for the same period in fiscal 2025. This accelerated cash consumption, coupled with negative profitability metrics such as a negative return on equity of 67.65% and a negative net margin of 839.52% for fiscal Q1 2026, indicates ongoing financial challenges. The reliance on equity financing to maintain operations, alongside a substantial increase in operational losses, can lead to investor apprehension regarding the company's long-term financial sustainability without a clear path to profitability.
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Stock Movement Drivers
Fundamental Drivers
The -7.0% change in TNXP stock from 4/30/2026 to 8/8/2026 was primarily driven by a -19.6% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.93 | 12.03 | -7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 18 | 33.9% |
| P/S Multiple | 11.7 | 9.4 | -19.6% |
| Shares Outstanding (Mil) | 12 | 14 | -13.7% |
| Cumulative Contribution | -7.0% |
Market Drivers
4/30/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| TNXP | -7.0% | |
| Market (SPY) | 7.6% | 26.1% |
| Sector (XLV) | 13.5% | 1.3% |
Fundamental Drivers
The -30.2% change in TNXP stock from 1/31/2026 to 8/8/2026 was primarily driven by a -37.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.24 | 12.03 | -30.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 18 | 70.5% |
| P/S Multiple | 14.9 | 9.4 | -37.1% |
| Shares Outstanding (Mil) | 9 | 14 | -34.9% |
| Cumulative Contribution | -30.2% |
Market Drivers
1/31/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| TNXP | -30.2% | |
| Market (SPY) | 12.1% | 42.8% |
| Sector (XLV) | 7.5% | 13.7% |
Fundamental Drivers
The -68.1% change in TNXP stock from 7/31/2025 to 8/8/2026 was primarily driven by a -57.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.68 | 12.03 | -68.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 18 | 74.8% |
| P/S Multiple | 22.2 | 9.4 | -57.8% |
| Shares Outstanding (Mil) | 6 | 14 | -56.8% |
| Cumulative Contribution | -68.1% |
Market Drivers
7/31/2025 to 8/8/2026| Return | Correlation | |
|---|---|---|
| TNXP | -68.1% | |
| Market (SPY) | 23.4% | 35.5% |
| Sector (XLV) | 28.7% | 15.6% |
Fundamental Drivers
The -99.6% change in TNXP stock from 7/31/2023 to 8/8/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 3424.00 | 12.03 | -99.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 18 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 9.4 | |
| Shares Outstanding (Mil) | 0 | 14 | -100.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2023 to 8/8/2026| Return | Correlation | |
|---|---|---|
| TNXP | -99.6% | |
| Market (SPY) | 74.9% | 1.6% |
| Sector (XLV) | 29.3% | 3.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNXP Return | -47% | -97% | -83% | -97% | -53% | -25% | -100% |
| Peers Return | -11% | 26% | 8% | 1% | 43% | -2% | 72% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| TNXP Win Rate | 33% | 25% | 17% | 25% | 42% | 38% | |
| Peers Win Rate | 53% | 52% | 53% | 53% | 62% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TNXP Max Drawdown | -82% | -98% | -95% | -99% | -100% | -50% | |
| Peers Max Drawdown | -44% | -47% | -41% | -36% | -31% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HRMY, ACAD, AXSM, SIGA, ABBV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | TNXP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.2% | -18.8% |
| % Gain to Breakeven | 35.5% | 23.1% |
| Time to Breakeven | 2 days | 79 days |
| 2013 Taper Tantrum | ||
| % Loss | -56.9% | -0.2% |
| % Gain to Breakeven | 132.3% | 0.2% |
| Time to Breakeven | 92 days | 1 days |
In The Past
Tonix Pharmaceuticals's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.5% gain to breakeven.
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| Event | TNXP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.2% | -18.8% |
| % Gain to Breakeven | 35.5% | 23.1% |
| Time to Breakeven | 2 days | 79 days |
| 2013 Taper Tantrum | ||
| % Loss | -56.9% | -0.2% |
| % Gain to Breakeven | 132.3% | 0.2% |
| Time to Breakeven | 92 days | 1 days |
In The Past
Tonix Pharmaceuticals's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tonix Pharmaceuticals (TNXP)
Tonix Pharmaceuticals Holding Corp. (TNXP) is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing, and licensing a portfolio of therapeutics and diagnostics. The company's primary objective is to address significant unmet medical needs by bringing novel treatments to market for a variety of human diseases. Its extensive research and development pipeline is organized into four main therapeutic areas: immunology, rare diseases, infectious diseases, and central nervous system (CNS) disorders.
The company's product candidates target a diverse range of conditions. In immunology, TNX-1500 is a humanized monoclonal antibody being developed for preventing organ transplant rejection, treating autoimmune diseases, and potentially cancer. Its rare disease pipeline includes TNX-2900 for Prader-Willi syndrome. Within infectious diseases, Tonix is developing vaccines such as TNX-801 for smallpox and monkeypox, along with live virus vaccines (TNX-1840/1850) and small molecule antivirals (TNX-3500 for acute COVID-19 and TNX-102 SL for Long COVID) to address COVID-19.
Tonix also maintains a robust CNS portfolio, featuring small molecules and biologics aimed at treating pain, neurologic, psychiatric, and addiction conditions. A key candidate in this area is TNX-102 SL, which is currently in mid-Phase 3 development for the management of fibromyalgia. Other CNS assets include TNX-1900 for the prevention of migraine headaches and TNX-1300, a biologic designed to treat cocaine intoxication. Ultimately, Tonix Pharmaceuticals aims to serve patients suffering from these conditions, with its future products targeting broad markets within global healthcare through physicians and healthcare systems.
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- Think of it as a diversified pharmaceutical company like Pfizer or Johnson & Johnson, but scaled down and with all its potential drugs still in various stages of clinical trials, rather than already on the market.
- It's like the research and development division of a large drug maker such as Merck or Eli Lilly, but operating as its own public company with a broad pipeline spanning immunology, infectious diseases, and CNS conditions.
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- TNX-1500: A humanized monoclonal antibody being developed for the prevention of organ transplant rejection and for the treatment of autoimmune diseases.
- TNX-2900: A product candidate for the treatment of Prader-Willi syndrome.
- TNX-801: A vaccine developed to prevent smallpox and monkeypox.
- TNX-1840 and TNX-1850: Live virus vaccines for COVID-19, based on a recombinant pox vaccine (RPV) platform.
- TNX-3500: A small molecule antiviral drug designed to treat acute COVID-19.
- TNX-102 SL (for Long COVID): A small molecule drug in development to treat Long COVID, a chronic post-acute COVID-19 condition.
- TNX-102 SL (for Fibromyalgia): A small molecule drug in mid-Phase 3 development for the management of fibromyalgia.
- TNX-1900: In development for the prevention of migraine headache.
- TNX-1300: A biologic designed to treat cocaine intoxication.
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As a clinical-stage biopharmaceutical company, Tonix Pharmaceuticals (TNXP) is primarily engaged in the discovery, acquisition, and development of therapeutic and diagnostic product candidates.
Based on the provided company description, its entire portfolio consists of products that are currently in various stages of clinical development or preclinical research. Examples include TNX-1500 for organ transplant rejection, TNX-2900 for Prader-Willi syndrome, TNX-801 for smallpox and monkeypox prevention, and TNX-102 SL for fibromyalgia and Long COVID, among others.
Since these products are all "product candidates" and "in development" (e.g., TNX-102 SL is in mid-Phase 3 development), they have not yet received regulatory approval for commercial sale. Consequently, Tonix Pharmaceuticals is not currently selling commercialized products to end-users (individuals) or to other companies (such as distributors, hospitals, or pharmacies) for commercial distribution or patient use.
Therefore, Tonix Pharmaceuticals does not currently have major customers in the traditional sense of selling commercially available products. Its focus remains on advancing its pipeline through clinical trials with the aim of eventually bringing these treatments to market.
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Seth Lederman, M.D. Co-Founder, CEO & Chairman
Seth Lederman is a physician, scientist, and entrepreneur, and the co-founder of Tonix Pharmaceuticals. Prior to Tonix, Dr. Lederman founded Targent Pharmaceuticals, which developed late-stage oncology drugs. Targent's assets, including levoleucovorin, were later acquired by Spectrum Pharmaceuticals. He also co-founded and served as a managing partner of Konanda Pharma Partners and Konanda Pharma Fund I, LP, and its wholly owned operating companies, Validus and Fontus Pharmaceuticals Inc. Validus acquired Fontus and markets products such as Equetro, Marplan, and Rocaltrol. Before his entrepreneurial ventures, Dr. Lederman served as an Associate Professor at Columbia University for two decades, where he directed basic science research in molecular immunology, infectious diseases, and the development of therapeutics for autoimmune diseases. His fundamental work on the CD40-Ligand (CD154) led to the development of therapeutic candidates for autoimmune diseases and organ transplant rejection.
Bradley Saenger, CPA Chief Financial Officer
Bradley Saenger joined Tonix Pharmaceuticals in May 2014 and was appointed Chief Financial Officer in February 2016. He possesses over 10 years of experience in financial roles at large publicly traded companies and an additional decade in public accounting. His previous roles include leadership positions such as Director of Accounting at Vertex Pharmaceuticals, Inc., Manager of Corporate Accounting and Consolidations at Alere Inc., and a financial consultant for Shire Pharmaceuticals. Mr. Saenger also worked for PricewaterhouseCoopers LLP.
Gregory Sullivan, M.D. Chief Medical Officer
Gregory Sullivan serves as the Chief Medical Officer of Tonix Pharmaceuticals.
Jessica Edgar Morris Chief Operating Officer
Jessica Edgar Morris is the Chief Operating Officer at Tonix Pharmaceuticals. She previously served as Executive Vice President of Operations, Executive Vice President of Administration, Chief Administrative Officer, and Acting Chief Financial Officer for the company.
James "Jim" Hunter, MBA Former Executive Vice President, Commercial Operations (now on Board of Directors)
James "Jim" Hunter most recently served as Executive Vice President, Commercial at Tonix Pharmaceuticals and President of Tonix Medicines from June 2023 to December 2024, where he was responsible for building the company's commercial subsidiary and executing its entry into the migraine market. He was appointed to Tonix's Board of Directors effective June 12, 2025. Prior to Tonix, Mr. Hunter was CEO and Co-founder of Validus Pharmaceuticals from 2007 to 2018, where he was responsible for numerous successful product acquisitions from companies such as Shire, Roche, Novartis, and Sanofi. He was also a Co-founder of Relialab, a diagnostics company. Earlier in his career, he was Executive Director of Neuroscience Sales at Novartis Pharmaceuticals, where he launched and supported products in various neurological conditions.
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Key Risks to Tonix Pharmaceuticals (TNXP)
- Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Tonix Pharmaceuticals' success is heavily dependent on its product candidates successfully completing rigorous clinical trials and ultimately receiving regulatory approvals from health authorities. The company's portfolio includes numerous candidates in various stages of development, such as TNX-102 SL in "mid-Phase 3 development for the management of fibromyalgia" and other candidates "in development" for conditions like migraine and Prader-Willi syndrome. Failure at any stage of these trials or an inability to secure regulatory approval would significantly impede the company's ability to commercialize its products and generate revenue.
- Funding and Commercialization Risk: The development of pharmaceutical products is a capital-intensive process, requiring substantial investment in research, preclinical studies, clinical trials, and manufacturing. As a company primarily focused on product candidates that are not yet commercialized, Tonix Pharmaceuticals likely relies on external funding to finance its operations. Even if a product candidate receives regulatory approval, the company would then face significant costs and challenges associated with commercialization, including manufacturing, marketing, sales, and distribution infrastructure, which could strain its financial resources and impact its ability to effectively bring products to market.
- Competition Risk: Tonix Pharmaceuticals operates in highly competitive therapeutic areas with its diverse pipeline, including immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. The company faces competition from established pharmaceutical companies with approved drugs and other biopharmaceutical companies developing similar treatments. Competitors may have greater financial, technical, and human resources, more extensive experience in drug development and commercialization, or more established sales and marketing infrastructures, which could adversely affect Tonix Pharmaceuticals' ability to achieve market penetration and profitability for its product candidates.
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The dominance and rapid evolution of mRNA vaccine technology for COVID-19, established by companies like Pfizer-BioNTech and Moderna, present a clear emerging threat to Tonix Pharmaceuticals' recombinant pox vaccine (RPV) platform candidates for COVID-19 (TNX-1840 and TNX-1850). The highly effective and adaptable nature of mRNA vaccines has fundamentally reshaped the market, making it extremely challenging for alternative vaccine platforms, particularly those in earlier stages of development like Tonix's live virus vaccines, to gain significant market share or demonstrate a competitive advantage.
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Here are the addressable markets for Tonix Pharmaceuticals' main products and services:
- TNX-1500 (Organ Transplant Rejection): The global organ transplant rejection medication market was valued at approximately USD 5.5 billion in 2022 and is projected to reach USD 7.5 billion by 2032. Another source indicates the global organ transplant immunosuppressant drugs market size was calculated at USD 5.55 billion in 2024, is expected to grow to USD 5.81 billion in 2025, and is projected to reach around USD 8.82 billion by 2034.
- TNX-1500 (Autoimmune Diseases): The global autoimmune disease therapeutics market size was approximately USD 123.96 billion in 2024 and is predicted to reach around USD 249.71 billion by 2034. Another estimate values the global autoimmune therapeutics market at USD 75.53 billion in 2024, anticipated to grow to USD 124.28 billion by 2033.
- TNX-1500 (Cancer): The global cancer therapeutics market was valued at approximately USD 194.67 billion in 2024 and is projected to reach around USD 469.38 billion by 2034. Other reports indicate the global cancer therapeutics market reached US$168.15 billion in 2024 and is expected to reach US$491.60 billion by 2032.
- TNX-2900 (Prader-Willi Syndrome): The global Prader-Willi Syndrome drug market was valued at USD 1.12 billion in 2024 and is expected to reach USD 1.39 billion by 2032. Another source states the global Prader-Willi syndrome market reached US$ 633.56 million in 2024 and is expected to reach US$ 1,078.80 million by 2033.
- TNX-801 (Monkeypox Vaccine): The global monkeypox vaccine and treatment market was valued at USD 103.5 million in 2024 and is projected to reach USD 225.12 million by 2032.
- TNX-801 (Smallpox Vaccine): Null.
- TNX-1840 and TNX-1850 (COVID-19 Vaccine): The global COVID-19 vaccine market size is expected to reach USD 5 billion by 2024. Another estimate values the global COVID-19 vaccine market at US$ 13.43 billion in 2024 and expects it to reach US$ 29.98 billion by 2033. However, another report states the COVID-19 vaccine market size stood at USD 13.71 billion in 2025 and is projected to contract to USD 8.28 billion by 2030.
- TNX-3500 (Acute COVID-19): The global COVID-19 therapeutics market size was valued at US$ 30.7 billion in 2021. The global coronavirus (COVID-19) current therapy market is expected to decline from $28.16 billion in 2021 to $1.57 billion in 2026. The Acute Respiratory Syndrome Coronavirus Infection Market is expected to reach US$ 79.0 billion by 2035.
- TNX-102 SL (Long COVID): Null.
- TNX-102 SL (Fibromyalgia): The global fibromyalgia treatment market was estimated at USD 2.3 billion in 2024 and is expected to grow from USD 2.4 billion in 2025 to USD 3.4 billion in 2034. Other sources indicate the global market is projected to grow from USD 3.6 billion in 2024 to USD 4.88 billion by 2030 or from USD 3.63 billion in 2025 to approximately USD 5.16 billion by 2034.
- TNX-1900 (Migraine Headache Prevention): The migraine market across the seven major markets (US, France, Germany, Italy, Spain, UK, and Japan) is projected to grow from $9.2 billion in 2023 to $16.4 billion by 2033. The global migraine drugs market size was estimated at USD 6.81 billion in 2024 and is projected to reach USD 13.34 billion by 2030.
- TNX-1300 (Cocaine Intoxication): The global cocaine intoxication treatment market size is calculated at US$ 17.91 million in 2024, grew to US$ 19 million in 2025, and is projected to reach around US$ 32.15 million by 2034. Another report states the global market is valued at about USD 11 million in 2026 and is projected to reach USD 22 million by 2035. The total Cocaine Intoxication Treatment Market Size in the 7MM (United States, EU4, United Kingdom, and Japan) was approximately USD 126 million in 2023.
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Tonix Pharmaceuticals (TNXP) is anticipated to drive future revenue growth over the next 2-3 years through the following key initiatives:
- Commercialization of TONMYA (TNX-102 SL) for Fibromyalgia: The primary driver of revenue growth is the recent U.S. commercial launch of TONMYA (cyclobenzaprine HCl sublingual tablets) for the management of fibromyalgia. This product received FDA approval in August 2025 and began its commercial launch in late November 2025, making it the first new medicine approved for fibromyalgia in over 15 years. Analysts project significant revenue acceleration for Tonix Pharmaceuticals starting in 2026, largely attributed to TONMYA's market entry. The company reported initial net revenue of approximately $1.4 million from TONMYA between its launch and December 31, 2025, with over 1,500 healthcare providers having prescribed the drug. Future success will depend on securing payer coverage and increasing physician adoption.
- Growth of Existing Migraine Product Franchise: Tonix Pharmaceuticals' current revenue streams from its migraine products, Zembrace SymTouch and Tosymra, are expected to continue to grow. For the full year 2025, net revenue from these products was approximately $11.7 million, an increase from $10.1 million in 2024. Notably, Tosymra is set to benefit from preferred exclusive formulary placement covering approximately 16 million lives starting in January 2026, which is anticipated to boost its sales by reducing restrictions and co-pays.
- Advancement of TNX-4800 for Lyme Disease Prophylaxis: Tonix Pharmaceuticals acquired worldwide rights to TNX-4800 (a monoclonal antibody for Lyme disease prevention) in September 2025. As there are currently no FDA-approved vaccines or prophylactics for Lyme disease, this candidate addresses a significant unmet medical need. The company plans to meet with the FDA in 2026 to discuss Phase 2/3 development options, which, if successful, could position TNX-4800 for substantial future revenue within the 2-3 year timeframe.
- Progression of TNX-102 SL into Major Depressive Disorder (HORIZON study): The FDA has approved the Investigational New Drug application for the HORIZON study, a Phase 2 trial evaluating TNX-102 SL for major depressive disorder (MDD). Patient enrollment is anticipated to commence by mid-2026. Positive outcomes from this study could significantly expand the market potential for TNX-102 SL beyond fibromyalgia, contributing to future revenue in the substantial and growing global antidepressant market.
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Share Repurchases
- On November 18, 2025, Tonix Pharmaceuticals expanded its share repurchase program by an additional $25 million, bringing the total authorized amount to $35 million.
- In fiscal year 2025, Tonix Pharmaceuticals spent $13.8 million on share buybacks.
- On September 6, 2024, the Board of Directors authorized the repurchase of up to $10 million of its outstanding common stock.
Share Issuance
- On November 21, 2025, Tonix Pharmaceuticals amended its At-The-Market (ATM) offering capacity, increasing the maximum aggregate offering price of shares from $150 million to $400 million.
- In December 2025, Tonix Pharmaceuticals completed a registered direct offering with Point72 for approximately $20 million, which included the sale of common stock and pre-funded warrants.
- On June 11, 2025, the company announced plans to sell up to $225 million in common stock through two separate offerings, consisting of an "at the market offering" of up to $150 million and an additional $75 million in newly issued shares.
Inbound Investments
- In December 2025, Point72 made an investment of approximately $20 million in Tonix Pharmaceuticals through a registered direct offering.
- Tonix Pharmaceuticals has a contract with the U.S. Department of Defense's Defense Threat Reduction Agency for up to $34 million over five years for the development of TNX-4200, a broad-spectrum antiviral agent.
Outbound Investments
- In December 2025, Tonix Pharmaceuticals licensed TNX-4900, a selective Sigma-1 receptor antagonist, for chronic neuropathic pain from Rutgers University.
- In 2021, the company acquired a 48,000 square foot research and development center.
Capital Expenditures
- Tonix Pharmaceuticals invested $3.4 million in capital expenditures in fiscal year 2025, which primarily funded long-term assets and infrastructure, representing a significant increase of 2707.5% from the prior year.
- The company's cash resources at December 31, 2025, are anticipated to meet planned operating and capital expenditure requirements into the first quarter of 2027.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Tonix Pharmaceuticals Earnings Notes | 12/16/2025 | |
| Would You Still Hold Tonix Pharmaceuticals Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
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Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.81 |
| Mkt Cap | 3.6 |
| Rev LTM | 834 |
| Op Inc LTM | 38 |
| FCF LTM | 15 |
| FCF 3Y Avg | 65 |
| CFO LTM | 70 |
| CFO 3Y Avg | 100 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.0% |
| Rev Chg 3Y Avg | 24.5% |
| Rev Chg Q | 23.4% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | -0.2% |
| Op Inc Chg 3Y Avg | 13.9% |
| Op Mgn LTM | -6.6% |
| Op Mgn 3Y Avg | 16.5% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 2.0% |
| CFO/Rev 3Y Avg | 18.8% |
| FCF/Rev LTM | -2.8% |
| FCF/Rev 3Y Avg | 15.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA219428 | TONMYA | cyclobenzaprine hydrochloride | tablet | 8152025 | -69.0% | -70.5% | -76.6% | -76.6% | -76.6% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA219428 | TONMYA | cyclobenzaprine hydrochloride | tablet | 8152025 | -69.0% | -70.5% | -76.6% | -76.6% | -76.6% |
Price Behavior
| Market Price | $12.03 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 02/03/2012 | |
| Distance from 52W High | -80.5% | |
| 50 Days | 200 Days | |
| DMA Price | $12.18 | $14.68 |
| DMA Trend | down | down |
| Distance from DMA | -1.3% | -18.1% |
| 3M | 1YR | |
| Volatility | 78.2% | 85.1% |
| Downside Capture | 205.24 | 422.12 |
| Upside Capture | 96.08 | 173.01 |
| Correlation (SPY) | 20.3% | 35.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.95 | 0.94 | 1.25 | 2.19 | 2.31 | 5.94 |
| Up Beta | 5.51 | 0.81 | 2.18 | 2.84 | 2.70 | -10.53 |
| Down Beta | -2.84 | 0.51 | -1.52 | 0.64 | 0.61 | 0.82 |
| Up Capture | 58% | 48% | 128% | 186% | 235% | 2761% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 30 | 54 | 106 | 335 |
| Down Capture | 393% | 166% | 243% | 225% | 188% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 31 | 70 | 144 | 407 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNXP | |
|---|---|---|---|---|
| TNXP | -73.8% | 84.9% | -1.20 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 14.3% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 36.2% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 10.4% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -14.4% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 17.4% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 26.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNXP | |
|---|---|---|---|---|
| TNXP | -87.9% | 4,365.8% | 0.41 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 3.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 1.4% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 1.4% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -1.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 3.6% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | -0.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNXP | |
|---|---|---|---|---|
| TNXP | -84.3% | 3,087.5% | 0.28 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 2.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 1.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 1.3% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -1.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 2.3% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | -0.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -5.9% | 1.1% | -22.3% |
| 3/13/2026 | -1.3% | 17.6% | -3.2% |
| 11/10/2025 | 4.1% | -0.2% | 16.6% |
| 8/11/2025 | 32.9% | -10.9% | -40.0% |
| 5/12/2025 | 5.2% | 38.6% | 96.5% |
| 3/18/2025 | -19.8% | 45.0% | -22.7% |
| 11/12/2024 | 3.3% | -5.2% | 44.1% |
| 8/19/2024 | -0.5% | -24.0% | -67.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 5 |
| # Negative | 13 | 13 | 18 |
| Median Positive | 5.2% | 10.5% | 26.2% |
| Median Negative | -3.4% | -8.4% | -21.1% |
| Max Positive | 32.9% | 45.0% | 96.5% |
| Max Negative | -19.8% | -40.0% | -79.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -5.9% | 1.1% | -22.3% |
| 3/13/2026 | -1.3% | 17.6% | -3.2% |
| 11/10/2025 | 4.1% | -0.2% | 16.6% |
| 8/11/2025 | 32.9% | -10.9% | -40.0% |
| 5/12/2025 | 5.2% | 38.6% | 96.5% |
| 3/18/2025 | -19.8% | 45.0% | -22.7% |
| 11/12/2024 | 3.3% | -5.2% | 44.1% |
| 8/19/2024 | -0.5% | -24.0% | -67.1% |
| 5/13/2024 | 5.2% | 11.0% | -79.7% |
| 11/9/2023 | -0.2% | -0.3% | -16.1% |
| 8/10/2023 | -1.3% | -5.4% | -8.9% |
| 5/8/2023 | -1.2% | -40.0% | -39.4% |
| 3/13/2023 | 13.1% | -3.3% | -6.9% |
| 10/21/2022 | 2.9% | -8.9% | -16.4% |
| 8/8/2022 | -3.8% | -11.4% | -42.7% |
| 5/9/2022 | -8.1% | -8.4% | -51.5% |
| 3/14/2022 | -5.8% | 7.6% | -11.3% |
| 11/8/2021 | 5.8% | 3.8% | -19.9% |
| 8/9/2021 | 10.8% | -2.5% | -4.4% |
| 5/10/2021 | 1.0% | 1.0% | 26.2% |
| 3/15/2021 | -3.1% | 13.7% | -16.8% |
| 11/9/2020 | -5.7% | 9.9% | 15.4% |
| 8/10/2020 | -3.4% | -12.1% | -33.5% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 5 |
| # Negative | 13 | 13 | 18 |
| Median Positive | 5.2% | 10.5% | 26.2% |
| Median Negative | -3.4% | -8.4% | -21.1% |
| Max Positive | 32.9% | 45.0% | 96.5% |
| Max Negative | -19.8% | -40.0% | -79.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/16/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/16/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/14/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/15/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/24/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/12/2019 | 10-Q |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Taylor, Carolyn E | Direct | Buy | 6152026 | 10.55 | 1,415 | 14,928 | 19,338 | Form | |
| 2 | Lederman, Seth | Chief Executive Officer | Direct | Buy | 6092026 | 11.79 | 5,000 | 58,950 | 106,169 | Form |
| 3 | Stillwell, Richard Newcomb | Direct | Buy | 6092026 | 11.65 | 5,000 | 58,250 | 58,250 | Form | |
| 4 | Lederman, Seth | Chief Executive Officer | IRA Account | Buy | 4012026 | 12.62 | 5,000 | 63,100 | 252,413 | Form |
| 5 | Lederman, Seth | Chief Executive Officer | IRA Account | Buy | 3182026 | 14.89 | 15,000 | 223,350 | 223,365 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Taylor, Carolyn E | Direct | Buy | 6152026 | 10.55 | 1,415 | 14,928 | 19,338 | Form | |
| 2 | Lederman, Seth | Chief Executive Officer | Direct | Buy | 6092026 | 11.79 | 5,000 | 58,950 | 106,169 | Form |
| 3 | Stillwell, Richard Newcomb | Direct | Buy | 6092026 | 11.65 | 5,000 | 58,250 | 58,250 | Form | |
| 4 | Lederman, Seth | Chief Executive Officer | IRA Account | Buy | 4012026 | 12.62 | 5,000 | 63,100 | 252,413 | Form |
| 5 | Lederman, Seth | Chief Executive Officer | IRA Account | Buy | 3182026 | 14.89 | 15,000 | 223,350 | 223,365 | Form |
| 6 | Taylor, Carolyn E | Direct | Buy | 8212025 | 36.03 | 418 | 15,061 | 15,061 | Form | |
| 7 | Treco, James | Direct | Buy | 8202025 | 36.00 | 250 | 9,000 | 9,000 | Form |
Investor Activity (13F)
Updated Aug 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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