Tonix Pharmaceuticals Holding Corp. (TNXP) Stock

Tonix Pharmaceuticals Holding Corp. (TNXP) is a Healthcare stock trading at $12.57 (as of 2026-08-21), with a market capitalization of $200.38M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tonix Pharmaceuticals Holding Corp. is a clinical-stage biopharmaceutical company that discovers, acquires, develops, and licenses therapeutics and diagnostics. Its pipeline spans immunology, rare disease, infectious disease, and CNS areas, including candidates such as TNX-1500, TNX-2900, and several small-molecule and vaccine programs for conditions including COVID-19 and Long COVID.

Understand Tonix Pharmaceuticals Holding Corp.: how it makes money

Tonix Pharmaceuticals develops and licenses therapeutics and diagnostics (it is a clinical-stage biopharmaceutical company), and it also earns net product revenue from its marketed products.

Because Tonix is clinical-stage, its profit engine depends on a small current stream of net product sales, while the larger long-term outcome hinges on successfully advancing development and monetizing therapeutics and diagnostics through licensing.

Revenue by segment (latest quarter)
NetProd$0.0B

Business quality (Weak): The business has product revenue activity, but the quarter showed essentially no total revenue and a very large operating loss, so near-term results are dominated by costs rather than product scale.

Bull case

  • Some commercialization shows up in the numbers: Net Product Revenue is reported as 0.01B, and the company tracks real-world demand via metrics like prescriptions filled and unique patients initiated.
  • A broad pipeline focus supports multiple monetization paths: Tonix focuses on discovering, acquiring, developing, and licensing therapeutics and diagnostics, with portfolio areas that include immunology, rare disease, infectious disease, and central nervous system candidates.

Bear case

  • Near-term scale appears limited: Total revenue is reported as 0.0B for the latest quarter, which makes profitability highly sensitive to development spending and any future product revenue changes.
  • Profits are not currently coming through: Operating margin is reported at -603.9, indicating heavy operating losses in the latest quarter.
  • Clinical and execution risk remains central: Key development progress metrics are tracked by the company (including Phase 1 enrollment and other clinical measurements), but those outcomes can fail to translate into approved products and revenue.
Valuation — source: SEC EDGAR (first-party)
Price$12.57
Market Cap$200.38M
Price / Book0.90
Price / Sales6.55
FCF Yield-118.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$13.11M
Net Margin-946.2%
Revenue Growth (YoY)29.8%
EPS Growth (YoY)-91.7%
FCF Growth (YoY)69.1%
Financial Health — source: SEC EDGAR
Altman Z-Score-1.75 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($13.31M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOSeth Lederman
Employees81
CountryUS
IPO Date2012-05-10

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

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TNXP earnings history · TNXP institutional & insider holders · TNXP KPIs & operating metrics · TNXP financials · TNXP investor presentations & press releases · TNXP SEC filings · TNXP peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.