TNF Pharmaceuticals Financials

TNFA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

3/9

TNF Pharmaceuticals passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.38x

For every $1 of reported earnings, TNF Pharmaceuticals generates $0.38 in operating cash flow (-$9.0M OCF vs -$23.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows TNF Pharmaceuticals (TNFA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$23.4M

YoY-484.0%

TNF Pharmaceuticals reported -$23.4M in net income in fiscal year 2024. This represents a decrease of 484.0% from the prior year.

EPS (Diluted)

$-11.15

TNF Pharmaceuticals earned $-11.15 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 109.2% from the prior year.

Cash & Debt

$173K

YoY-93.5%

5Y CAGR-19.7%

10Y CAGR-9.2%

TNF Pharmaceuticals held $173K in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

34,397

TNF Pharmaceuticals had 34,397 shares outstanding in fiscal year 2024. This represents a decrease of 98.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$3.4M

YoY-56.3%

5Y CAGR+65.5%

10Y CAGR+14.1%

TNF Pharmaceuticals invested $3.4M in research and development in fiscal year 2024. This represents a decrease of 56.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

TNFA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	$1.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$1.1M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$479K
R&D Expenses	$3.4M-56.3%	$7.9M-13.2%	$9.1M+34.4%	$6.7M+173.4%	$2.5M+791.3%	$277K
SG&A Expenses	$4.2M-23.5%	$5.4M-1.4%	$5.5M-14.0%	$6.4M+117.9%	$2.9M-12.6%	$3.4M
Operating Income	-$10.2M+40.6%	-$17.1M-12.0%	-$15.3M+47.0%	-$28.8M-203.6%	-$9.5M-173.3%	-$3.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$23.4M-484.0%	-$4.0M+73.7%	-$15.2M+49.2%	-$29.9M-215.0%	-$9.5M-144.0%	-$3.9M
EPS (Diluted)	$-11.15	$-5.33+54.6%	$-11.74	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$356K-49.6%	$708K	N/A	$1.9M	N/A	$1.8M	N/A	$3.0M
SG&A Expenses	$968K-12.3%	$1.1M	N/A	$1.3M	N/A	$1.6M	N/A	$1.4M
Operating Income	-$1.8M+2.0%	-$1.8M	N/A	-$3.8M	N/A	-$3.7M	N/A	-$4.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.8M-45.7%	-$1.9M	N/A	$4.0M	N/A	-$3.7M	N/A	-$5.5M
EPS (Diluted)	$-2.50	$-107.62	N/A	$0.37	N/A	$-0.09	N/A	N/A

TNFA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$21.4M+19.9%	$17.9M+1.8%	$17.5M-29.3%	$24.8M+3566.8%	$677K-93.8%	$10.9M
Current Assets	$9.4M+61.8%	$5.8M+7.7%	$5.4M-57.4%	$12.7M+8371.7%	$150K-98.6%	$10.3M
Cash & Equivalents	$173K-93.5%	$2.7M+257.9%	$749K+34.7%	$556K+274.9%	$148K-71.3%	$517K
Inventory	N/A	N/A	N/A	N/A	$198K-0.6%	$199K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$43K
Goodwill	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M	N/A	N/A
Total Liabilities	$11.6M+128.6%	$5.1M+78.9%	$2.8M+144.0%	$1.2M-80.4%	$5.9M-55.1%	$13.2M
Current Liabilities	$6.7M+34.3%	$5.0M+80.1%	$2.8M+166.3%	$1.0M-55.7%	$2.3M+53.5%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.8M-20.9%	$12.4M-15.8%	$14.7M-37.9%	$23.6M+549.8%	-$5.3M-125.3%	-$2.3M
Retained Earnings	-$129.1M-26.6%	-$102.0M-8.8%	-$93.8M-19.3%	-$78.6M-61.4%	-$48.7M+59.3%	-$119.6M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Total Assets	$37.2M+73.8%	$21.4M+19.9%	$17.9M-18.2%	$21.8M+24.4%	$17.5M-13.3%	$20.2M-18.5%	$24.8M-11.4%	$28.0M
Current Assets	$11.1M+18.4%	$9.4M+61.8%	$5.8M-40.3%	$9.7M+80.2%	$5.4M-33.1%	$8.1M-36.2%	$12.7M-20.6%	$15.9M
Cash & Equivalents	$6.9M+3887.3%	$173K-93.5%	$2.7M+798.7%	$298K-60.2%	$749K+141.7%	$310K-44.3%	$556K-59.6%	$1.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M
Total Liabilities	$15.9M+36.8%	$11.6M+128.6%	$5.1M-11.0%	$5.7M+100.9%	$2.8M+49.4%	$1.9M+63.3%	$1.2M-45.0%	$2.1M
Current Liabilities	$6.5M-2.5%	$6.7M+34.3%	$5.0M-12.4%	$5.7M+105.7%	$2.8M+55.5%	$1.8M+71.3%	$1.0M-50.3%	$2.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.3M+46.3%	$9.8M-20.9%	$12.4M-20.2%	$15.5M+5.5%	$14.7M-19.8%	$18.3M-22.5%	$23.6M-8.7%	$25.9M
Retained Earnings	-$137.6M-6.5%	-$129.1M-26.6%	-$102.0M-5.0%	-$97.1M-3.5%	-$93.8M-4.2%	-$90.0M-14.6%	-$78.6M-4.3%	-$75.3M

TNFA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$9.0M+30.8%	-$13.0M-5.8%	-$12.3M+37.1%	-$19.5M-318.5%	-$4.7M-51.7%	-$3.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$6.1M-430.6%	$1.8M-73.3%	$6.9M-65.2%	$19.9M+326.7%	-$8.8M-122.2%	-$3.9M
Financing Cash Flow	$12.6M-3.8%	$13.1M+135.4%	$5.6M+7447.7%	$74K-98.4%	$4.7M-32.9%	$7.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Operating Cash Flow	-$1.2M+45.3%	-$2.1M-9.7%	-$1.9M+38.8%	-$3.2M-40.4%	-$2.2M+85.9%	-$16.0M-231.6%	-$4.8M+25.3%	-$6.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.5M-235.7%	$1.1M-81.4%	$5.9M+76.6%	$3.4M+25.1%	$2.7M+218.5%	-$2.3M-175.6%	$3.0M-45.5%	$5.5M
Financing Cash Flow	N/A	$1+100.0%	-$1.6M	$0	$0	N/A	$995K+410.6%	$195K
Dividends Paid	$309K+354.4%	$68K	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TNFA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	30.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	-220.2%
Net Margin	N/A	N/A	N/A	N/A	N/A	-246.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-109.0%-86.7pp	-22.4%+64.3pp	-86.6%+33.8pp	-120.5%+1281.6pp	-1402.1%-1366.4pp	-35.7%
Current Ratio	1.40+0.2	1.17-0.8	1.95-10.2	12.18+12.1	0.06-6.7	6.74
Debt-to-Equity	1.19+0.8	0.41+0.2	0.19+0.1	0.05+1.2	-1.13+4.5	-5.67
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	26.1%	N/A	N/A	N/A	N/A
Return on Assets	-7.5%+0.5pp	-8.0%	N/A	18.5%	N/A	-18.3%	N/A	-19.5%
Current Ratio	1.71+0.3	1.40+0.2	1.17-0.5	1.71-0.2	1.95-2.6	4.54-7.6	12.18+4.6	7.62
Debt-to-Equity	1.11-0.1	1.19+0.8	0.41+0.0	0.37+0.2	0.19+0.1	0.10+0.1	0.05-0.0	0.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is TNF Pharmaceuticals profitable?

No, TNF Pharmaceuticals (TNFA) reported a net income of -$23.4M in fiscal year 2024.

What is TNF Pharmaceuticals's earnings per share (EPS)?

TNF Pharmaceuticals (TNFA) reported diluted earnings per share of $-11.15 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is TNF Pharmaceuticals's operating cash flow?

TNF Pharmaceuticals (TNFA) generated -$9.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are TNF Pharmaceuticals's total assets?

TNF Pharmaceuticals (TNFA) had $21.4M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does TNF Pharmaceuticals spend on research and development?

TNF Pharmaceuticals (TNFA) invested $3.4M in research and development during fiscal year 2024.

How many shares does TNF Pharmaceuticals have outstanding?

TNF Pharmaceuticals (TNFA) had 34,397 shares outstanding as of fiscal year 2024.

What is TNF Pharmaceuticals's current ratio?

TNF Pharmaceuticals (TNFA) had a current ratio of 1.40 as of fiscal year 2024, which is considered adequate.

What is TNF Pharmaceuticals's debt-to-equity ratio?

TNF Pharmaceuticals (TNFA) had a debt-to-equity ratio of 1.19 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TNF Pharmaceuticals's return on assets (ROA)?

TNF Pharmaceuticals (TNFA) had a return on assets of -109.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is TNF Pharmaceuticals's cash runway?

Based on fiscal year 2024 data, TNF Pharmaceuticals (TNFA) had $173K in cash against an annual operating cash burn of $9.0M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is TNF Pharmaceuticals's Piotroski F-Score?

TNF Pharmaceuticals (TNFA) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are TNF Pharmaceuticals's earnings high quality?

TNF Pharmaceuticals (TNFA) has an earnings quality ratio of 0.38x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.