Tonix Pharmaceuticals Holding Corp.
- Open
- 13.41
- Day high
- 14.50
- Day low
- 13.35
- Prev close
- 13.59
- Volume
- 569K
- Mkt cap
- $242M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 8.3
- Yield
- —
- Per share
- —
- ▲Insiders net buying $172K over the last 3 months (5 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Tonix Pharmaceuticals Holding Corp. (TNXP) is a Healthcare company listed on NASDAQ. The stock is down 50% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 0 sales (SEC Form 4).
Tonix Pharmaceuticals Holding Corp. (TNXP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TNXP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-2.64 | $-2.44 | +7.6% | $14M | +75.4% |
| May 11, 2026 | $-2.54 | $-2.93 | -15.4% | $7M | +12.3% |
| Mar 12, 2026 | $-3.19 | $-3.98 | -24.8% | $5M | +81.7% |
| Mar 18, 2025 | $-6.23 | $-9.77 | -56.8% | $3M | -19.3% |
| Aug 16, 2024 | $-991.00 | $-1928.00 | -94.6% | $2M | -38.3% |
| Apr 1, 2024 | $-4984.03 | $-2747.60 | +44.9% | $2M | -34.7% |
| Nov 9, 2023 | $-4760.38 | $-5846.65 | -22.8% | $4M | -22.2% |
| Aug 10, 2023 | $-8881.79 | $-8562.30 | +3.6% | — | — |
| Mar 13, 2023 | $-12579.87 | $-11182.11 | +11.1% | — | — |
| Mar 14, 2022 | $-44656.98 | $-44656.98 | +0.0% | — | — |
| Mar 15, 2021 | $-57416.13 | $-63795.69 | -11.1% | $3M | — |
| May 12, 2020 | $-312598.90 | $-236044.10 | +24.5% | — | — |
TNXP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | LEDERMAN SETHdirector, officer: Chief Executive Officer | Buy | 2,000 | $13.79 |
| Aug 24, 2026 | BAGGER RICHARD Hdirector | Buy | 1,000 | $12.60 |
| Jun 15, 2026 | Taylor Carolyn E.director | Buy | 1,415 | $10.55 |
| Jun 9, 2026 | Stillwell Richard Newcombdirector | Buy | 5,000 | $11.65 |
| Jun 9, 2026 | LEDERMAN SETHdirector, officer: Chief Executive Officer | Buy | 5,000 | $11.79 |
| May 14, 2026 | Taylor Carolyn E.director | Grant | 22,700 | $13.28 |
| May 14, 2026 | Stillwell Richard Newcombdirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | Hunter James Randolph Jrdirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | OLUKOTUN ADEOYE Ydirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | Bell Margaret Smithdirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | Treco Jamesdirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | GRANGE DAVID Ldirector | Grant | 22,700 | $13.28 |
| May 14, 2026 | BAGGER RICHARD Hdirector | Grant | 22,700 | $13.28 |
| Feb 26, 2026 | MORRIS JESSICA EDGARofficer: Chief Operating Officer | Grant | 39,012 | $14.29 |
| Feb 26, 2026 | MORRIS JESSICA EDGARofficer: Chief Operating Officer | Grant | 39,011 | $17.86 |
Source: TNXP SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full TNXP insider & 13F page →Tonix Pharmaceuticals Holding Corp. company profile
Overview
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) is a clinical-stage biopharmaceutical company founded in 2007 and headquartered in Chatham, New Jersey. The company went public in May 2012 and focuses on discovering, acquiring, developing, and licensing therapeutics and diagnostics across multiple therapeutic areas. Tonix operates as a development-stage company with a diverse pipeline of drug candidates targeting immunology, rare diseases, infectious diseases, and central nervous system conditions, though it has yet to bring any products to market and remains in the clinical development phase.
Business
Tonix Pharmaceuticals operates in the biotechnology sector, specifically as a clinical-stage drug development company. The biopharmaceutical industry involves the research, development, and commercialization of drugs derived from biological sources or created through biotechnology processes. Companies in this space typically spend years and hundreds of millions of dollars developing drug candidates through preclinical research and multiple phases of clinical trials before potentially receiving regulatory approval. The company's portfolio spans four main therapeutic areas: Immunology Portfolio: This includes biologics designed to address organ transplant rejection, autoimmunity, and cancer. The lead candidate is TNX-1500, a humanized monoclonal antibody that targets CD40-ligand. Monoclonal antibodies are laboratory-made proteins that can bind to specific targets in the body, and this particular drug is being developed to prevent the body from rejecting transplanted organs and to treat autoimmune diseases where the immune system attacks healthy tissue. Rare Disease Portfolio: Features TNX-2900 for treating Prader-Willi syndrome, a genetic disorder that causes weak muscle tone, feeding difficulties, and behavioral problems. Rare disease drugs often command premium pricing due to limited patient populations and lack of alternative treatments. Infectious Disease Pipeline: Includes several vaccine and antiviral candidates. TNX-801 is a vaccine designed to prevent smallpox and monkeypox, while TNX-1840 and TNX-1850 are COVID-19 vaccines based on the company's recombinant pox vaccine platform. TNX-3500 is a small molecule antiviral for acute COVID-19 treatment, and TNX-102 SL targets Long COVID symptoms. Central Nervous System (CNS) Portfolio: Contains both small molecules and biologics for treating pain, neurologic, psychiatric, and addiction conditions. The flagship candidate is TNX-102 SL, currently in mid-Phase 3 development for fibromyalgia management. TNX-1900 is being developed for migraine prevention, and TNX-1300 is a biologic designed to treat cocaine intoxication. Based on the company's revenue figures, which appear to come from research collaborations and grants rather than product sales, no single business segment generates meaningful commercial revenue yet, as all programs remain in development stages.
Revenue model
Tonix generates revenue primarily through research collaborations, government grants, and licensing agreements rather than product sales, as none of its drug candidates have reached commercialization. The company's current revenue of approximately $10 million annually comes from partnerships with government agencies and other organizations funding specific research programs, particularly in infectious disease areas like biodefense applications. The company's future business model depends on successfully advancing its drug candidates through clinical trials and either bringing them to market independently or partnering with larger pharmaceutical companies. In the CNS area, particularly with TNX-102 SL for fibromyalgia, the company would likely seek to commercialize independently in the U.S. market if approved. For other programs, especially those requiring significant manufacturing capabilities or global reach, Tonix would likely pursue licensing or partnership deals with established pharmaceutical companies. The paying customers in Tonix's current model are government agencies funding research grants and potential pharmaceutical partners providing upfront payments and milestone payments for licensing deals. Upon commercialization, the ultimate customers would be patients, healthcare providers, and insurance companies paying for approved medications. Several factors could significantly impact Tonix's margins and success. Regulatory approval rates in biotechnology are notoriously low, with most drug candidates failing during clinical development, which creates substantial execution risk. Competition from larger pharmaceutical companies with greater resources could impact market opportunities, particularly in areas like fibromyalgia where multiple treatments exist. Healthcare reimbursement policies and pricing pressures from insurance companies and government programs could limit pricing power for approved drugs. Manufacturing costs and complexity, especially for biologic drugs like monoclonal antibodies, could significantly impact gross margins. Patent protection duration affects the exclusivity period and pricing power for any approved products. Finally, clinical trial costs and timelines directly impact cash burn rates and the company's ability to fund development through to commercialization.
Competitive moat
Tonix Pharmaceuticals operates in a highly competitive biotechnology landscape with limited sustainable competitive advantages at this stage of development. The company's primary potential moat lies in its intellectual property portfolio covering its various drug candidates and platform technologies, particularly the recombinant pox vaccine platform used for infectious disease applications. However, patent protection provides only temporary exclusivity and can be challenged or circumvented by competitors. The company's regulatory expertise and clinical development capabilities across multiple therapeutic areas could provide some competitive advantage, as successfully navigating complex clinical trials requires specialized knowledge. Tonix's experience with the FDA approval process and established relationships with clinical research organizations may accelerate development timelines compared to less experienced competitors. The diversified pipeline approach across immunology, rare diseases, infectious diseases, and CNS conditions provides some risk mitigation, as failure in one area doesn't eliminate all value. However, this diversification also spreads resources thin and may prevent the company from achieving leadership in any single therapeutic area. The competitive threats are substantial. Large pharmaceutical companies with significantly greater financial resources can outspend Tonix in research and development, clinical trials, and market access. Specialized biotechnology companies focusing on single therapeutic areas may achieve faster progress and better outcomes by concentrating their efforts. Academic institutions and government research programs could develop competing approaches, particularly in infectious disease areas where Tonix has government funding. The company's moat is relatively weak at present, as most value depends on successful clinical execution rather than sustainable competitive advantages. The biotechnology industry's high failure rates and intense competition from well-funded rivals create significant risks to long-term competitive positioning.
Risks & safety
Tonix presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but high execution risk. Liquidity and Solvency: • Cash and short-term investments of $131.7 million as of Q1 2025 provides substantial runway • Current ratio of 12.3x indicates very strong short-term liquidity position • Minimal debt with debt-to-equity ratio of only 0.3% • Quarterly cash burn of approximately $16-17 million suggests roughly 2 years of funding at current burn rate • Free cash flow of -$61 million annually indicates continued funding needs Valuation Metrics: • Price-to-book ratio of 0.59x suggests trading below tangible book value • Graham net-net value of $21.22 per share indicates potential asset-based value • No meaningful price-to-earnings ratio due to development stage losses • Enterprise value appears reasonable relative to cash position Other Considerations: • High clinical trial failure risk typical of biotechnology sector • Regulatory approval uncertainty across multiple programs • Potential dilution risk from future equity fundraising needs • Revenue concentration in government grants rather than diversified commercial income
Recent development
Based on the available financial data, Tonix has been actively advancing its clinical pipeline across multiple therapeutic areas over recent years. The company has maintained a diversified approach to drug development, with significant activity in both central nervous system applications and infectious disease programs. The company's CNS program has shown notable progress, particularly with TNX-102 SL advancing to mid-Phase 3 development for fibromyalgia management. This represents a major milestone as Phase 3 trials are the final stage before potential FDA approval, indicating the company has successfully demonstrated safety and efficacy in earlier trial phases. The fibromyalgia indication represents a significant commercial opportunity given the large patient population and limited effective treatment options. In the infectious disease space, Tonix has expanded its vaccine development efforts, particularly around biodefense applications. The development of TNX-801 for smallpox and monkeypox prevention has gained relevance given recent public health concerns. The company has also developed COVID-19 related programs including vaccines and treatments for both acute COVID-19 and Long COVID symptoms, demonstrating agility in responding to emerging health threats. The company's financial position has been strengthened through what appears to be successful fundraising activities, with cash and short-term investments increasing significantly from $4.2 million in Q2 2024 to $131.7 million in Q1 2025. This substantial cash infusion provides the runway needed to advance multiple clinical programs simultaneously and reduces near-term dilution risk. Revenue diversification efforts have included securing government grants and research collaborations, with annual revenue growing from $7.8 million in 2023 to $10.1 million in 2024. While still modest, this represents progress in building non-dilutive funding sources to support development activities.
TNXP company profile · for informational purposes only — not investment advice.
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