Tonix Pharmaceuticals Holding Corp. TNXP
Annual Report on Form 10-K (including the section regarding Management's Discussion and Analysis of Financial Condition and
prospects. All statements contained in this Annual Report other than statements of historical fact, including, but not limited to,
statements regarding the launch and commercialization of TONMYA and our migraine products, our future results of operations and
financial position, business strategy, market size, potential growth opportunities, clinical and nonclinical development activities,
Last close
5.17
2026-10-23
Market cap
$88.7M
2026-06-30 share count
52-week range
5.01 - 20.56
Valuation FY2025 figures against the last close
P/S6.8x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-14.57
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1M | $10.1M | $7.8M | — | — | — | — | — | — | — |
| Cost of revenue | $6.6M | $7.8M | $4.7M | — | — | — | — | — | — | — |
| Gross profit | $6.5M | $2.3M | $3.0M | — | — | — | — | — | — | — |
| R&D | $44.5M | $40.0M | $86.7M | $81.9M | $68.8M | $36.2M | $18.2M | $17.6M | $13.3M | $28.5M |
| SG&A | $87.7M | $40.1M | $34.8M | $30.2M | $23.5M | $14.4M | $10.6M | $8.8M | $7.9M | $10.4M |
| Total operating expenses | $138.8M | $146.8M | $126.1M | $112.1M | $92.3M | $50.5M | $28.8M | $26.3M | $21.3M | $39.0M |
| Operating income | -$125.7M | -$136.7M | -$118.4M | -$112.1M | -$92.3M | -$50.5M | -$28.8M | -$26.3M | -$21.3M | -$39.0M |
| Interest expense | $89.0K | $1.2M | — | — | — | — | — | — | — | — |
| Pre-tax income | — | — | — | — | — | — | — | — | -$21.1M | -$38.8M |
| Net income | -$124.0M | -$130.0M | -$116.7M | -$110.2M | -$92.3M | -$50.5M | -$28.6M | -$26.1M | -$21.1M | -$38.8M |
| EPS, basic | -14.57 | -176.60 | -14,720.25 | -20.01 | -8.10 | — | — | — | — | — |
| EPS, diluted | -14.57 | -176.60 | -14,720.25 | -20.01 | -8.10 | -0.55 | -19.33 | -259.85 | -31.69 | -15.41 |
| Shares, diluted (wtd. avg.) | 8.5M | 736,339 | 7,925 | 5.8M | 11.4M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $207.6M | $98.8M | $25.8M | $120.5M | $178.9M | $77.3M | $11.3M | $25.1M | $25.6M | $19.0M |
| Receivables | $6.3M | $3.7M | — | — | — | — | — | — | — | — |
| Inventory | — | $8.4M | $13.6M | — | — | — | — | — | — | — |
| Total current assets | $228.9M | $119.0M | $47.8M | $130.8M | $189.0M | $88.0M | $13.9M | $26.1M | $26.4M | $27.1M |
| Property, plant and equipment | $44.5M | $42.3M | $94.0M | $93.8M | $50.6M | $8.6M | $34.0K | $43.0K | $91.0K | $150.0K |
| Goodwill | — | — | $965.0K | — | — | — | — | — | — | — |
| Other intangibles | $120.0K | $120.0K | $9.7M | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K | $120.0K |
| Total assets | $277.2M | $162.9M | $154.5M | $225.7M | $240.9M | $98.2M | $14.6M | $26.3M | $26.8M | $27.5M |
| Accounts payable | $8.1M | $4.5M | $3.8M | $8.1M | $13.3M | $4.6M | $3.1M | $1.4M | $1.3M | $872.0K |
| Short-term debt | — | $2.8M | $2.4M | — | — | — | — | — | — | — |
| Total current liabilities | $30.8M | $18.3M | $18.9M | $18.2M | $21.7M | $9.8M | $5.1M | $2.7M | $2.1M | $2.1M |
| Long-term debt | — | $4.7M | $6.6M | — | — | — | — | — | — | — |
| Total liabilities | $32.0M | $23.3M | $48.9M | $18.5M | $22.2M | $10.5M | $5.1M | $2.7M | $2.1M | $2.1M |
| Retained earnings | -$854.7M | -$730.7M | -$600.7M | -$470.0M | -$359.8M | -$267.5M | -$217.1M | -$188.5M | -$162.4M | -$141.2M |
| Total equity | $245.2M | $139.6M | $105.5M | $207.2M | $218.7M | $87.6M | $9.4M | $23.7M | $24.6M | $25.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$99.8M | -$60.9M | -$102.0M | -$98.1M | -$75.6M | -$48.6M | -$26.7M | -$24.0M | -$19.1M | -$37.3M |
| Depreciation and amortisation | $1.9M | $3.4M | $4.3M | $1.3M | $50.0K | $27.0K | $26.0K | $54.0K | $70.0K | $206.0K |
| Stock-based compensation | $6.0M | $4.8M | $9.3M | $10.9M | $7.9M | $2.9M | $1.5M | $1.6M | $1.8M | $3.3M |
| Capital expenditure | $3.4M | $120.0K | $7.9M | $48.1M | $35.3M | $8.6M | $17.0K | $6.0K | $5.0K | $66.0K |
| Investing cash flow | -$4.5M | -$120.0K | -$29.1M | -$48.1M | -$35.3M | -$8.6M | -$17.0K | -$6.0K | $7.2M | $16.5M |
| Financing cash flow | $214.5M | $134.9M | $36.5M | $87.8M | $212.5M | $123.1M | $12.9M | $23.5M | $18.5M | $20.5M |
| Buybacks | $13.8M | — | $14.0M | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001999371-26-005730.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | $7.8M | $10.1M | $13.1M |
| Gross profit | — | — | — | — | — | — | — | $3.0M | $2.3M | $6.5M |
| Net income | -$38.8M | -$21.1M | -$26.1M | -$28.6M | -$50.5M | -$92.3M | -$110.2M | -$116.7M | -$130.0M | -$124.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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