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Tonix Pharmaceuticals (TNXP) Financials

Tonix Pharmaceuticals logo
$12.53 -0.50 (-3.84%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$12.74 +0.21 (+1.71%)
As of 07/10/2026 07:55 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Tonix Pharmaceuticals

Annual Income Statements for Tonix Pharmaceuticals

This table shows Tonix Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -48 -39 -21 - -31 -52 -92 -117 -117 -130 -124
Consolidated Net Income / (Loss)		 -48 -39 -21 - -29 -50 -92 -110 -117 -130 -124
Net Income / (Loss) Continuing Operations		 -48 -39 -21 - -29 -50 -92 -110 -117 -130 -124
Total Pre-Tax Income 		-48 -39 -21 - -29 -50 -92 -110 -117 -133 -127
Total Operating Income		 -48 -39 -21 - -29 -51 -92 -112 -118 -137 -126
Total Gross Profit		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 3.03 2.33 6.47
Total Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 7.77 10 13
Operating Revenue		 - - - - - - - - 7.77 10 13
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 4.74 7.77 6.64
Operating Cost of Revenue		 - - - - - - - 0.00 4.74 7.77 6.64
Total Operating Expenses		 48 39 21 - 29 51 92 112 121 139 132
Selling, General & Admin Expense		 13 10 7.95 - 11 14 23 30 35 40 88
Research & Development Expense		 36 29 13 - 18 36 69 82 87 40 44
Impairment Charge		 - - - - - - - - 0.00 59 0.00
Total Other Income / (Expense), net		 0.11 0.13 0.17 - 0.21 0.05 0.03 1.87 1.72 4.07 -1.33
Interest Expense		 - - - - - - - - - 1.23 2.18
Interest & Investment Income		 0.11 0.13 0.17 - 0.21 0.05 0.03 1.87 - 0.02 4.15
Other Income / (Expense), net		 - - - - - - - - 1.72 5.28 -3.30
Income Tax Expense		 - - - - - - - - 0.00 -2.59 -3.01
Basic Earnings per Share		 ($28.62) ($15.41) ($31.69) - ($19.33) ($0.55) ($8.10) ($20.01) ($14,720.25) ($176.60) ($14.57)
Weighted Average Basic Shares Outstanding		 1.68M 2.52M 666.51K 1.09M 1.61M 94.59M 11.39M 5.84M 7.93K 736.34K 8.51M
Diluted Earnings per Share		 ($28.62) ($15.41) ($31.69) - ($19.33) ($0.55) ($8.10) ($20.01) ($14,720.25) ($176.60) ($14.57)
Weighted Average Diluted Shares Outstanding		 1.68M 2.52M 666.51K 1.09M 1.61M 94.59M 11.39M 5.84M 7.93K 736.34K 8.51M
Weighted Average Basic & Diluted Shares Outstanding		 1.68M 2.52M 666.51K 1.09M 1.61M 94.59M 360.22M 62.54M - 6.43M 13.41M

Quarterly Income Statements for Tonix Pharmaceuticals

This table shows Tonix Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -28 -27 -15 -79 -14 -22 -17 -28 -32 -47 -40
Consolidated Net Income / (Loss)		 -28 -27 -15 -79 -14 -22 -17 -28 -32 -47 -40
Net Income / (Loss) Continuing Operations		 -28 -27 -15 -79 -14 -22 -17 -28 -32 -47 -40
Total Pre-Tax Income 		-28 -26 -15 -79 -16 -24 -18 -29 -33 -47 -40
Total Operating Income		 -28 -27 -21 -77 -16 -22 -16 -28 -33 -48 -42
Total Gross Profit		 1.62 1.41 0.82 -1.16 1.27 1.40 1.49 -1.27 1.92 4.33 5.30
Total Revenue		 3.99 3.78 2.48 2.21 2.82 2.58 2.43 2.00 3.29 5.39 6.88
Operating Revenue		 3.99 3.78 2.48 2.21 2.82 2.58 2.43 2.00 3.29 5.39 6.88
Total Cost of Revenue		 2.37 2.37 1.66 3.37 1.56 1.18 0.94 3.27 1.37 1.06 1.58
Operating Cost of Revenue		 2.37 2.37 1.66 3.37 1.56 1.18 0.94 3.27 1.37 1.06 1.58
Total Operating Expenses		 30 29 22 76 17 24 18 27 35 53 47
Selling, General & Admin Expense		 8.71 12 9.31 7.50 7.71 16 10 16 26 36 29
Research & Development Expense		 21 17 13 9.70 9.11 8.30 7.44 11 9.29 17 18
Total Other Income / (Expense), net		 0.00 1.72 6.41 -1.46 -0.33 -1.75 -1.70 -1.01 0.08 1.31 1.34
Interest Expense		 - - 0.00 0.00 0.30 - 2.09 0.00 0.00 0.09 0.00
Interest & Investment Income		 - - - 0.00 0.02 - 0.39 0.94 1.23 - 1.35
Other Income / (Expense), net		 0.00 1.72 6.41 -1.46 -0.04 -1.75 0.00 -1.96 -1.16 -0.58 -0.00
Income Tax Expense		 - - 0.00 0.00 -1.67 - -0.92 -1.04 -0.98 -0.07 0.00
Basic Earnings per Share		 ($38.63) ($3,447.57) ($535.72) ($1,920.85) ($22.68) ($30.02) ($2.84) ($3.86) ($3.59) ($5.51) ($2.93)
Weighted Average Basic Shares Outstanding		 724.19K 7.93K 27.89K 41.01K 626.67K 736.34K 5.93M 7.33M 8.92M 8.51M 13.71M
Diluted Earnings per Share		 ($38.63) ($3,447.57) ($535.72) ($1,920.85) ($22.68) ($30.02) ($2.84) ($3.86) ($3.59) ($5.51) ($2.93)
Weighted Average Diluted Shares Outstanding		 724.19K 7.93K 27.89K 41.01K 626.67K 736.34K 5.93M 7.33M 8.92M 8.51M 13.71M
Weighted Average Basic & Diluted Shares Outstanding		 23.85M 0.00 95.54M 22.00M 186.89M 6.43M 7.32M 8.77M 11.78M 13.41M 15.94M

Annual Cash Flow Statements for Tonix Pharmaceuticals

This table details how cash moves in and out of Tonix Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -19 -0.28 6.56 -0.45 -14 66 102 -58 -95 74 110
Net Cash From Operating Activities		 -43 -37 -19 -24 -27 -49 -76 -98 -102 -61 -100
Net Cash From Continuing Operating Activities		 -43 -37 -19 -24 -27 -49 -76 -98 -102 -61 -100
Net Income / (Loss) Continuing Operations		 -48 -39 -21 -26 -29 -50 -92 -110 -117 -130 -124
Consolidated Net Income / (Loss)		 -48 -39 -21 -26 -29 -50 -92 -110 -117 -130 -124
Depreciation Expense		 0.16 0.21 0.07 0.05 0.03 0.03 0.05 1.25 4.29 3.42 1.93
Amortization Expense		 - - - - - - - - 0.00 0.84 1.90
Non-Cash Adjustments To Reconcile Net Income		 4.38 3.40 1.79 1.63 1.46 4.29 11 11 10 59 9.67
Changes in Operating Assets and Liabilities, net		 0.99 -2.08 0.14 0.44 0.45 -2.42 5.79 -0.00 -0.07 5.79 11
Net Cash From Investing Activities		 -24 17 7.17 -0.01 -0.02 -8.56 -35 -48 -29 -0.12 -4.53
Net Cash From Continuing Investing Activities		 -24 17 7.17 -0.01 -0.02 -8.56 -35 -48 -29 -0.12 -4.53
Purchase of Property, Plant & Equipment		 -0.12 -0.07 - -0.01 -0.02 -8.56 -35 -48 -7.90 -0.12 -3.37
Sale and/or Maturity of Investments		 4.71 17 7.17 - - - - - - 0.00 0.85
Other Investing Activities, net		 0.00 - - - - - - - - 0.00 -2.01
Net Cash From Financing Activities		 48 20 19 24 13 123 212 88 37 135 215
Net Cash From Continuing Financing Activities		 48 20 19 24 13 123 212 88 37 135 215
Repayment of Debt		 - - - - - - - - 0.00 -2.35 -9.65
Repurchase of Common Equity		 - - - - - - - 0.00 -14 0.00 -14
Payment of Dividends		 - - - - - - - - 0.00 -3.00 0.00
Issuance of Common Equity		 48 20 19 13 5.87 109 212 95 42 140 238
Effect of Exchange Rate Changes		 -0.00 -0.01 -0.01 -0.01 - -0.02 -0.03 -0.07 -0.07 0.00 -0.03
Cash Interest Paid		 - - - - - - - - 0.09 1.23 0.09

Quarterly Cash Flow Statements for Tonix Pharmaceuticals

This table details how cash moves in and out of Tonix Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -18 18 -18 -2.89 24 71 33 -6.38 65 18 -24
Net Cash From Operating Activities		 -23 -22 -18 -9.92 -19 -15 -17 -15 -29 -40 -42
Net Cash From Continuing Operating Activities		 -23 -22 -18 -9.92 -19 -15 -17 -15 -29 -40 -42
Net Income / (Loss) Continuing Operations		 -28 -27 -15 -79 -14 -22 -17 -28 -32 -47 -40
Consolidated Net Income / (Loss)		 -28 -27 -15 -79 -14 -22 -17 -28 -32 -47 -40
Depreciation Expense		 1.22 1.26 1.21 1.21 0.51 0.50 0.49 0.48 0.46 0.49 0.56
Amortization Expense		 - - 0.30 0.13 0.21 0.20 0.07 1.84 - - 0.00
Non-Cash Adjustments To Reconcile Net Income		 1.90 3.37 -5.31 63 1.31 0.36 2.97 3.70 2.16 0.84 2.05
Changes in Operating Assets and Liabilities, net		 1.47 0.35 1.17 4.82 -6.62 6.42 -3.28 7.42 0.60 5.94 -4.73
Net Cash From Investing Activities		 -0.82 -0.43 -0.11 - -0.01 -0.00 -0.01 -2.54 -0.96 -1.02 -1.69
Net Cash From Continuing Investing Activities		 -0.82 -0.43 -0.11 - -0.01 -0.00 -0.01 -2.54 -0.96 -1.02 -1.69
Purchase of Property, Plant & Equipment		 -1.81 -0.44 -0.11 - -0.01 -0.00 -0.01 -0.53 -0.96 -1.87 -1.69
Net Cash From Financing Activities		 6.27 41 -0.21 7.03 43 85 50 11 95 59 20
Net Cash From Continuing Financing Activities		 6.27 41 -0.21 7.03 43 85 50 11 95 59 20
Repayment of Debt		 - - -0.24 -0.71 -0.71 -0.71 -9.65 - - - 0.00
Repurchase of Common Equity		 - - 0.00 - - - -3.05 -2.90 - -7.81 0.00
Issuance of Common Equity		 6.27 32 0.02 11 44 86 62 14 95 67 20
Effect of Exchange Rate Changes		 -0.01 -0.01 -0.00 0.00 - 0.02 -0.01 -0.00 -0.00 -0.01 0.01
Cash Interest Paid		 - 0.09 0.00 0.65 0.30 0.28 0.12 - -0.03 - 0.00

Annual Balance Sheets for Tonix Pharmaceuticals

This table presents Tonix Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 47 28 27 26 15 98 241 226 154 163 277
Total Current Assets		 46 27 26 26 14 88 189 131 48 119 229
Cash & Equivalents		 19 19 25 25 11 77 179 120 25 99 208
Accounts Receivable		 - - - - - - - - 0.00 3.68 6.27
Inventories, net		 - - - - - - - 0.00 14 8.41 6.01
Prepaid Expenses		 3.34 1.02 0.95 1.02 2.70 11 10 11 9.18 8.14 8.96
Plant, Property, & Equipment, net		 0.35 0.15 0.09 0.04 0.03 8.57 51 94 94 42 44
Total Noncurrent Assets		 0.31 0.22 0.22 0.22 0.58 1.62 1.29 1.10 13 1.64 3.84
Intangible Assets		 0.12 0.12 0.12 0.12 0.12 0.12 - 0.12 9.74 0.12 0.12
Other Noncurrent Operating Assets		 0.06 0.01 0.01 0.00 0.36 1.26 1.29 0.98 1.95 1.52 3.72
Total Liabilities & Shareholders' Equity		 47 28 27 26 15 98 241 226 154 163 277
Total Liabilities		 6.76 2.15 2.14 2.66 5.14 11 22 19 49 23 32
Total Current Liabilities		 6.65 2.12 2.13 2.66 5.14 9.82 22 18 19 18 31
Accounts Payable		 3.05 0.87 1.30 2.66 4.78 9.22 21 18 16 15 31
Other Current Liabilities		 - - - 0.00 0.35 0.60 0.49 0.43 0.27 0.27 0.13
Total Noncurrent Liabilities		 0.11 0.03 0.01 0.00 0.01 0.72 0.47 0.33 30 5.03 1.18
Other Noncurrent Operating Liabilities		 - - - 0.00 0.01 0.72 0.47 0.33 23 0.36 1.18
Commitments & Contingencies		 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 40 25 25 24 9.42 88 219 207 106 140 245
Total Preferred & Common Equity		 40 25 25 24 9.42 88 219 207 106 140 245
Preferred Stock		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 40 25 25 24 9.42 88 219 207 106 140 245
Common Stock		 143 167 187 212 227 355 579 677 706 871 1,100
Retained Earnings		 -102 -141 -162 -188 -217 -268 -360 -470 -601 -731 -855
Accumulated Other Comprehensive Income / (Loss)		 -0.02 -0.01 -0.01 -0.04 -0.05 -0.06 -0.09 -0.17 -0.23 -0.26 -0.29

Quarterly Balance Sheets for Tonix Pharmaceuticals

This table presents Tonix Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 139 135 70 95 193 187 252 258
Total Current Assets		 31 30 25 51 150 144 208 207
Cash & Equivalents		 6.91 7.05 4.16 28 132 125 190 185
Accounts Receivable		 1.56 - 3.34 4.01 3.31 2.32 3.48 8.82
Inventories, net		 13 12 9.46 7.93 8.14 5.99 5.73 3.65
Prepaid Expenses		 9.54 11 8.34 10 6.41 9.90 8.81 9.23
Plant, Property, & Equipment, net		 95 93 43 43 42 42 43 45
Total Noncurrent Assets		 13 12 1.77 1.70 1.53 1.49 1.80 5.85
Intangible Assets		 9.98 9.51 0.12 0.12 0.12 0.12 0.12 0.12
Other Noncurrent Operating Assets		 2.13 1.72 1.65 1.58 1.41 1.37 1.68 5.73
Total Liabilities & Shareholders' Equity		 139 135 70 95 193 187 252 258
Total Liabilities		 18 27 28 21 12 19 21 31
Total Current Liabilities		 18 20 22 15 12 19 21 30
Accounts Payable		 17 17 19 12 12 19 21 29
Other Current Liabilities		 0.43 0.28 0.28 0.28 0.24 0.20 0.16 0.16
Total Noncurrent Liabilities		 0.72 6.72 6.16 5.60 0.33 0.30 0.27 1.13
Other Noncurrent Operating Liabilities		 - 0.00 0.49 0.43 0.33 0.30 0.27 1.13
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 121 108 42 74 180 168 231 227
Total Preferred & Common Equity		 121 108 42 74 180 168 231 227
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 121 108 42 74 180 168 231 227
Common Stock		 694 724 737 783 928 944 1,039 1,122
Retained Earnings		 -573 -616 -694 -709 -748 -776 -808 -895
Accumulated Other Comprehensive Income / (Loss)		 -0.22 -0.24 -0.24 -0.25 -0.27 -0.27 -0.27 -0.28

Annual Metrics And Ratios for Tonix Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Tonix Pharmaceuticals' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 18,831,669.00 39,181,106.00 7,830,040.00 14,203,444.00 1,575,246.00 156,585,050.00 439,590,272.00 57,536,293.00 23,849,341.00 - 11,776,542.00
DEI Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 2.00 245.00 687.00 2,877.00 7,453.00 - 11,776,542.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 -15,546,000.00 -212,955.10 -134,333.33 -40,624.61 -15,652.49 - -10.53
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 29.94% 29.85%
EBITDA Growth		 -73.79% 0.00% 45.25% 100.25% -53,437.04% -75.28% -82.75% -20.13% -1.38% -14.24% 1.56%
EBIT Growth		 -74.15% 0.00% 45.36% 100.00% 0.00% -75.22% -82.76% -21.43% -4.07% -13.69% 1.84%
NOPAT Growth		 -74.15% 0.00% 45.36% 100.00% 0.00% -75.22% -82.76% -21.43% -5.61% -15.48% 8.05%
Net Income Growth		 -74.01% 0.00% 45.62% 0.00% 0.00% -76.33% -82.88% -19.43% -5.84% -11.47% 4.63%
EPS Growth		 -74.01% 0.00% 45.62% 0.00% 0.00% 97.15% -82.88% -19.43% -5.84% -11.47% 91.75%
Operating Cash Flow Growth		 -86.20% 12.26% 48.74% -25.32% -11.31% -82.01% -55.58% -29.77% -4.03% 40.27% -63.88%
Free Cash Flow Firm Growth		 -77.66% 0.00% 0.00% 103.39% -4,035.65% -141.56% -98.06% -32.89% 31.88% 36.22% -41.79%
Invested Capital Growth		 -29.71% 0.00% -14.13% -51.70% -31.43% 635.20% 287.40% 117.07% 2.92% -46.06% -22.28%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 94.74% -10.60% 27.26%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 100.22% -90,106.25% -19.64% -15.58% -2.25% 6.29% 6.55% -25.91%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 100.00% 0.00% -19.63% -15.60% -2.99% 5.75% 6.30% -24.70%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 100.00% 0.00% -19.63% -15.60% -2.99% 4.36% 3.43% -25.83%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -19.73% -15.71% -1.97% 3.60% 3.86% -25.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -52.78% -15.71% -1.97% 3.60% 3.86% -31.03%
Operating Cash Flow Q/Q Growth		 -9.51% 14.78% 2.62% -8.59% 0.53% -17.49% -12.73% 0.15% -0.04% 11.23% -33.44%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -2,380.20% -30.51% -38.25% 14.21% 23.98% -41.78% -35.39%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -38.16% -618.22% 55.00% 110.74% -2.24% -21.94% -10.56% -8.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 38.97% 23.07% 49.34%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,446.54% -1,271.74% -954.99%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,523.94% -1,354.28% -959.05%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,501.78% -1,313.95% -984.19%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,501.78% -1,288.25% -946.22%
Tax Burden Percent		 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.04% 97.63%
Interest Burden Percent		 99.78% 99.67% 99.21% 0.00% 99.27% 99.91% 99.97% 98.33% 100.00% 100.00% 98.48%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -93.93% -138.93% -205.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -44.33% -74.93% -181.05%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.32% 32.81% 140.68%
Return on Equity (ROE)		 -125.87% -118.38% -84.53% 0.00% -173.02% -103.98% -60.25% -51.76% -74.61% -106.12% -64.48%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -460.64% -374.37% -197.40% -96.80% -79.08% -180.08%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -61.38% -83.59% -58.63%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -61.38% -81.95% -56.37%
Return on Common Equity (ROCE)		 -125.87% -118.38% -84.53% 0.00% -173.02% -103.98% -60.25% -51.76% -74.61% -106.12% -64.48%
Return on Equity Simple (ROE_SIMPLE)		 -119.35% -153.16% -85.81% 0.00% -303.90% -57.57% -42.19% -53.20% -110.55% -93.18% 0.00%
Net Operating Profit after Tax (NOPAT)		 -34 -27 -15 0.00 -20 -35 -65 -78 -83 -96 -88
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,066.76% -948.00% -671.34%
Net Nonoperating Expense Percent (NNEP)		 -35.21% -44.12% -24.02% 0.00% -46.26% -34.08% -21.62% -21.25% -49.60% -64.00% -24.11%
Return On Investment Capital (ROIC_SIMPLE)		 -83.74% - - - - - - - -72.41% -65.08% -35.89%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 61.03% 76.93% 50.66%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 447.37% 397.28% 668.99%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,115.54% 396.00% 339.41%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,562.91% 1,377.35% 1,008.39%
Earnings before Interest and Taxes (EBIT)		 -48 -39 -21 0.00 -29 -51 -92 -112 -117 -133 -129
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -48 -39 -21 0.05 -29 -50 -92 -111 -112 -128 -125
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.59 0.73 1.10 0.13 0.20 1.21 0.72 0.11 0.09 0.44 0.75
Price to Tangible Book Value (P/TBV)		 3.60 0.73 1.10 0.13 0.20 1.21 0.72 0.11 0.10 0.44 0.75
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.24 6.11 14.03
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 2.77 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.05 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.03 0.00
Financial Leverage		 -1.07 -1.03 -1.04 -1.05 -1.10 -0.91 -0.84 -0.70 -0.44 -0.44 -0.78
Leverage Ratio		 1.13 1.14 1.09 1.10 1.24 1.16 1.11 1.10 1.22 1.29 1.14
Compound Leverage Factor		 1.13 1.13 1.08 0.00 1.23 1.16 1.11 1.08 1.22 1.29 1.13
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.79% 5.09% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.05% 1.92% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.73% 3.17% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 92.21% 94.91% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 -0.06 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.14 0.71 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 -0.04 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 -0.08 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.95 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 -0.05 0.00
Altman Z-Score		 7.41 -5.63 -2.45 -8.25 -26.47 1.46 1.73 -3.23 -7.54 -6.58 -1.50
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.97 12.83 12.44 9.81 2.72 8.96 8.71 7.19 2.53 6.50 7.42
Quick Ratio		 6.47 12.34 11.99 9.43 2.19 7.85 8.23 6.61 1.32 5.60 6.94
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -33 0.00 -15 0.50 -20 -48 -94 -125 -85 -54 -77
Operating Cash Flow to CapEx		 -36,040.68% -56,534.85% 0.00% -399,516.67% -156,958.82% -567.09% -214.00% -203.65% -1,479.16% -50,770.83% -2,963.61%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -35.41
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -45.78
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -47.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.06 0.06
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.63
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.70 0.92
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.15 0.30
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.28 0.49 0.29
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 138.60
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 518.17 396.36
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,309.26 739.80 1,262.25
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,309.26 -221.63 -727.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -2.89 -0.85 -0.97 -1.47 -1.93 10 40 87 89 48 38
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.15 0.31
Increase / (Decrease) in Invested Capital		 -0.66 0.00 -0.12 -0.50 -0.46 12 30 47 2.54 -41 -11
Enterprise Value (EV)		 101 -7.70 1.52 -22 -9.41 29 -21 -98 -6.43 -30 -24
Market Capitalization		 144 18 27 3.12 1.84 106 157 22 9.61 62 184
Book Value per Share		 $2.14 $0.65 $3.14 $1.67 $5.98 $0.56 $0.50 $3.60 $4.42 $0.75 $20.82
Tangible Book Value per Share		 $2.13 $0.64 $3.13 $1.66 $5.90 $0.56 $0.50 $3.60 $3.98 $0.75 $20.81
Total Capital		 40 25 25 24 9.42 88 219 207 114 147 245
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.91 7.49 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.56 4.67 0.00
Net Debt		 -43 -26 -25 -25 -11 -77 -179 -120 -16 -91 -208
Capital Expenditures (CapEx)		 0.12 0.07 -0.01 0.01 0.02 8.56 35 48 6.90 0.12 3.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.31 -1.10 -1.18 -1.63 -2.44 1.10 -11 -7.63 6.29 4.74 -9.60
Debt-free Net Working Capital (DFNWC)		 40 25 24 23 8.81 78 167 113 31 104 198
Net Working Capital (NWC)		 40 25 24 23 8.81 78 167 113 29 101 198
Net Nonoperating Expense (NNE)		 14 12 6.22 0.00 8.44 15 28 32 34 34 36
Net Nonoperating Obligations (NNO)		 -43 -26 -26 -25 -11 -77 -179 -120 -16 -91 -208
Total Depreciation and Amortization (D&A)		 0.16 0.21 0.07 0.05 0.03 0.03 0.05 1.25 4.29 4.26 3.83
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 80.92% 46.95% -73.23%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 402.09% 1,025.51% 1,510.94%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 371.83% 997.57% 1,510.94%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1,830,400,000.00) ($9,862,400.00) ($2,028,800.00) ($1,715,840.00) $0.00 ($3,520.00) ($1,664.00) ($654.00) ($21,920.00) ($176.60) ($14.57)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 4.00 12.00 95.00 7.71K 50.61K 83.43K 178.70K 5.33K 736.34K 8.51M
Adjusted Diluted Earnings per Share		 ($1,830,400,000.00) ($9,862,400.00) ($2,028,800.00) ($1,715,840.00) $0.00 ($3,520.00) ($1,664.00) ($654.00) ($21,920.00) ($176.60) ($14.57)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 4.00 12.00 95.00 7.71K 50.61K 83.43K 178.70K 5.33K 736.34K 8.51M
Adjusted Basic & Diluted Earnings per Share		 ($1,830,400,000.00) ($9,862,400.00) ($2,028,800.00) ($1,715,840.00) $0.00 ($3,520.00) ($1,664.00) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 4.00 10.00 17.00 7.71K 14.78K 56.28K 312.70K 0.00 6.43M 13.41M
Normalized Net Operating Profit after Tax (NOPAT)		 -34 -27 -15 0.00 -20 -35 -65 -78 -83 -54 -88
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,066.76% -539.14% -671.34%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,501.78% -1,313.95% -969.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -59.15
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -40.34
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -60.69
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -41.89
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2.31% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -11.97% -2.31% -11.09%

Quarterly Metrics And Ratios for Tonix Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Tonix Pharmaceuticals' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 17,762,341.00 23,849,341.00 23,849,341.00 95,543,805.00 22,004,159.00 - 6,434,881.00 7,324,670.00 8,765,896.00 11,776,542.00 13,405,401.00
DEI Adjusted Shares Outstanding		 5,551.00 7,453.00 7,453.00 29,857.00 220,042.00 - 6,434,881.00 7,324,670.00 8,765,896.00 11,776,542.00 13,405,401.00
DEI Earnings Per Adjusted Shares Outstanding		 -5,039.63 -3,665.91 -2,004.43 -2,638.44 -64.59 - -2.62 -3.86 -3.65 -3.98 -3.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -29.26% -31.68% -2.14% -9.51% 16.58% 108.75% 183.16%
EBITDA Growth		 8.21% 23.66% 59.32% -175.78% 44.75% 3.33% -15.41% 63.93% -126.91% -125.97% -164.49%
EBIT Growth		 4.88% 21.76% 55.93% -171.63% 44.58% 5.37% -7.46% 61.60% -119.41% -121.06% -158.75%
NOPAT Growth		 4.88% 16.50% 37.02% -166.59% 44.74% 17.74% 24.81% 63.40% -112.59% -114.80% -158.73%
Net Income Growth		 3.47% 13.76% 54.74% -177.81% 49.19% 19.08% -12.65% 64.11% -125.22% -112.19% -138.84%
EPS Growth		 3.47% 13.76% 54.74% -177.81% 49.19% 19.08% 99.47% 99.80% 84.17% 81.65% -3.17%
Operating Cash Flow Growth		 0.64% -0.17% 46.60% 57.55% 19.60% 34.51% 5.67% -49.54% -53.09% -171.02% -155.25%
Free Cash Flow Firm Growth		 49.93% 68.96% 35.79% 127.10% 209.66% 217.62% 257.86% -212.26% -120.62% -190.43% -143.50%
Invested Capital Growth		 28.88% 2.92% 18.39% -59.57% -52.92% -46.06% -56.00% -8.11% -23.87% -22.28% -14.41%
Revenue Q/Q Growth		 0.00% -5.26% -34.32% -11.04% 27.81% -8.50% -5.93% -17.74% 64.66% 63.83% 27.61%
EBITDA Q/Q Growth		 4.10% 9.60% 44.85% -476.77% 80.79% -55.23% 27.62% -84.95% -20.88% -43.29% 15.28%
EBIT Q/Q Growth		 2.95% 9.02% 41.66% -427.32% 80.20% -52.58% 27.37% -93.17% -13.13% -42.78% 14.99%
NOPAT Q/Q Growth		 2.95% 2.91% 21.87% -262.12% 79.88% -44.53% 28.59% -76.26% -16.86% -46.02% 13.98%
Net Income Q/Q Growth		 1.34% 2.33% 45.32% -427.32% 81.96% -55.55% 23.88% -68.00% -13.22% -46.55% 14.32%
EPS Q/Q Growth		 1.34% 2.33% 45.32% -427.32% 81.96% -55.55% 90.54% -35.92% 6.99% -53.48% 46.82%
Operating Cash Flow Q/Q Growth		 -0.08% 4.47% 21.33% 43.56% -89.55% 22.19% -13.32% 10.53% -94.04% -37.76% -6.73%
Free Cash Flow Firm Q/Q Growth		 13.90% 52.27% -48.30% 144.48% 248.34% -48.81% 99.02% -131.63% 36.01% -124.50% 4.26%
Invested Capital Q/Q Growth		 -0.18% -21.94% 23.63% -58.03% 16.23% -10.56% 0.85% -12.35% -3.71% -8.70% 11.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.49% 37.36% 33.12% -52.49% 44.90% 54.18% 61.18% -63.76% 58.45% 80.37% 77.06%
EBITDA Margin		 -675.13% -644.24% -540.98% -3,507.38% -527.25% -911.54% -637.96% -1,397.95% -1,026.20% -897.51% -595.89%
Operating Margin		 -705.62% -723.18% -860.23% -3,501.63% -551.17% -870.64% -660.93% -1,416.22% -1,005.08% -895.84% -603.91%
EBIT Margin		 -705.62% -677.61% -601.89% -3,567.80% -552.73% -938.50% -660.93% -1,514.06% -1,040.21% -906.57% -603.95%
Profit (Net Income) Margin		 -701.30% -723.00% -601.89% -3,567.75% -503.65% -856.24% -692.84% -1,415.02% -972.95% -870.32% -584.39%
Tax Burden Percent		 99.39% 106.70% 100.00% 100.00% 89.50% 91.23% 94.80% 96.47% 97.02% 99.85% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 101.81% 100.00% 110.58% 96.88% 96.40% 96.15% 96.76%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -19.36% -44.57% -60.49% -378.67% -51.67% -89.31% -58.32% -218.75% -152.45% -191.63% -164.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 -8.04% -32.55% -60.51% -147.01% -26.52% -77.44% -49.66% -204.76% -144.02% -182.86% -157.28%
Return on Net Nonoperating Assets (RNNOA)		 3.36% 14.18% 15.37% 17.14% 3.60% 33.91% 22.24% 117.92% 99.19% 142.09% 122.41%
Return on Equity (ROE)		 -16.00% -30.39% -45.12% -361.53% -48.08% -55.40% -36.08% -100.83% -53.26% -49.55% -41.88%
Cash Return on Invested Capital (CROIC)		 -110.36% -96.80% -89.44% -48.97% -45.57% -79.08% -37.70% -120.99% -120.02% -180.08% -218.75%
Operating Return on Assets (OROA)		 -14.74% -27.69% -39.24% -386.43% -53.28% -59.70% -40.44% -115.54% -61.67% -54.00% -47.04%
Return on Assets (ROA)		 -14.65% -29.55% -39.24% -386.42% -48.55% -54.47% -42.39% -107.98% -57.68% -51.84% -45.52%
Return on Common Equity (ROCE)		 -16.00% -30.39% -45.12% -361.53% -48.08% -55.40% -36.08% -100.83% -53.26% -49.55% -41.88%
Return on Equity Simple (ROE_SIMPLE)		 -100.15% 0.00% -91.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -20 -19 -15 -54 -11 -16 -11 -20 -23 -34 -29
NOPAT Margin		 -493.93% -506.23% -602.16% -2,451.14% -385.82% -609.45% -462.65% -991.35% -703.55% -627.09% -422.74%
Net Nonoperating Expense Percent (NNEP)		 -11.32% -12.02% 0.02% -231.66% -25.15% -11.87% -8.65% -13.99% -8.43% -8.77% -7.01%
Return On Investment Capital (ROIC_SIMPLE)		 - -16.72% -12.70% -106.98% -13.25% -10.70% -6.23% -11.79% -10.01% -13.79% -12.80%
Cost of Revenue to Revenue		 59.51% 62.64% 66.88% 152.49% 55.10% 45.82% 38.82% 163.76% 41.55% 19.63% 22.94%
SG&A Expenses to Revenue		 218.40% 307.57% 375.10% 339.76% 273.10% 603.49% 415.97% 810.91% 781.19% 661.91% 416.17%
R&D to Revenue		 527.70% 452.98% 518.25% 439.22% 322.96% 321.34% 306.13% 541.54% 282.34% 314.30% 264.80%
Operating Expenses to Revenue		 746.10% 760.55% 893.35% 3,449.14% 596.07% 924.83% 722.11% 1,352.45% 1,063.53% 976.22% 680.97%
Earnings before Interest and Taxes (EBIT)		 -28 -26 -15 -79 -16 -24 -16 -30 -34 -49 -42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -27 -24 -13 -77 -15 -24 -15 -28 -34 -48 -41
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.08 0.09 0.04 0.05 0.04 0.44 0.64 1.57 0.92 0.75 0.81
Price to Tangible Book Value (P/TBV)		 0.09 0.10 0.05 0.05 0.04 0.44 0.64 1.57 0.92 0.75 0.81
Price to Revenue (P/Rev)		 2.43 1.24 0.43 0.17 0.29 6.11 11.46 26.81 20.56 14.03 10.50
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.03 0.00 0.06 0.14 0.00 0.00 0.00 3.24 0.53 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.87 0.00 0.68 0.51 0.00 0.00 0.00 14.06 2.11 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.01 0.08 0.09 0.20 0.11 0.05 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.01 0.06 0.06 0.13 0.07 0.03 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.42 -0.44 -0.25 -0.12 -0.14 -0.44 -0.45 -0.58 -0.69 -0.78 -0.78
Leverage Ratio		 1.09 1.22 1.15 1.26 1.20 1.29 1.14 1.23 1.14 1.14 1.11
Compound Leverage Factor		 1.09 1.22 1.15 1.26 1.22 1.29 1.26 1.19 1.10 1.10 1.07
Debt to Total Capital		 0.59% 7.79% 8.11% 16.78% 9.72% 5.09% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 2.05% 2.40% 5.57% 3.43% 1.92% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.59% 5.73% 5.71% 11.20% 6.29% 3.17% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.41% 92.21% 91.89% 83.22% 90.28% 94.91% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.01 -0.08 -0.10 -0.06 -0.06 -0.06 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.05 0.14 -0.03 -0.03 0.16 0.71 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.01 -0.06 -0.07 -0.04 -0.04 -0.04 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.01 -0.11 -0.13 -0.08 -0.08 -0.08 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.07 0.19 -0.03 -0.04 0.20 0.95 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -0.01 -0.08 -0.09 -0.05 -0.05 -0.05 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -5.97 -5.60 -6.47 -17.25 -10.33 -4.38 0.74 2.69 1.97 -0.55 -0.90
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.77 2.53 1.47 1.15 3.33 6.50 12.31 7.53 9.89 7.42 6.99
Quick Ratio		 0.48 1.32 0.34 0.34 2.12 5.60 11.12 6.70 9.20 6.94 6.55
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -45 -22 -32 14 50 25 51 -16 -10 -23 -22
Operating Cash Flow to CapEx		 -1,289.85% -5,183.29% -16,273.15% 0.00% -208,900.00% -487,666.67% -276,316.67% -2,814.61% -2,991.89% -2,115.80% -2,501.06%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 165.37 0.00 24.24 0.00 0.00 -258.92 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 -62.46 0.00 -7.93 0.00 0.00 -445.51 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -62.49 0.00 -7.93 0.00 0.00 -466.56 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.04 0.07 0.11 0.10 0.06 0.06 0.08 0.06 0.06 0.08
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 4.05 0.00 0.00 3.47 2.75 2.63 2.89
Inventory Turnover		 0.00 0.00 0.00 0.84 0.84 0.70 0.69 0.90 0.99 0.92 1.24
Fixed Asset Turnover		 0.04 0.08 0.11 0.18 0.16 0.15 0.15 0.23 0.24 0.30 0.41
Accounts Payable Turnover		 0.16 0.28 0.43 0.53 0.61 0.49 0.48 0.37 0.41 0.29 0.35
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 90.11 0.00 0.00 105.05 132.79 138.60 126.12
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 432.65 433.32 518.17 530.49 405.34 368.51 396.36 295.54
Days Payable Outstanding (DPO)		 2,316.61 1,309.26 855.82 690.39 599.26 739.80 758.51 992.48 889.11 1,262.25 1,038.46
Cash Conversion Cycle (CCC)		 -2,316.61 -1,309.26 -855.82 -257.74 -75.83 -221.63 -228.02 -482.08 -387.81 -727.29 -616.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 115 89 111 46 54 48 49 43 41 38 42
Invested Capital Turnover		 0.04 0.09 0.10 0.15 0.13 0.15 0.13 0.22 0.22 0.31 0.39
Increase / (Decrease) in Invested Capital		 26 2.54 17 -68 -61 -41 -62 -3.77 -13 -11 -7.01
Enterprise Value (EV)		 3.48 -6.43 6.93 6.41 -17 -30 -17 138 22 -24 -1.15
Market Capitalization		 9.68 9.61 4.44 2.08 3.27 62 115 264 212 184 184
Book Value per Share		 $6.80 $4.42 $4.53 $0.44 $3.37 $0.75 $28.03 $22.94 $26.37 $20.82 $16.94
Tangible Book Value per Share		 $6.19 $3.98 $4.10 $0.44 $3.37 $0.75 $28.02 $22.92 $26.35 $20.81 $16.93
Total Capital		 122 114 118 51 82 147 180 168 231 245 227
Total Debt		 0.72 8.91 9.54 8.49 7.99 7.49 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.72 6.56 6.72 5.67 5.17 4.67 0.00 0.00 0.00 0.00 0.00
Net Debt		 -6.20 -16 2.49 4.33 -20 -91 -132 -125 -190 -208 -185
Capital Expenditures (CapEx)		 1.81 0.43 0.11 0.00 0.01 0.00 0.01 0.53 0.96 1.87 1.69
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6.69 6.29 5.39 1.91 9.95 4.74 5.71 -0.86 -3.02 -9.60 -7.95
Debt-free Net Working Capital (DFNWC)		 14 31 12 6.06 38 104 137 124 187 198 178
Net Working Capital (NWC)		 14 29 9.62 3.24 35 101 137 124 187 198 178
Net Nonoperating Expense (NNE)		 8.27 8.19 -0.01 25 3.33 6.37 5.59 8.46 8.86 13 11
Net Nonoperating Obligations (NNO)		 -6.20 -16 2.49 4.33 -20 -91 -132 -125 -190 -208 -185
Total Depreciation and Amortization (D&A)		 1.22 1.26 1.51 1.33 0.72 0.70 0.56 2.32 0.46 0.49 0.56
Debt-free, Cash-free Net Working Capital to Revenue		 167.71% 80.92% 52.59% 15.32% 88.11% 46.95% 56.88% -8.72% -29.27% -73.23% -45.28%
Debt-free Net Working Capital to Revenue		 341.04% 402.09% 121.36% 48.68% 338.16% 1,025.51% 1,368.66% 1,266.14% 1,816.10% 1,510.94% 1,011.17%
Net Working Capital to Revenue		 341.04% 371.83% 93.84% 26.04% 313.19% 997.57% 1,368.66% 1,266.14% 1,816.10% 1,510.94% 1,011.17%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($58.56) ($11,032,224.00) ($576.00) ($1,928.00) ($23.00) ($3,002.00) ($2.84) ($3.86) ($3.59) ($5.51) ($2.93)
Adjusted Weighted Average Basic Shares Outstanding		 478.99K 2.00 25.28K 40.85K 621.22K 7.36K 5.93M 7.33M 8.92M 8.51M 13.71M
Adjusted Diluted Earnings per Share		 ($58.56) ($11,032,224.00) ($576.00) ($1,928.00) ($23.00) ($3,002.00) ($2.84) ($3.86) ($3.59) ($5.51) ($2.93)
Adjusted Weighted Average Diluted Shares Outstanding		 478.99K 2.00 25.28K 40.85K 621.22K 7.36K 5.93M 7.33M 8.92M 8.51M 13.71M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($11,032,224.00) $0.00 $0.00 $0.00 ($3,002.00) $0.00 $0.00 $0.00 ($5.51) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 745.29K 0.00 29.86K 220.04K 1.87M 64.35K 7.32M 8.77M 11.78M 13.41M 15.94M
Normalized Net Operating Profit after Tax (NOPAT)		 -20 -19 -15 -13 -11 -16 -11 -20 -23 -34 -29
Normalized NOPAT Margin		 -493.93% -506.23% -602.16% -582.03% -385.82% -609.45% -462.65% -991.35% -703.55% -627.09% -422.74%
Pre Tax Income Margin		 -705.62% -677.61% -601.89% -3,567.75% -562.76% -938.50% -730.84% -1,466.87% -1,002.80% -871.63% -584.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 -51.82 0.00 -7.67 0.00 0.00 -549.03 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 -36.17 0.00 -5.37 0.00 0.00 -379.78 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -51.85 0.00 -7.68 0.00 0.00 -570.09 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -36.20 0.00 -5.37 0.00 0.00 -400.83 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% -2.01% -2.22% -2.31% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -11.54% -11.97% 0.00% -2.01% -2.22% -2.31% -2.31% -7.31% -6.00% -11.09% -7.27%

Financials Breakdown Chart

Key Financial Trends

Tonix Pharmaceuticals (NASDAQ: TNXP) showed a dramatic cash-and-capital shift in Q1 2026, but the core business is still deeply unprofitable. Revenue improved meaningfully year over year, yet losses remained very large, operating cash flow was negative, and the company continued to rely on equity issuance to fund operations. The balance sheet still shows a sizable cash cushion, but shareholders have absorbed substantial dilution over the last year.

  • Revenue grew sharply year over year. Q1 2026 revenue was $6.9 million, up from $2.4 million in Q1 2025 and $2.6 million in Q4 2024, suggesting stronger commercial activity.
  • Gross profit improved in absolute dollars. Q1 2026 gross profit was $5.3 million, compared with $1.5 million in Q1 2025, showing better top-line conversion before operating expenses.
  • Cash on hand increased materially. TNXP ended Q1 2026 with $185.5 million in cash and equivalents, up from $131.7 million a year earlier and $190.1 million in Q3 2025.
  • Debt appears minimal in the latest quarter. The Q1 2026 balance sheet shows no short-term or long-term debt, which reduces near-term leverage risk.
  • Equity financing provided needed liquidity. The company raised $20.2 million from common equity issuance in Q1 2026, helping offset operating losses and sustain the balance sheet.
  • Operating expenses remain very high relative to revenue. SG&A was $28.6 million and R&D was $18.2 million in Q1 2026, keeping the company far from profitability.
  • Operating cash burn remains large. TNXP used $42.3 million in operating cash in Q1 2026, so the business is still consuming liquidity even with higher revenue.
  • Share count has moved around a lot. Weighted average basic shares were 13.7 million in Q1 2026, up from 5.9 million in Q1 2025 and 8.5 million in Q4 2025, reflecting heavy dilution and/or capital restructuring.
  • Inventories and receivables remain meaningful on the balance sheet. Inventories were $3.6 million and accounts receivable were $8.8 million, which may support sales but also tie up working capital.
  • Net loss widened sharply. Q1 2026 net loss was $40.2 million versus $16.8 million in Q1 2025, showing that profitability remains out of reach.
  • Operating loss remains severe. TNXP reported operating loss of $41.5 million in Q1 2026, only modestly better than the prior quarter’s large losses and still far above gross profit.
  • Cash declined during the quarter despite financing. Net change in cash and equivalents was negative $23.8 million in Q1 2026, indicating the quarter was still cash-consuming overall.
  • Dependence on equity financing is a major red flag for shareholders. The company has repeatedly relied on stock issuance to fund operations, which can pressure per-share value over time.
  • Year-over-year cash flow from operations deteriorated. Operating cash burn in Q1 2026 was worse than Q1 2025’s negative $16.6 million, despite better revenue.

Bottom line: Tonix is showing some encouraging commercial improvement, especially in revenue and gross profit, but the company is still a high-risk biotech with large losses, heavy operating cash burn, and ongoing dilution. Investors will likely focus on whether revenue can keep scaling faster than expenses and whether the company can reduce its reliance on equity financing.

07/11/26 11:02 PM ETAI Generated. May Contain Errors.

Tonix Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tonix Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tonix Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$124.02 million in 2025, rising from -$48.05 million in 2015. The previous period was -$130.04 million in 2024. Check out Tonix Pharmaceuticals' forecast to explore projected trends and price targets.

Tonix Pharmaceuticals' total operating income in 2025 was -$125.70 million, based on the following breakdown:
  • Total Gross Profit: $6.47 million
  • Total Operating Expenses: $132.17 million

Over the last 10 years, Tonix Pharmaceuticals' total revenue changed from $0.00 in 2015 to $13.11 million in 2025, a change of 1,310,700,000.0%.

Tonix Pharmaceuticals' total liabilities were at $32.02 million at the end of 2025, a 37.2% increase from 2024, and a 374.0% increase since 2015.

In the past 10 years, Tonix Pharmaceuticals' cash and equivalents has ranged from $11.25 million in 2019 to $207.64 million in 2025, and is currently $207.64 million as of their latest financial filing in 2025.

Over the last 10 years, Tonix Pharmaceuticals' book value per share changed from 2.14 in 2015 to 20.82 in 2025, a change of 873.7%.


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Financial statements for NASDAQ:TNXP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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