10-Q · May 11, 2026
Tonix Pharmaceuticals reported a significant increase in revenue for Q1 2026, generating $6.9 million, primarily from the sales of its newly launched product TONMYA and existing products Zembrace and Tosymra. However,…
Earnings analysis · 10-Q
TNXP earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Tonix delivered a strong commercial quarter, with revenue of $13.544 million, TONMYA revenue of $10.954 million, and diluted EPS of $(2.44), both ahead of consensus. Gross margin rebounded to approximately 94.8%, but…
Read full summary
Tonix delivered a strong commercial quarter, with revenue of $13.544 million, TONMYA revenue of $10.954 million, and diluted EPS of $(2.44), both ahead of consensus. Gross margin rebounded to approximately 94.8%, but operating losses widened as R&D and SG&A increased substantially to support pipeline development and commercialization. Liquidity remains the key constraint: operating cash burn was $84.561 million in the first half, management expects funding only into early Q2 2027, and the filing includes substantial doubt about the company’s ability to continue as a going concern. The company stated that there were no material changes to the risk factors from its December 31, 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.44
- Segment
- Single reportable segment: total product revenue was $13.544 million, including TONMYA $10.954 million, Zembrace SymTouch $1.996 million, and Tosymra $0.594 million.
What stood out
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Revenue beat driven by TONMYA
Second-quarter revenue increased to $13.544 million from $1.998 million year over year and exceeded the $7.832 million consensus estimate. TONMYA contributed $10.954 million versus $0 in the prior-year quarter.
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Gross margin rebounded sharply
Gross margin was approximately 94.8%, up from negative 63.8% in Q2 2025 and 77.1% in Q1 2026. Cost of sales fell to $0.703 million from $3.272 million, partly because Q2 2025 included approximately $2.3 million of inventory write-downs.
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EPS beat despite higher net loss
Diluted EPS improved to $(2.44) from $(3.86) year over year and beat the $(2.64) consensus estimate. Net loss was $(40.552) million versus $(28.272) million in Q2 2025, reflecting substantially higher commercial and development spending.
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All commercial products grew
TONMYA revenue reached $10.954 million, while Zembrace SymTouch revenue grew to $1.996 million from $1.570 million. Tosymra revenue increased to $0.594 million from $0.428 million.
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Pipeline investment accelerated
Research and development expense increased 80% to $19.417 million from $10.820 million, driven by $4.5 million of higher manufacturing expense, $1.3 million of higher clinical expense, and $2.5 million of higher employee-related costs.
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Pipeline milestones advanced
The company received positive final FDA Type C meeting minutes for TNX-4800 in early Q3 2026, supporting a planned adaptive Phase 2 field study in Q1 2027. The HORIZON Phase 2 study of TNX-102 SL in major depressive disorder commenced in June 2026.
What to watch
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Going-concern and financing risk
Operating cash flow was negative $84.561 million in the first six months, compared with negative $31.412 million in the prior-year period. Management states cash resources and $3.7 million of post-quarter equity proceeds fund operations only into early Q2 2027 and do not cover 12 months from filing.
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Operating expenses remain elevated
Selling, general and administrative expense rose 122% to $35.959 million from $16.202 million, including a $13.8 million increase in sales and marketing expense. Research and development expense also rose 80% to $19.417 million, keeping the operating loss at $(42.535) million.
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Pipeline commitments and dilution
The company had $53.3 million of outstanding commitments to contract research organizations at June 30, 2026, while accumulated deficit reached $935.5 million. Management states additional funding may require equity or debt issuance, which could cause further shareholder dilution or require program reductions.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects cash resources at June 30, 2026 plus $3.7 million of subsequent equity proceeds to fund operations and capital expenditures into early Q2 2027, but states resources will not cover 12 months from the filing date. TNX-4800 Phase 2 initiation is planned for Q1 2027, TNX-1500 Phase 2 is expected in the second half of 2026 pending FDA clearance, and OASIS topline data is expected in mid-2027.
Earlier filings 4
10-K · March 12, 2026
Tonix converted to a commercial-stage biotech in 2025 with FDA approval and a November 17, 2025 launch of TONMYA for fibromyalgia and continued promotion of its migraine franchise. The company shows early commercial…
10-Q · November 10, 2025
Tonix reported Q3 product revenue of $3.29M (up from $2.822M in Q3 2024) and a net loss of $32.01M (operating loss $33.07M), driven by a large rise in SG&A ahead of the Tonmya commercial launch. Cash and cash…
10-K · March 18, 2025
Tonix filed an NDA for TNX-102 SL in October 2024 and the FDA assigned a PDUFA goal date of August 15, 2025; the company is preparing for a potential commercial launch in Q4 2025 conditional on approval. The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.