For the twelve months ended Sep 30, 2026, Tonix Pharmaceuticals Holding Corp. reported $43.05M of revenue and -$180.99M of net income.
TNXP revenue was $17.23M in fiscal Q3 2026 (ended Sep 30, 2026), up 423.8% from a year earlier and up 27.2% from the prior quarter. For the full fiscal 2025 it was $13.11M, up 29.8% from fiscal 2024.
TNXP net income was -$53.33M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$32.01M a year earlier. For the full fiscal 2025 it was -$124.02M, compared with -$130.04M in fiscal 2024.
TNXP diluted EPS was -$2.89 in fiscal Q3 2026 (ended Sep 30, 2026). For the full fiscal 2025 it was -$14.57.
TNXP free cash flow was -$41.68M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$29.74M a year earlier. For the full fiscal 2025 it was -$103.21M, compared with -$61.05M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.11M | $10.09M | $7.77M | - | - | - | - | - | - | - |
| Cost of revenue | $6.64M | $7.76M | $4.74M | - | - | - | - | - | - | - |
| Gross profit | $6.47M | $2.33M | $3.03M | - | - | - | - | - | - | - |
| Research and development | $44.49M | $39.97M | $86.66M | $81.88M | $68.84M | $36.16M | $18.19M | $17.56M | $13.34M | $28.53M |
| Selling, general and admin | $87.68M | $40.10M | $34.75M | $30.21M | $23.47M | $14.35M | $10.64M | $8.76M | $7.95M | $10.44M |
| Operating income | -$125.70M | -$136.70M | -$118.38M | -$112.09M | -$92.31M | -$50.51M | -$28.83M | -$26.32M | -$21.29M | -$38.97M |
| Interest expense | $89.0K | $1.23M | - | - | - | - | - | - | - | - |
| Pre-tax income | - | - | - | - | - | - | - | - | -$21.12M | -$38.84M |
| Net income | -$124.02M | -$130.04M | -$116.66M | -$110.22M | -$92.29M | -$50.46M | -$28.62M | -$26.09M | -$21.12M | -$38.84M |
| EPS, basic | -$14.57 | -$176.60 | -$1472025.00 | -$36685.00 | -$92812.50 | -$6302.08 | -$221489.58 | -$2977447.92 | -$3510107.64 | -$17068715.28 |
| EPS, diluted | -$14.57 | -$176.60 | -$1472025.00 | -$36685.00 | -$92812.50 | -$6302.08 | -$221489.58 | -$2977447.92 | -$3510107.64 | -$17068715.28 |
| Diluted shares | 8.5M | 736,339 | 79.25 | 3,186.244 | 993.801 | 8,255.277 | 140.384 | 9.859 | 6.017 | 2.276 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $207.64M | $99.68M | $25.85M | $120.47M | $178.90M | $77.31M | $11.35M | $25.13M | $25.59M | $19.03M |
| Receivables | $6.27M | $3.68M | - | - | - | - | - | - | - | - |
| Inventory | - | $8.41M | $13.64M | - | - | - | - | - | - | - |
| Current assets | $228.88M | $119.00M | $47.77M | $130.78M | $189.05M | $87.99M | $13.95M | $26.06M | $26.44M | $27.14M |
| Goodwill | - | - | $965.0K | - | - | - | - | - | - | - |
| Total assets | $277.17M | $162.89M | $154.46M | $225.69M | $240.90M | $98.18M | $14.56M | $26.32M | $26.75M | $27.51M |
| Current liabilities | $30.84M | $18.31M | $18.88M | $18.18M | $21.72M | $9.82M | $5.13M | $2.65M | $2.13M | $2.12M |
| Short-term debt | - | $2.82M | $2.35M | - | - | - | - | - | - | - |
| Long-term debt | - | $4.67M | $6.56M | - | - | - | - | - | - | - |
| Total debt | - | $7.49M | $8.91M | - | - | - | - | - | - | - |
| Total liabilities | $32.02M | $23.33M | $48.93M | $18.51M | $22.18M | $10.54M | $5.14M | $2.65M | $2.14M | $2.15M |
| Shareholders' equity | $245.15M | $139.56M | $105.53M | $207.18M | $218.72M | $87.65M | $9.42M | $23.66M | $24.62M | $25.36M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$99.84M | -$60.92M | -$102.00M | -$98.05M | -$75.56M | -$48.57M | -$26.68M | -$23.97M | -$19.13M | -$37.31M |
| Capital expenditures | $3.37M | $120.0K | $7.89M | $48.15M | $35.31M | $8.56M | $17.0K | $6.0K | $5.0K | $66.0K |
| Free cash flow | -$103.21M | -$61.05M | -$109.90M | -$146.20M | -$110.86M | -$57.13M | -$26.70M | -$23.98M | -$19.13M | -$37.38M |
| Investing cash flow | -$4.53M | -$120.0K | -$29.07M | -$48.15M | -$35.31M | -$8.56M | -$17.0K | -$6.0K | $7.17M | $16.55M |
| Financing cash flow | $214.53M | $134.87M | $36.52M | $87.84M | $212.49M | $123.11M | $12.92M | $23.54M | $18.52M | $20.50M |
| Share repurchases | $13.76M | - | $13.96M | - | - | - | - | - | - | - |
| Stock-based compensation | $6.02M | $4.78M | $9.28M | $10.91M | $7.90M | $2.88M | $1.46M | $1.63M | $1.79M | $3.27M |
| Depreciation and amortization | $1.93M | $3.42M | $4.29M | $1.25M | $50.0K | $27.0K | $26.0K | $54.0K | $70.0K | $206.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 29.8% | 29.9% | - | - | - | - | - | - | - | - |
| Gross margin | 49.3% | 23.1% | 39.0% | - | - | - | - | - | - | - |
| Operating margin | -959.1% | -1354.3% | -1523.9% | - | - | - | - | - | - | - |
| Net margin | -946.2% | -1288.3% | -1501.8% | - | - | - | - | - | - | - |
| Free cash flow margin | -787.5% | -604.8% | -1414.8% | - | - | - | - | - | - | - |
| Return on equity | -50.6% | -93.2% | -110.6% | -53.2% | -42.2% | -57.6% | -303.9% | -110.2% | -85.8% | -153.2% |
| Return on assets | -44.7% | -79.8% | -75.5% | -48.8% | -38.3% | -51.4% | -196.6% | -99.1% | -79.0% | -141.2% |
| Current ratio | 7.42 | 6.50 | 2.53 | 7.19 | 8.71 | 8.96 | 2.72 | 9.81 | 12.44 | 12.83 |
| Debt to equity | - | 0.05 | 0.08 | - | - | - | - | - | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.23M | $13.54M | $6.88M | $5.39M | $3.29M | $2.00M | $2.43M | $2.58M | $2.82M | $2.21M | $2.48M | $3.78M |
| Cost of revenue | $1.25M | $703.0K | $1.58M | $1.06M | $1.37M | $3.27M | $943.0K | $1.18M | $1.55M | $3.37M | $1.66M | $2.37M |
| Gross profit | $15.98M | $12.84M | $5.30M | $4.33M | $1.92M | -$1.27M | $1.49M | $1.40M | $1.27M | -$1.16M | $822.0K | $1.41M |
| Research and development | $25.82M | $19.42M | $18.21M | $16.94M | $9.29M | $10.82M | $7.44M | $8.30M | $9.11M | $9.70M | $12.86M | $17.12M |
| Selling, general and admin | $45.59M | $35.96M | $28.62M | $35.68M | $25.70M | $16.20M | $10.10M | $15.58M | $7.71M | $7.50M | $9.31M | $11.62M |
| Operating income | -$55.43M | -$42.53M | -$41.54M | -$48.29M | -$33.07M | -$28.30M | -$16.05M | -$22.48M | -$15.55M | -$77.32M | -$21.35M | -$27.33M |
| Interest expense | - | - | - | $0 | - | - | - | $280.0K | $301.0K | - | - | - |
| Net income | -$53.33M | -$40.55M | -$40.19M | -$46.91M | -$32.01M | -$28.27M | -$16.83M | -$22.11M | -$14.21M | -$78.78M | -$14.94M | -$27.32M |
| EPS, basic | -$2.89 | -$2.44 | -$2.93 | - | -$3.59 | -$3.86 | -$2.84 | - | -$22.68 | -$1920.85 | -$53572.00 | - |
| EPS, diluted | -$2.89 | -$2.44 | -$2.93 | - | -$3.59 | -$3.86 | -$2.84 | - | -$22.68 | -$1920.85 | -$53572.00 | - |
| Diluted shares | 18.4M | 16.6M | 13.7M | - | 8.9M | 7.3M | 5.9M | - | 626,669 | 41,011 | 278.86 | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $162.79M | $176.23M | $185.47M | $207.64M | $191.35M | $126.24M | $131.72M | $99.68M | $28.23M | $4.16M | $7.05M | $25.85M |
| Receivables | $14.60M | $11.80M | $8.82M | $6.27M | $3.48M | $2.32M | $3.31M | $3.68M | $4.01M | $3.34M | - | - |
| Inventory | - | - | - | - | - | - | - | $8.41M | $7.93M | $9.46M | $12.35M | $13.64M |
| Current assets | $192.13M | $203.43M | $207.17M | $228.88M | $208.07M | $143.53M | $149.57M | $119.00M | $50.54M | $25.29M | $30.10M | $47.77M |
| Goodwill | - | - | - | - | - | - | - | - | - | - | $965.0K | $965.0K |
| Total assets | $242.43M | $254.09M | $257.91M | $277.17M | $252.44M | $187.36M | $192.87M | $162.89M | $94.99M | $70.31M | $135.34M | $154.46M |
| Current liabilities | $42.03M | $30.79M | $29.65M | $30.84M | $21.03M | $19.06M | $12.15M | $18.31M | $15.18M | $22.04M | $20.48M | $18.88M |
| Short-term debt | - | - | - | - | - | - | - | $2.82M | $2.82M | $2.82M | $2.82M | $2.35M |
| Long-term debt | - | - | - | - | - | - | - | $4.67M | $5.17M | $5.67M | $6.16M | $6.56M |
| Total debt | - | - | - | - | - | - | - | $7.49M | $7.99M | $8.49M | $8.98M | $8.91M |
| Total liabilities | $42.94M | $31.81M | $30.77M | $32.02M | $21.30M | $19.36M | $12.47M | $23.33M | $20.78M | $28.20M | $27.20M | $48.93M |
| Shareholders' equity | $199.49M | $222.28M | $227.14M | $245.15M | $231.14M | $168.00M | $180.40M | $139.56M | $74.21M | $42.10M | $108.14M | $105.53M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$41.07M | -$42.24M | -$42.32M | -$39.65M | -$28.78M | -$14.83M | -$16.58M | -$14.63M | -$18.80M | -$9.92M | -$17.57M | -$22.34M |
| Capital expenditures | $603.0K | $587.0K | $1.69M | $1.87M | $962.0K | $527.0K | $6.0K | $3.0K | $9.0K | $0 | $108.0K | $438.0K |
| Free cash flow | -$41.68M | -$42.83M | -$44.01M | -$41.52M | -$29.74M | -$15.36M | -$16.59M | -$14.63M | -$18.81M | -$9.92M | -$17.68M | -$22.78M |
| Investing cash flow | -$603.0K | -$587.0K | -$1.69M | -$1.02M | -$962.0K | -$2.54M | -$6.0K | -$3.0K | -$9.0K | $0 | -$108.0K | -$431.0K |
| Financing cash flow | $28.28M | $33.51M | $20.20M | $59.14M | $94.86M | $10.99M | $49.53M | $85.15M | $42.91M | $7.03M | -$212.0K | $40.71M |
| Share repurchases | - | - | - | $7.81M | $0 | $2.90M | $3.05M | - | - | - | - | $0 |
| Stock-based compensation | $2.29M | $2.26M | $1.97M | $1.79M | $1.92M | $1.42M | $882.0K | $894.0K | $1.04M | $1.15M | $1.69M | $2.04M |
| Depreciation and amortization | $600.0K | $600.0K | $555.0K | $488.0K | $400.0K | $500.0K | $493.0K | $496.0K | $500.0K | $900.0K | $1.21M | $1.26M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 423.8% | 577.9% | 183.2% | 108.8% | 16.6% | -9.5% | -2.1% | -31.7% | -29.3% | - | - | - |
| Gross margin | 92.7% | 94.8% | 77.1% | 80.4% | 58.4% | -63.8% | 61.2% | 54.2% | 44.9% | -52.5% | 33.1% | 37.4% |
| Operating margin | -321.6% | -314.1% | -603.9% | -895.8% | -1005.1% | -1416.2% | -660.9% | -870.6% | -551.2% | -3501.6% | -860.2% | -723.2% |
| Net margin | -309.4% | -299.4% | -584.4% | -870.3% | -972.9% | -1415.0% | -692.8% | -856.2% | -503.6% | -3567.8% | -601.9% | -723.0% |
| Free cash flow margin | -241.8% | -316.2% | -639.9% | -770.4% | -904.1% | -768.8% | -682.8% | -566.7% | -666.5% | -449.2% | -712.4% | -602.8% |
| Current ratio | 4.57 | 6.61 | 6.99 | 7.42 | 9.89 | 7.53 | 12.31 | 6.50 | 3.33 | 1.15 | 1.47 | 2.53 |
| Debt to equity | - | - | - | - | - | - | - | 0.05 | 0.11 | 0.20 | 0.08 | 0.08 |
Source: XBRL data Tonix Pharmaceuticals Holding Corp. files with the SEC, latest filing dated Nov 9, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-20, first reported Aug 14, 2013; 1-for-10, first reported Apr 13, 2017; 1-for-10, first reported Mar 18, 2019; 3-for-29, first reported Mar 24, 2020; 4-for-25, first reported Aug 10, 2023; 3-for-55, first reported Aug 16, 2024; 1-for-100, first reported Aug 11, 2025.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| TNXP | $43.05M | +318.0% | -$180.99M | -420.4% | $77.0M |
| NVAX | $411.65M | -61.3% | -$76.73M | -18.6% | $1.80B |
| EBS | $649.10M | -17.7% | -$260.70M | -40.2% | $313.6M |
| AXSM | $865.27M | +54.2% | -$157.29M | -18.2% | $7.05B |