Tonix Pharmaceuticals Holding
TNXP on Nasdaq. Tonix Pharmaceuticals Holding sells migraine treatments to patients and healthcare providers. Market value $138m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-114.23 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$8.07 a share, at its 1-year low
Over the past year the price has ranged from $8.00 to $24.67.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $158 million in the past 12 months, a shortfall of $103 million in the year to December 2025.
| Revenue | |||||
| Revenue | n/a | n/a | $8m | $10m | $13m |
| Operating margin | |||||
| Operating margin | n/a | n/a | -1523.9% | -1354.3% | -959.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.10 | 0.06 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.02bn | 0.19bn | 0.01bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 70% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $14 million last quarter, up 578% on a year ago.
- A loss of $41 million, compared with a loss of $28 million a year ago.
- It loses 568 cents on each $1 of sales, compared with 838 cents a year earlier.
- Over the past 12 months it spent $158 million more cash than it brought in, compared with $65 million a year earlier.
- 127% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $3m |
| March 2025 | $2m |
| June 2025 | $2m |
| September 2025 | $3m |
| December 2025 | $5m |
| March 2026 | $7m |
| June 2026 | $14m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$14m |
| December 2024 | -$22m |
| March 2025 | -$17m |
| June 2025 | -$28m |
| September 2025 | -$32m |
| December 2025 | -$47m |
| March 2026 | -$40m |
| June 2026 | -$41m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 102 funds in all.
Largest holders overall
- BlackRock$18mAdded
- Point72 Asset Management, L.P.$15mAdded
- Millennium Management$12mAdded
- AQR Capital Management$11mAdded
- Vanguard Capital Management$9mAdded
- Jones Hill Capital LP$8mAdded
- Geode Capital Management$5mAdded
- Ishara Investments LP$4mNew
- State Street$3mAdded
- UBS Group AG$3m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Point72 Asset Management, L.P.Passive investorat least 6.9%−2.3 pts(filed with 2 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor6.7%−1.1 ptsSince 31 December 2025
- Millennium Management LLCPassive investorat least 5.6%(filed with 2 related holders)Since 9 June 2026
- AQR Capital Management, LLCPassive investorat least 5.5%(filed with 1 related holder)Since 30 June 2026
- Sirenia Capital Management LPPassive investorat least 4.9%−3.9 pts(filed with 1 related holder)Since 30 June 2026
- SABBY MANAGEMENT, LLCPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- L1 Capital Global Opportunities Master Fund, Ltd.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Point72 Asset Management, L.P. Passive investor | at least 6.9%−2.3 pts (filed with 2 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.7%−1.1 pts | 31 December 2025 | |
Millennium Management LLC Passive investor | at least 5.6% (filed with 2 related holders) | 9 June 2026 | |
AQR Capital Management, LLC Passive investor | at least 5.5% (filed with 1 related holder) | 30 June 2026 | |
Sirenia Capital Management LP Passive investor | at least 4.9%−3.9 pts (filed with 1 related holder) | 30 June 2026 | |
SABBY MANAGEMENT, LLC Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
L1 Capital Global Opportunities Master Fund, Ltd. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $458,758 of shares on the open market.
- LEDERMAN SETHChief Executive Officer, DirectorBought
- Date
- 27 August 2026
- Shares
- 2,000
- Price
- $13.79
- Value
- $27,580
- BAGGER RICHARD HDirectorBought
- Date
- 20 August 2026
- Shares
- 1,000
- Price
- $12.60
- Value
- $12,600
- Taylor Carolyn E.DirectorBought
- Date
- 12 June 2026
- Shares
- 1,415
- Price
- $10.55
- Value
- $14,928
- LEDERMAN SETHChief Executive Officer, DirectorBought
- Date
- 9 June 2026
- Shares
- 5,000
- Price
- $11.79
- Value
- $58,950
- Stillwell Richard NewcombDirectorBought
- Date
- 8 June 2026
- Shares
- 5,000
- Price
- $11.65
- Value
- $58,250
- LEDERMAN SETHChief Executive Officer, DirectorBought
- Date
- 31 March 2026
- Shares
- 5,000
- Price
- $12.62
- Value
- $63,100
- LEDERMAN SETHChief Executive Officer, DirectorBought
- Date
- 18 March 2026
- Shares
- 15,000
- Price
- $14.89
- Value
- $223,350
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 August 2026 | LEDERMAN SETH Chief Executive Officer, Director | Bought | 2,000 | $13.79 | $27,580 |
| 20 August 2026 | BAGGER RICHARD H Director | Bought | 1,000 | $12.60 | $12,600 |
| 12 June 2026 | Taylor Carolyn E. Director | Bought | 1,415 | $10.55 | $14,928 |
| 9 June 2026 | LEDERMAN SETH Chief Executive Officer, Director | Bought | 5,000 | $11.79 | $58,950 |
| 8 June 2026 | Stillwell Richard Newcomb Director | Bought | 5,000 | $11.65 | $58,250 |
| 31 March 2026 | LEDERMAN SETH Chief Executive Officer, Director | Bought | 5,000 | $12.62 | $63,100 |
| 18 March 2026 | LEDERMAN SETH Chief Executive Officer, Director | Bought | 15,000 | $14.89 | $223,350 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Tonix Pharmaceuticals Holding’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 22 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These factors raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company continues to face significant challenges and uncertainties and must obtain additional funding through public and private financing and collaborative arrangements with strategic partners to increase the funds available to fund operations. However, the Company may not be able to raise capital on terms acceptable to the Company, or at all. Without additional funds, it may be forced to delay, scale back or eliminate some of its research and development activities, or other operations and potentially delay product development in an effort to maintain sufficient funds to continue operations. If any of these events occurs, its ability to achieve development and commercialization goals would be adversely affected and the Company may be forced to cease operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
From the 10-Q filed 10 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 16, 2026, Tonix Pharmaceuticals Holding Corp. (the “ Company ”) dismissed EisnerAmper LLP (“ EisnerAmper ”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 18 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.