TNXP Tonix Pharmaceuticals Holding Corp.

Overview and Growth

In fiscal 2025, Tonix Pharmaceuticals Holding Corp. recorded $13.11M of revenue, net loss of $124.02M, and an operating cash outflow of $99.84M. The $13.11M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $10.09M in fiscal 2024, revenue recorded a 29.8% year-over-year increase. On a per-share basis, diluted EPS was -$14.57, which connects the reported earnings outcome with the company’s diluted share count. The diluted weighted-average share count was 8.51M, linking total earnings with the per-share result received by shareholders. The company employed $277.17M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.05x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $6.47M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 49.3% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $125.70M after the reported operating expense base. Relative to revenue, the operating deficit measured 959.1%, showing the shortfall after operating costs. The bottom-line result was a net loss of $124.02M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 946.2% after all recognized items. Negative EBITDA totaled $123.80M, confirming that the earnings deficit remained before depreciation and amortization. The loss-to-equity relationship was 50.6%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 44.7%. Compared with a $130.04M net loss in fiscal 2024, the current loss improved to $124.02M.

Liquidity and Capital Structure

Total assets were $277.17M, supported by $32.02M of liabilities and $245.15M of shareholder equity. The near-term balance sheet paired $228.88M of current assets with $30.84M of current liabilities at the reporting date. At 7.42x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $207.64M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 673.3% of current liabilities, showing how much near-term coverage came from cash alone. The equity-to-assets relationship was 88.4%, placing book capital against the total resource base. Liabilities represented 11.6% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 74.9% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 70.2% from $162.89M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 75.7% from $139.56M in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 110.2% higher than fiscal 2024 cash of $98.78M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $99.84M, showing that operations absorbed cash during the period. Capital spending of $3.37M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $103.21M cash deficit after capital spending for the period. Free-cash-flow margin was -787.5%, reflecting a cash deficit equal to 787.5% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 37.2%. Cash absorbed by operations increased from $60.92M in fiscal 2024 to $99.84M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.