Tonix Pharmaceuticals Holding Corp.
TNXP · Pharmaceutical Preparations · 15.9M shares · -60%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $9M (gross $14M, SBC $5M)
Reference price $10.55 · est. market cap ~$168M — last insider purchase, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — fibromyalgia (Tonmya) launch, heavy burn, funded.
Strengths
- Liquidity — current ratio 7.4 (71st)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Net lossNet loss (net margin -946.2%)
- Cash burnNegative free cash flow (-103.2M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $208M cash & investments, ~8 quarters of runway
- Insider buyingInsider buying — 5 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$418,578, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -60%/yr over 3y
- Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
49.3%
Operating margin
-959.1%
Net margin
-946.2%
Return on equity
-50.6%
Return on assets
-44.7%
Revenue growth (QoQ)
27.6%
Current ratio
7.4×
Free cash flow
-$103M
EBITDA
-$124M
Tangible book value
$245M
Cash & investments
$208M
Cash runway
8q
Stock comp / revenue
45.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Taylor Carolyn E. | Buy | 1.4K | $10.55 |
| 2026-06-09 | LEDERMAN SETH | Buy | 5.0K | $11.79 |
| 2026-06-08 | Stillwell Richard Newcomb | Buy | 5.0K | $11.65 |
| 2026-03-31 | LEDERMAN SETH | Buy | 5.0K | $12.62 |
| 2026-03-18 | LEDERMAN SETH | Buy | 15K | $14.89 |
| 2025-08-21 | Taylor Carolyn E. | Buy | 418 | $36.03 |
| 2025-08-20 | Treco James | Buy | 250 | $36.00 |
| 2025-05-15 | LEDERMAN SETH | Buy | 4.0K | $21.55 |
| 2025-02-05 | Bell Margaret Smith | Other | 1 | $0.15 |
| 2025-02-05 | Treco James | Other | 0 | $0.30 |
| 2025-02-05 | BAGGER RICHARD H | Other | 0 | $0.20 |
| 2025-02-05 | SAENGER BRADLEY | Other | 0 | — |
| 2025-02-05 | SULLIVAN GREGORY M | Other | 0 | $1.47 |
| 2025-02-05 | LEDERMAN SETH | Other | 5 | $3.38 |
| 2025-02-05 | LEDERMAN SETH | Other | 0 | $3.30 |
| 2025-02-05 | LEDERMAN SETH | Other | 1 | $0.15 |
| 2025-02-05 | MORRIS JESSICA EDGAR | Other | 1 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-08 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-27 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-15 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-05-07 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-06 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-01 | ResultsOther | filing ↗ |
| 2026-04-29 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-08 | 0001493152-26-027621 ↗ |
| 8-K | 2026-05-27 | 2026-05-27 | 0001493152-26-025324 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001999371-26-010790 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001999371-26-010486 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001999371-26-010487 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001999371-26-010226 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001999371-26-010039 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001999371-26-009744 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001999371-26-009289 ↗ |
| 8-K | 2026-04-23 | 2026-04-21 | 0001999371-26-008771 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001999371-26-007254 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001999371-26-006915 ↗ |