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1. Company Snapshot

1.a. Company Description

Tonix Pharmaceuticals Holding Corp., a clinical-stage biopharmaceutical company, focuses on discovering, acquiring, developing, and licensing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering.Its portfolio includes immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates.The company's immunology portfolio includes biologics to address organ transplant rejection, autoimmunity, and cancer, including TNX-1500, a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases.


Its rare disease portfolio comprises TNX-2900 for the treatment of Prader-Willi syndrome.The company's infectious disease pipeline includes TNX-801, a vaccine to prevent smallpox and monkeypox; TNX-1840 and TNX-1850 that are live virus vaccines based on its recombinant pox vaccine (RPV) platform for COVID-19; TNX-3500, a small molecule antiviral drug to treat acute COVID-19; and TNX-102 SL, a small molecule drug to treat Long COVID, a chronic post-acute COVID-19 condition.Its CNS portfolio includes small molecules and biologics to treat pain, neurologic, psychiatric, and addiction conditions, including TNX-102 SL, which is in mid-Phase 3 development for the management of fibromyalgia; TNX-1900 that is in development for the prevention of migraine headache; and TNX-1300, a biologic designed to treat cocaine intoxication.


The company was founded in 2007 and is headquartered in Chatham, New Jersey.

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1.b. Last Insights on TNXP

Tonix Pharmaceuticals' recent performance has been impacted by several negative drivers. Despite the FDA approval of Tonmya for fibromyalgia, concerns over valuation, potential dilution, and uncertainty around commercialization and pricing have affected the stock. The company's limited cash and ongoing losses may necessitate dilutive fundraising, which could be a concern for investors. Additionally, safety concerns and commercial execution risks remain. However, the company has made progress with its pipeline, including the development of TNX-102 SL for major depressive disorder and TNX-1500 for transplantation.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Tonix: Maintaining Buy Rating With Potential Tonmya Expansion Indications

Nov -24

Source: seekingalpha.com

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Tonix Pharmaceuticals Announces FDA IND Clearance for Phase 2 Study of TNX-102 SL for the Treatment of Major Depressive Disorder

Nov -24

Source: globenewswire.com

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Tonix Pharmaceuticals Announces U.S. Commercial Availability of TONMYA™ (cyclobenzaprine HCl sublingual tablets) as a First-in-Class Fibromyalgia Treatment

Nov -17

Source: globenewswire.com

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Tonix Q3 2025 Earnings Recap And Tonmya Launch Outlook

Nov -14

Source: seekingalpha.com

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Tonix Pharmaceuticals Reports Third Quarter 2025 Financial Results and Operational Highlights

Nov -10

Source: globenewswire.com

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Tonix Pharmaceuticals to Participate in the Stifel 2025 Healthcare Conference

Nov -06

Source: globenewswire.com

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Head-To-Head Review: Tonix Pharmaceuticals (NASDAQ:TNXP) versus ProKidney (NASDAQ:PROK)

Nov -05

Source: defenseworld.net

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Tonix Pharmaceuticals Announces Collaboration with Massachusetts General Hospital to Advance Phase 2 Clinical Trial of Dimeric Fc-modified anti-CD40L mAb, TNX-1500, to Prevent Kidney Transplant Organ Rejection

Nov -04

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.43%)

6. Segments

Therapeutics

Expected Growth: 10.43%

Tonix Pharmaceuticals Holding Corp.'s therapeutics segment growth is driven by increasing demand for novel treatments for central nervous system disorders, growing awareness of fibromyalgia and post-traumatic stress disorder, and the company's robust pipeline of clinical-stage candidates, including TNX-102 SL for fibromyalgia and PTSD.

7. Detailed Products

TNX-102 SL

A patented sublingual tablet formulation of cyclobenzaprine (CBP) for the treatment of fibromyalgia

TNX-1300

A live virus vaccine based on the horsepox virus, a close relative of the cowpox virus, for the prevention of COVID-19

TNX-1800

A live virus vaccine based on the horsepox virus, for the prevention of COVID-19 and other viral respiratory diseases

TNX-2300

A live virus vaccine based on the horsepox virus, for the prevention of COVID-19 and other viral respiratory diseases

TNX-2900

A live virus vaccine based on the horsepox virus, for the prevention of COVID-19 and other viral respiratory diseases

8. Tonix Pharmaceuticals Holding Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Tonix Pharmaceuticals Holding Corp. has a moderate threat of substitutes due to the availability of alternative treatments for its target indications.

Bargaining Power Of Customers

Tonix Pharmaceuticals Holding Corp. has a low bargaining power of customers due to its niche target market and limited customer base.

Bargaining Power Of Suppliers

Tonix Pharmaceuticals Holding Corp. has a moderate bargaining power of suppliers due to its reliance on a few key suppliers for raw materials and manufacturing services.

Threat Of New Entrants

Tonix Pharmaceuticals Holding Corp. has a high threat of new entrants due to the attractiveness of the biotechnology industry and the potential for new companies to enter the market.

Intensity Of Rivalry

Tonix Pharmaceuticals Holding Corp. operates in a moderately competitive industry, with several established players and a growing number of new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 8.00%
Debt Cost 3.95%
Equity Weight 92.00%
Equity Cost 14.74%
WACC 13.88%
Leverage 8.70%

11. Quality Control: Tonix Pharmaceuticals Holding Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fortress Biotech

A-Score: 4.5/10

Value: 8.4

Growth: 5.3

Quality: 3.9

Yield: 0.0

Momentum: 8.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Adaptive Biotechnologies

A-Score: 4.4/10

Value: 6.0

Growth: 3.8

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Tonix Pharmaceuticals

A-Score: 4.2/10

Value: 7.6

Growth: 5.2

Quality: 3.8

Yield: 0.0

Momentum: 8.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
AnaptysBio

A-Score: 4.1/10

Value: 8.2

Growth: 3.2

Quality: 5.0

Yield: 0.0

Momentum: 6.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Phathom Pharmaceuticals

A-Score: 3.4/10

Value: 8.2

Growth: 4.4

Quality: 6.0

Yield: 0.0

Momentum: 1.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
REGENXBIO

A-Score: 3.1/10

Value: 7.0

Growth: 2.2

Quality: 3.9

Yield: 0.0

Momentum: 4.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.64$

Current Price

19.64$

Potential

-0.00%

Expected Cash-Flows