Tonix Pharmaceuticals Holding Corp. Common Stock (TNXP)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable businesses, honest accounting, and cash in the till, and Tonix does not fit that mold. It sells TONMYA for fibromyalgia and migraine products and develops therapies for central nervous system, immunology, infectious disease, and rare disease. Revenue is moving from a tiny base: in fiscal Q2 2026, the quarter ended 2026-06-30, sales were $13.5M, compared with $2.0M in fiscal Q2 2025, the quarter ended 2025-06-30; fiscal Q1 2026, the quarter ended 2026-03-31, sales were $6.9M. But the losses are enormous: fiscal Q2 2026 net loss was $40.6M, and fiscal Q1 2026 net loss was $40.2M. For fiscal year 2025, the year ended 2025-12-31, revenue was $13.1M and net loss was $124.0M. FairStock reports trailing free cash flow of -$156.1M, more than the entire $105.1M market cap at the 2026-10-13 close, so the company is consuming cash faster than it is worth. The debt-to-equity ratio is only 0.01 and the shares trade at 0.46 times book on a FairStock basis, but in biotechnology book value can disappear if a trial or launch disappoints. FairStock also shows a negative P/E of -0.47, ROE of -81.82%, ROCE of -46.84%, a Piotroski score of 2/9, and an Altman Z-score of -2.85. Revenue growth off a small base is not a moat. Until Tonix produces profits and positive cash flow, this is a pipeline speculation, not a Graham-style margin of safety.

In plain English: Tonix Pharmaceuticals is a small drug company that sells medicines for fibromyalgia and migraine and is developing treatments for brain, immune, infectious, and rare diseases. Sales are growing quickly from a small base, but the company loses large amounts of money and burns cash, so the business looks financially weak. The share price is near the low end of its yearly range and looks low compared with its reported accounting value, but continuing losses make it hard to call cheap.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer