Recent News
Nov. 17, 2025 — Tonix announced U.S. commercial availability of TONMYA (cyclobenzaprine HCl sublingual tablets) with pharmacy ordering nationwide. Nov. 10, 2025 — the company reported third-quarter 2025 results, confirmed Tonmya set to launch in November, and disclosed $190.1M cash and short-term investments as of Sept. 30, 2025. Oct. 27, 2025 — Tonix presented RESILIENT Phase 3 data at the American College of Rheumatology meeting. Sep. 18, 2025 — Tonix received an RS rating upgrade from Investor’s Business Daily.
Technical Analysis
ADX at 25.07 indicates a strong trend in place; directional movement readings show DI+ dip & reversal and DI- peak & reversal, which together signal a bullish directional tilt that aligns with launch-driven optimism.
MACD stands at -1.51 with a MACD trend of dip & reversal and a signal line at -1.67; the MACD currently sits above its signal line, representing a bullish momentum cross that can support short-term upside attempts tied to commercial news.
MRO reads 11.46 (positive), indicating the current price sits above the model target and therefore introduces pressure for mean reversion even as momentum measures show recent improvement.
RSI at 36.52 with a peak & reversal trend reflects recent downside pressure and room for recovery; the oscillator level suggests momentum remains below neutral despite the MACD crossover.
Price vs. averages: the close at $16.10 lies below the 12-day EMA ($16.77, decreasing), 20-day average ($16.84), 50-day average ($20.80) and 200-day average ($26.26), which frames the market structure as below most moving-average references despite short-term bullish signals.
Bollinger bands place the recent price near the lower band (1x lower = $16.00), implying compressed volatility with potential for intrarange moves; 42‑day beta of 2.28 flags elevated short-term sensitivity to news and earnings-related flow.
Fundamental Analysis
Liquidity and capital structure: cash and short-term investments total $190,055,000; current ratio stands at 9.89 and quick ratio at 9.62, signaling substantial near-term liquidity and low balance-sheet leverage (total debt $425,000; debt-to-assets 0.17%).
Profitability and cash flow: net income for the period shows a loss of $32,010,000 and operating margin of -9.75%. EBITDA equals -$31,549,000 and free cash flow is -$27,732,000, while cash flow to earnings approximates 99.0%—indicating reported cash outflow closely tracks losses but available cash covers multiple quarters of operations.
Revenue and growth: total revenue equals $3,290,000 with revenue growth of 64.67% and year-over-year revenue growth of 132.54%; product revenue from marketed migraine therapies contributed to third-quarter sales and Tonmya commercialization should materially augment top-line figures going forward.
Valuation multiples: price-to-sales sits at 77.13, slightly above the industry peer mean of 73.51. Price-to-book approximates $1.10, below the industry peer mean of about 7.00. Trailing PE and forward PE register negative values (PE -6.74; forward PE -4.25), reflecting current negative earnings. WMDST values the stock as over-valued, driven by elevated PS multiples alongside persistent losses and negative free cash flow.
Earnings and analyst dynamics: reported EPS was -$3.70 versus an estimate of -$2.75, an EPS surprise of -34.55%. Forward EPS stands at -$7.73, implying continued loss expectations despite an imminent product launch that may shift revenue profiles later in the fiscal year.
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 | $ 2.0 M | |
| 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 | $ -7.73 | |
| 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: 24.843 mean: 3.631 TNXP: -2.033 low: -81.356 |
|
| 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: 0.214 median: 0.075 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: 1.395 mean: 0.193 median: 0.09 TNXP: 0.002 low: -0.869 |
|
| 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: 18.42 mean: 6.999 median: 5.8 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 mean: -3.724 TNXP: -6.745 median: -11.996 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: 1129.647 TNXP: 77.131 mean: 73.515 median: 25.506 low: 0.808 |
|
| 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: 0.117 median: 0.107 TNXP: 0.015 low: 0.0 |
|
| Receivables Turnover | 1.134 | |
| Receivables Turnover Ratio QoQ | 59.867 % | |
| Receivables Turnover Ratio YoY | 47.756 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 mean: 1.444 median: 1.35 TNXP: 1.134 low: 0.009 |
|
| Inventory Turnover | 0.233 | |
| Inventory Turnover Ratio QoQ | -49.636 % | |
| Inventory Turnover Ratio YoY | 33.026 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.599 median: 0.37 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: 1122.555 median: 189.366 mean: 188.121 TNXP: 16.193 low: -1652.059 |
|
| 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: 24.687 TNXP: 9.894 mean: 4.317 median: 3.195 low: 0.046 |
|
| Quick Ratio | 9.621 | |
| Quick Ratio QoQ | 33.326 % | |
| Quick Ratio YoY | 245.512 % | |
| Quick Ratio IPRWA | high: 13.391 TNXP: 9.621 mean: 2.788 median: 2.457 low: 0.043 |
|
| 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: 40.196 median: 4.213 TNXP: -106.346 low: -1538.4 |
|
| 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: 8.04 % 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: -6.452 % mean: -13.12 % 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: 83.077 % mean: 79.803 % 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: 35.352 % mean: -113.366 % TNXP: -972.948 % low: -8139.786 % |
|
| Return On Sales (ROS) | -975.228 % | |
| Return On Sales QoQ | -28.521 % | |
| Return On Sales YoY | 98.192 % | |
| Return On Sales IPRWA | high: 70.107 % median: 26.151 % mean: -111.341 % 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: 0.768 % mean: 0.315 % TNXP: -10.928 % low: -53.991 % |
|
| Free Cash Growth | 59.636 % | |
| Free Cash Growth QoQ | 1156.818 % | |
| Free Cash Growth YoY | -33.469 % | |
| Free Cash Growth IPRWA | high: 199.867 % TNXP: 59.636 % mean: 28.143 % median: 21.696 % low: -198.468 % |
|
| 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: 0.176 % mean: -2.243 % 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: -0.002 mean: -0.005 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 | — | |