Recent News
Dec. 29, 2025 — Announced pricing of a $20.0 million registered direct offering with institutional participation; expected closing around Dec. 30, 2025. Dec. 16, 2025 — Reported program updates for a long-acting monoclonal antibody candidate (TNX-4800) and licensing activity for TNX-4900. Nov. 24, 2025 — Received FDA IND clearance to begin a Phase 2 study of TNX-102 SL for major depressive disorder. Jan. 30, 2026 — Presented Phase 3 RESILIENT data for TONMYA™ at a therapeutic summit. Jan. 6, 2026 — Announced management participation at investor conferences in January 2026.
Technical Analysis
Directional indicators show bearish dominance: DI+ at 15.4 trending lower while DI− at 23.6 trends higher, signaling selling pressure currently outweighs buying pressure and implying downside bias for near-term price action.
ADX at 20.12 registers emerging trend strength; combined with the directional indicators, the emerging strength favors the existing downside momentum rather than a fresh bullish trend, which tempers prospects for any immediate recovery despite recent company developments.
MACD stands at −0.55 and declines toward the signal line (MACD signal −0.34), a configuration that denotes bearish momentum and no bullish MACD crossover; the momentum profile therefore supports a continuation of downward bias until MACD stabilizes or reverses.
MRO reads 8.91 with a peak-and-reversal pattern, indicating price sits above the model target and carries a tendency to correct downward; that dynamic increases the probability of near-term pullback pressure on the share price.
RSI at 42.79 and decreasing reflects weakening relative strength without entering classical oversold territory; combined with falling short-term EMAs (12/26-day EMAs decreasing) and price below the 20-, 50-, and 200-day averages, the technical picture signals sustained downside risk over the coming weeks.
Bollinger positioning shows the close trading below the 1x lower band, and Ichimoku components place price beneath the conversion and base lines and below the cloud, reinforcing technical resistance near the mid-teens and suggesting any rebound will face layered technical ceilings before regaining structural strength.
Fundamental Analysis
Liquidity and balance-sheet metrics present strength: cash and short-term investments total $190,055,000 and the company shows a current ratio near 9.9 and a quick ratio around 9.6, providing a substantial near-term funding buffer to support operations and late-stage commercialization activities without significant borrowing (total debt $425,000).
Profitability remains negative: EBIT −$32.01 million, EBITDA −$31.55 million, and net loss −$32.01 million. EBIT margin equals −972.95% (EBIT / revenue), reflecting high R&D and operating outlays relative to currently modest revenue of $3.29 million; operating margin similarly registers −975.23% and gross margin equals 58.45%.
Revenue and earnings trends show mixed signals: year‑over‑year revenue growth stands at 132.54% while the most recent quarter shows a contraction quarter‑over‑quarter. EPS came in at −$3.70 versus an estimate of −$2.75, producing an EPS surprise of −34.55%, which underscores near-term earnings pressure despite accelerating top-line development year-over-year.
Capital efficiency metrics remain thin: asset turnover at 0.01496 and receivables turnover around 1.13 indicate low current revenue relative to asset base, consistent with a commercial-stage small biotech investing heavily in pipeline development and launch activities.
Market and valuation indicators present wide dispersion: market capitalization about $253.76 million with enterprise value near $64.13 million; price-to-book roughly 1.10x and price-to-sales near 77.13x. WMDST values the stock as over-valued given current fundamentals versus the firm’s nascent commercial revenue and significant operating losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-10 |
| NEXT REPORT DATE: | 2026-02-09 |
| CASH FLOW | Begin Period Cash Flow | $ 126.2 M |
| Operating Cash Flow | $ -28.78 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 616.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 65.1 M | |
| End Period Cash Flow | $ 191.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.3 M | |
| Forward Revenue | $ 561.7 K | |
| COSTS | ||
| Cost Of Revenue | $ 1.4 M | |
| Depreciation | $ 461.0 K | |
| Depreciation and Amortization | $ 461.0 K | |
| Research and Development | $ 9.3 M | |
| Total Operating Expenses | $ 35.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.9 M | |
| EBITDA | $ -31.55 M | |
| EBIT | $ -32.01 M | |
| Operating Income | $ -32.09 M | |
| Interest Income | $ 1.2 M | |
| Interest Expense | — | |
| Net Interest Income | $ 1.2 M | |
| Income Before Tax | $ -32.01 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -32.01 M | |
| Net Income From Continuing Operations | $ -32.01 M | |
| EARNINGS | ||
| EPS Estimate | $ -2.75 | |
| EPS Actual | $ -3.70 | |
| EPS Difference | $ -0.95 | |
| EPS Surprise | -34.545 % | |
| Forward EPS | $ -2.15 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 252.4 M | |
| Intangible Assets | $ 120.0 K | |
| Net Tangible Assets | $ 231.0 M | |
| Total Current Assets | $ 208.1 M | |
| Cash and Short-Term Investments | $ 190.1 M | |
| Cash | $ 190.1 M | |
| Net Receivables | $ 3.5 M | |
| Inventory | $ 5.7 M | |
| Long-Term Investments | $ 1.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 8.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 21.0 M | |
| Net Debt | — | |
| Total Debt | $ 425.0 K | |
| Total Liabilities | $ 21.3 M | |
| EQUITY | ||
| Total Equity | $ 231.1 M | |
| Retained Earnings | $ -807.80 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.73 | |
| Shares Outstanding | 10.168 M | |
| Revenue Per-Share | $ 0.32 | |
| VALUATION | Market Capitalization | $ 253.8 M |
| Enterprise Value | $ 64.1 M | |
| Enterprise Multiple | -2.033 | |
| Enterprise Multiple QoQ | -63.678 % | |
| Enterprise Multiple YoY | -31.13 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 28.451 mean: 8.476 TNXP: -2.033 low: -82.433 |
|
| EV/R | 19.493 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.092 | |
| Asset To Liability | 11.853 | |
| Debt To Capital | 0.002 | |
| Debt To Assets | 0.002 | |
| Debt To Assets QoQ | -36.122 % | |
| Debt To Assets YoY | -42.069 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.24 median: 0.181 TNXP: 0.002 low: 0.0 |
|
| Debt To Equity | 0.002 | |
| Debt To Equity QoQ | -37.201 % | |
| Debt To Equity YoY | -50.404 % | |
| Debt To Equity IPRWA | high: 1.461 mean: 0.341 median: 0.106 TNXP: 0.002 low: -0.897 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.098 | |
| Price To Book QoQ | -32.856 % | |
| Price To Book YoY | 20.81 % | |
| Price To Book IPRWA | high: 16.86 mean: 6.894 median: 6.057 TNXP: 1.098 low: -8.555 |
|
| Price To Earnings (P/E) | -6.745 | |
| Price To Earnings QoQ | -30.268 % | |
| Price To Earnings YoY | -96.42 % | |
| Price To Earnings IPRWA | high: 56.753 median: 30.96 mean: 4.62 TNXP: -6.745 low: -93.179 |
|
| PE/G Ratio | 1.627 | |
| Price To Sales (P/S) | 77.131 | |
| Price To Sales QoQ | -43.898 % | |
| Price To Sales YoY | 222.76 % | |
| Price To Sales IPRWA | high: 1040.421 TNXP: 77.131 mean: 64.677 median: 18.442 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -4.25 | |
| Forward PE/G | 1.025 | |
| Forward P/S | 125.687 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.269 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | 42.341 % | |
| Asset Turnover Ratio YoY | -56.18 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.12 median: 0.107 TNXP: 0.015 low: -0.004 |
|
| Receivables Turnover | 1.134 | |
| Receivables Turnover Ratio QoQ | 59.867 % | |
| Receivables Turnover Ratio YoY | 47.756 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 median: 1.573 mean: 1.471 TNXP: 1.134 low: -0.057 |
|
| Inventory Turnover | 0.233 | |
| Inventory Turnover Ratio QoQ | -49.636 % | |
| Inventory Turnover Ratio YoY | 33.026 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.642 median: 0.477 TNXP: 0.233 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 80.447 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 16.193 | |
| Cash Conversion Cycle Days QoQ | -93.034 % | |
| Cash Conversion Cycle Days YoY | -90.171 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 175.475 TNXP: 16.193 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.018 | |
| CapEx To Revenue | 0.0 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 231.1 M | |
| Net Invested Capital | $ 231.1 M | |
| Invested Capital | $ 231.1 M | |
| Net Tangible Assets | $ 231.0 M | |
| Net Working Capital | $ 187.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 9.037 | |
| Current Ratio | 9.894 | |
| Current Ratio QoQ | 31.383 % | |
| Current Ratio YoY | 197.16 % | |
| Current Ratio IPRWA | high: 25.502 TNXP: 9.894 mean: 4.045 median: 2.865 low: 0.02 |
|
| Quick Ratio | 9.621 | |
| Quick Ratio QoQ | 33.326 % | |
| Quick Ratio YoY | 245.512 % | |
| Quick Ratio IPRWA | high: 13.391 TNXP: 9.621 mean: 2.551 median: 1.998 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.013 | |
| Cost Of Debt | 65.649 % | |
| Interest Coverage Ratio | -106.346 | |
| Interest Coverage Ratio QoQ | 598.307 % | |
| Interest Coverage Ratio YoY | 1270.866 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.705 median: 6.583 TNXP: -106.346 low: -1337.523 |
|
| Operating Cash Flow Ratio | -1.507 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 227.609 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 34.736 % | |
| Revenue Growth | 64.665 % | |
| Revenue Growth QoQ | -464.433 % | |
| Revenue Growth YoY | 132.541 % | |
| Revenue Growth IPRWA | high: 301.849 % TNXP: 64.665 % mean: 8.049 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -4.145 % | |
| Earnings Growth QoQ | -108.97 % | |
| Earnings Growth YoY | -95.805 % | |
| Earnings Growth IPRWA | high: 162.5 % TNXP: -4.145 % median: -6.312 % mean: -8.528 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 58.45 % | |
| Gross Margin QoQ | -191.666 % | |
| Gross Margin YoY | 30.187 % | |
| Gross Margin IPRWA | high: 105.39 % median: 81.951 % mean: 79.756 % TNXP: 58.45 % low: -35.147 % |
|
| EBIT Margin | -972.948 % | |
| EBIT Margin QoQ | -28.689 % | |
| EBIT Margin YoY | 97.729 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % mean: -83.687 % TNXP: -972.948 % low: -7772.481 % |
|
| Return On Sales (ROS) | -975.228 % | |
| Return On Sales QoQ | -28.521 % | |
| Return On Sales YoY | 98.192 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % mean: -89.461 % TNXP: -975.228 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -27.73 M | |
| Free Cash Flow Yield | -10.928 % | |
| Free Cash Flow Yield QoQ | 72.802 % | |
| Free Cash Flow Yield YoY | -60.82 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.601 % TNXP: -10.928 % low: -57.887 % |
|
| Free Cash Growth | 59.636 % | |
| Free Cash Growth QoQ | 1156.818 % | |
| Free Cash Growth YoY | -33.469 % | |
| Free Cash Growth IPRWA | high: 204.738 % TNXP: 59.636 % median: 22.832 % mean: 22.458 % low: -206.871 % |
|
| Free Cash To Net Income | 0.866 | |
| Cash Flow Margin | -963.404 % | |
| Cash Flow To Earnings | 0.99 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -14.557 % | |
| Return On Assets QoQ | -2.111 % | |
| Return On Assets YoY | -15.352 % | |
| Return On Assets IPRWA | high: 30.5 % median: 2.42 % mean: -1.372 % TNXP: -14.557 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -13.833 % | |
| Return On Equity (ROE) | -0.138 | |
| Return On Equity QoQ | -17.703 % | |
| Return On Equity YoY | -27.689 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 mean: 0.013 TNXP: -0.138 low: -1.385 |
|
| DuPont ROE | -16.038 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |