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,
Valuation FY2025 figures against the last close
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 | $736.3K | $7.9K | $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.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |