Tonix Pharmaceut Financials
This page shows Tonix Pharmaceut (TNXP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tonix Pharmaceut has an operating margin of -959.1%, meaning the company retains $-959 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -1354.3% the prior year.
Tonix Pharmaceut's revenue surged 29.8% year-over-year to $13.1M, reflecting rapid business expansion. This strong growth earns a score of 83/100.
Tonix Pharmaceut carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.42, Tonix Pharmaceut holds $7.42 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Tonix Pharmaceut generated -$99.8M in operating cash flow, capex of $3.4M consumed most of it, leaving -$103.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Tonix Pharmaceut generates a -50.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -93.2% the prior year.
Tonix Pharmaceut passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Tonix Pharmaceut generates $0.81 in operating cash flow (-$99.8M OCF vs -$124.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tonix Pharmaceut earns $-1412.4 in operating income for every $1 of interest expense (-$125.7M vs $89K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Tonix Pharmaceut generated $13.1M in revenue in fiscal year 2025. This represents an increase of 29.8% from the prior year.
Tonix Pharmaceut's EBITDA was -$123.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.1% from the prior year.
Tonix Pharmaceut reported -$124.0M in net income in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Tonix Pharmaceut earned $-14.57 per diluted share (EPS) in fiscal year 2025. This represents an increase of 91.7% from the prior year.
Cash & Balance Sheet
Tonix Pharmaceut generated -$103.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 69.1% from the prior year.
Tonix Pharmaceut held $207.6M in cash against $0 in long-term debt as of fiscal year 2025.
Tonix Pharmaceut had 13M shares outstanding in fiscal year 2025. This represents an increase of 191.6% from the prior year.
Margins & Returns
Tonix Pharmaceut's gross margin was 49.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 26.3 percentage points from the prior year.
Tonix Pharmaceut's operating margin was -959.1% in fiscal year 2025, reflecting core business profitability. This is up 395.2 percentage points from the prior year.
Tonix Pharmaceut's net profit margin was -946.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 342.0 percentage points from the prior year.
Tonix Pharmaceut's ROE was -50.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 42.6 percentage points from the prior year.
Capital Allocation
Tonix Pharmaceut invested $44.5M in research and development in fiscal year 2025. This represents an increase of 11.3% from the prior year.
Tonix Pharmaceut spent $13.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Tonix Pharmaceut invested $3.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2707.5% from the prior year.
TNXP Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4M+63.8% | $3.3M+64.7% | $2.0M-17.7% | $2.4M-5.9% | $2.6M-8.5% | $2.8M+27.8% | $2.2M-11.0% | $2.5M |
| Cost of Revenue | $1.1M-22.6% | $1.4M-58.2% | $3.3M+247.0% | $943K-20.3% | $1.2M-23.9% | $1.6M-53.8% | $3.4M+102.8% | $1.7M |
| Gross Profit | $4.3M+125.3% | $1.9M+250.9% | -$1.3M-185.7% | $1.5M+6.2% | $1.4M+10.4% | $1.3M+209.3% | -$1.2M-241.0% | $822K |
| R&D Expenses | $16.9M+82.4% | $9.3M-14.1% | $10.8M+45.5% | $7.4M-10.4% | $8.3M-9.0% | $9.1M-6.0% | $9.7M-24.6% | $12.9M |
| SG&A Expenses | $35.7M+38.8% | $25.7M+58.6% | $16.2M+60.4% | $10.1M-35.2% | $15.6M+102.2% | $7.7M+2.7% | $7.5M-19.4% | $9.3M |
| Operating Income | -$48.3M-46.0% | -$33.1M-16.9% | -$28.3M-76.3% | -$16.1M+28.6% | -$22.5M-44.5% | -$15.6M+79.9% | -$77.3M-262.1% | -$21.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $301K | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$46.9M-46.5% | -$32.0M-13.2% | -$28.3M-68.0% | -$16.8M+23.9% | -$22.1M-55.5% | -$14.2M+82.0% | -$78.8M-427.3% | -$14.9M |
| EPS (Diluted) | N/A | $-3.59+7.0% | $-3.86-35.9% | $-2.84 | N/A | $-22.68 | $-1920.85 | $-535.72 |
TNXP Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $277.2M+9.8% | $252.4M+34.7% | $187.4M-2.9% | $192.9M+18.4% | $162.9M+71.5% | $95.0M+35.1% | $70.3M-48.1% | $135.3M |
| Current Assets | $228.9M+10.0% | $208.1M+45.0% | $143.5M-4.0% | $149.6M+25.7% | $119.0M+135.4% | $50.5M+99.9% | $25.3M-16.0% | $30.1M |
| Cash & Equivalents | $207.6M+9.3% | $190.1M+51.6% | $125.3M-4.8% | $131.7M+33.3% | $98.8M+249.9% | $28.2M+579.3% | $4.2M-41.0% | $7.0M |
| Inventory | N/A | N/A | N/A | N/A | $8.4M+6.0% | $7.9M-16.1% | $9.5M-23.4% | $12.4M |
| Accounts Receivable | $6.3M+80.1% | $3.5M+50.0% | $2.3M-30.0% | $3.3M-10.1% | $3.7M-8.2% | $4.0M+20.2% | $3.3M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $965K |
| Total Liabilities | $32.0M+50.4% | $21.3M+10.0% | $19.4M+55.2% | $12.5M-46.5% | $23.3M+12.3% | $20.8M-26.3% | $28.2M+3.7% | $27.2M |
| Current Liabilities | $30.8M+46.6% | $21.0M+10.3% | $19.1M+56.9% | $12.1M-33.7% | $18.3M+20.6% | $15.2M-31.1% | $22.0M+7.6% | $20.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $4.7M-9.8% | $5.2M-8.8% | $5.7M-8.0% | $6.2M |
| Total Equity | $245.2M+6.1% | $231.1M+37.6% | $168.0M-6.9% | $180.4M+29.3% | $139.6M+88.1% | $74.2M+76.3% | $42.1M-61.1% | $108.1M |
| Retained Earnings | -$854.7M-5.8% | -$807.8M-4.1% | -$775.8M-3.8% | -$747.5M-2.3% | -$730.7M-3.1% | -$708.6M-2.0% | -$694.4M-12.8% | -$615.6M |
TNXP Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$39.6M-37.8% | -$28.8M-94.0% | -$14.8M+10.5% | -$16.6M-13.3% | -$14.6M+22.2% | -$18.8M-89.5% | -$9.9M+43.6% | -$17.6M |
| Capital Expenditures | $1.9M+94.8% | $962K+82.5% | $527K+8683.3% | $6K+100.0% | $3K-66.7% | $9K | $0-100.0% | $108K |
| Free Cash Flow | -$41.5M-39.6% | -$29.7M-93.6% | -$15.4M+7.4% | -$16.6M-13.3% | -$14.6M+22.2% | -$18.8M-89.6% | -$9.9M+43.9% | -$17.7M |
| Investing Cash Flow | -$1.0M-6.1% | -$962K+62.1% | -$2.5M-42216.7% | -$6K-100.0% | -$3K+66.7% | -$9K | $0+100.0% | -$108K |
| Financing Cash Flow | $59.1M-37.7% | $94.9M+762.9% | $11.0M-77.8% | $49.5M-41.8% | $85.2M+98.5% | $42.9M+510.7% | $7.0M+3413.7% | -$212K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $7.8M | $0-100.0% | $2.9M-4.8% | $3.0M | N/A | N/A | N/A | N/A |
TNXP Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.4%+21.9pp | 58.5%+122.2pp | -63.8%-124.9pp | 61.2%+7.0pp | 54.2%+9.3pp | 44.9%+97.4pp | -52.5%-85.6pp | 33.1% |
| Operating Margin | -895.8%+109.2pp | -1005.1%+411.1pp | -1416.2%-755.3pp | -660.9%+209.7pp | -870.6%-319.5pp | -551.2%+2950.5pp | -3501.6%-2641.4pp | -860.2% |
| Net Margin | -870.3%+102.6pp | -972.9%+442.1pp | -1415.0%-722.2pp | -692.8%+163.4pp | -856.2%-352.6pp | -503.7%+3064.1pp | -3567.8%-2965.9pp | -601.9% |
| Return on Equity | -19.1%-5.3pp | -13.9%+3.0pp | -16.8%-7.5pp | -9.3%+6.5pp | -15.8%+3.3pp | -19.1%+167.9pp | -187.1%-173.3pp | -13.8% |
| Return on Assets | -16.9%-4.2pp | -12.7%+2.4pp | -15.1%-6.4pp | -8.7%+4.8pp | -13.6%+1.4pp | -15.0%+97.1pp | -112.1%-101.0pp | -11.0% |
| Current Ratio | 7.42-2.5 | 9.89+2.4 | 7.53-4.8 | 12.31+5.8 | 6.50+3.2 | 3.33+2.2 | 1.15-0.3 | 1.47 |
| Debt-to-Equity | 0.13+0.0 | 0.09-0.0 | 0.12+0.0 | 0.07+0.0 | 0.03-0.0 | 0.07-0.1 | 0.13+0.1 | 0.06 |
| FCF Margin | -770.4%+133.7pp | -904.1%-135.3pp | -768.8%-86.0pp | -682.8%-116.1pp | -566.7%+99.8pp | -666.5%-217.3pp | -449.2%+263.2pp | -712.5% |
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Frequently Asked Questions
What is Tonix Pharmaceut's annual revenue?
Tonix Pharmaceut (TNXP) reported $13.1M in total revenue for fiscal year 2025. This represents a 29.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tonix Pharmaceut's revenue growing?
Tonix Pharmaceut (TNXP) revenue grew by 29.8% year-over-year, from $10.1M to $13.1M in fiscal year 2025.
Is Tonix Pharmaceut profitable?
No, Tonix Pharmaceut (TNXP) reported a net income of -$124.0M in fiscal year 2025, with a net profit margin of -946.2%.
What is Tonix Pharmaceut's EBITDA?
Tonix Pharmaceut (TNXP) had EBITDA of -$123.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tonix Pharmaceut's gross margin?
Tonix Pharmaceut (TNXP) had a gross margin of 49.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tonix Pharmaceut's operating margin?
Tonix Pharmaceut (TNXP) had an operating margin of -959.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tonix Pharmaceut's net profit margin?
Tonix Pharmaceut (TNXP) had a net profit margin of -946.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tonix Pharmaceut's return on equity (ROE)?
Tonix Pharmaceut (TNXP) has a return on equity of -50.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tonix Pharmaceut's free cash flow?
Tonix Pharmaceut (TNXP) generated -$103.2M in free cash flow during fiscal year 2025. This represents a -69.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tonix Pharmaceut's operating cash flow?
Tonix Pharmaceut (TNXP) generated -$99.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tonix Pharmaceut's total assets?
Tonix Pharmaceut (TNXP) had $277.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tonix Pharmaceut's capital expenditures?
Tonix Pharmaceut (TNXP) invested $3.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tonix Pharmaceut spend on research and development?
Tonix Pharmaceut (TNXP) invested $44.5M in research and development during fiscal year 2025.
What is Tonix Pharmaceut's current ratio?
Tonix Pharmaceut (TNXP) had a current ratio of 7.42 as of fiscal year 2025, which is generally considered healthy.
What is Tonix Pharmaceut's debt-to-equity ratio?
Tonix Pharmaceut (TNXP) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tonix Pharmaceut's return on assets (ROA)?
Tonix Pharmaceut (TNXP) had a return on assets of -44.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tonix Pharmaceut's cash runway?
Based on fiscal year 2025 data, Tonix Pharmaceut (TNXP) had $207.6M in cash against an annual operating cash burn of $99.8M. This gives an estimated cash runway of approximately 25 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 Tonix Pharmaceut's Piotroski F-Score?
Tonix Pharmaceut (TNXP) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 Tonix Pharmaceut's earnings high quality?
Tonix Pharmaceut (TNXP) has an earnings quality ratio of 0.81x, 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.
Can Tonix Pharmaceut cover its interest payments?
Tonix Pharmaceut (TNXP) has an interest coverage ratio of -1412.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tonix Pharmaceut?
Tonix Pharmaceut (TNXP) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.