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Side-by-side financial comparison of MAXCYTE, INC. (MXCT) and Tonix Pharmaceuticals Holding Corp. (TNXP). Click either name above to swap in a different company.
Tonix Pharmaceuticals Holding Corp. is the larger business by last-quarter revenue ($5.4M vs $4.8M, roughly 1.1× MAXCYTE, INC.). MAXCYTE, INC. runs the higher net margin — -200.5% vs -870.3%, a 669.9% gap on every dollar of revenue. On growth, Tonix Pharmaceuticals Holding Corp. posted the faster year-over-year revenue change (108.8% vs -20.9%). MAXCYTE, INC. produced more free cash flow last quarter ($-2.9M vs $-41.5M). Over the past eight quarters, Tonix Pharmaceuticals Holding Corp.'s revenue compounded faster (47.4% CAGR vs -7.4%).
MaxCyte Inc. is a global biotechnology company focused on developing cell engineering platforms and enabling technologies for cell and gene therapy advancement. Its proprietary non-viral cell modification systems are widely used by pharmaceutical, biotech and life science research entities to develop immunotherapies, gene-edited treatments and next-generation biologic drugs from preclinical research through commercialization.
Tonix Pharmaceuticals is a pharmaceutical company based in Chatham, New Jersey that focuses on repurposed drugs for central nervous system conditions and as of 2020 was also pursuing a vaccine for COVID-19 and a biodefense project.
MXCT vs TNXP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $5.4M |
| Net Profit | $-9.6M | $-46.9M |
| Gross Margin | — | 80.4% |
| Operating Margin | -234.5% | -895.8% |
| Net Margin | -200.5% | -870.3% |
| Revenue YoY | -20.9% | 108.8% |
| Net Profit YoY | 9.4% | -112.2% |
| EPS (diluted) | — | $-4.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $5.4M | ||
| Q3 25 | $4.6M | $3.3M | ||
| Q2 25 | $5.8M | $2.0M | ||
| Q1 25 | $5.7M | $2.4M | ||
| Q4 24 | $6.1M | $2.6M | ||
| Q3 24 | $5.6M | $2.8M | ||
| Q2 24 | $5.0M | $2.2M | ||
| Q1 24 | $5.6M | $2.5M |
| Q4 25 | $-9.6M | $-46.9M | ||
| Q3 25 | $-12.4M | $-32.0M | ||
| Q2 25 | $-12.4M | $-28.3M | ||
| Q1 25 | $-10.3M | $-16.8M | ||
| Q4 24 | $-10.6M | $-22.1M | ||
| Q3 24 | $-11.6M | $-14.2M | ||
| Q2 24 | $-9.4M | $-78.8M | ||
| Q1 24 | $-9.5M | $-14.9M |
| Q4 25 | — | 80.4% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | -63.8% | ||
| Q1 25 | — | 61.2% | ||
| Q4 24 | — | 54.2% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | -52.5% | ||
| Q1 24 | — | 33.1% |
| Q4 25 | -234.5% | -895.8% | ||
| Q3 25 | -307.4% | -1005.1% | ||
| Q2 25 | -244.3% | -1416.2% | ||
| Q1 25 | -214.1% | -660.9% | ||
| Q4 24 | -213.1% | -870.6% | ||
| Q3 24 | -250.4% | -551.2% | ||
| Q2 24 | -241.0% | -3501.6% | ||
| Q1 24 | -219.8% | -860.2% |
| Q4 25 | -200.5% | -870.3% | ||
| Q3 25 | -269.7% | -972.9% | ||
| Q2 25 | -212.2% | -1415.0% | ||
| Q1 25 | -178.7% | -692.8% | ||
| Q4 24 | -175.0% | -856.2% | ||
| Q3 24 | -205.9% | -503.6% | ||
| Q2 24 | -188.8% | -3567.8% | ||
| Q1 24 | -170.6% | -601.9% |
| Q4 25 | — | $-4.28 | ||
| Q3 25 | $-0.12 | $-3.59 | ||
| Q2 25 | $-0.12 | $-3.86 | ||
| Q1 25 | — | $-2.84 | ||
| Q4 24 | — | $2302.65 | ||
| Q3 24 | $-0.11 | $-22.68 | ||
| Q2 24 | $-0.09 | $-1920.85 | ||
| Q1 24 | — | $-535.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $103.0M | $207.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $171.5M | $245.2M |
| Total Assets | $202.5M | $277.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.0M | $207.6M | ||
| Q3 25 | $105.7M | $190.1M | ||
| Q2 25 | $126.6M | $125.3M | ||
| Q1 25 | $138.3M | $131.7M | ||
| Q4 24 | $154.5M | $98.8M | ||
| Q3 24 | $153.8M | $28.2M | ||
| Q2 24 | $157.3M | $4.2M | ||
| Q1 24 | $157.5M | $7.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.7M | ||
| Q3 24 | — | $9.4M | ||
| Q2 24 | — | $10.1M | ||
| Q1 24 | — | $10.8M |
| Q4 25 | $171.5M | $245.2M | ||
| Q3 25 | $180.3M | $231.1M | ||
| Q2 25 | $190.7M | $168.0M | ||
| Q1 25 | $199.4M | $180.4M | ||
| Q4 24 | $206.3M | $139.6M | ||
| Q3 24 | $213.3M | $74.2M | ||
| Q2 24 | $221.3M | $42.1M | ||
| Q1 24 | $226.4M | $108.1M |
| Q4 25 | $202.5M | $277.2M | ||
| Q3 25 | $213.5M | $252.4M | ||
| Q2 25 | $219.8M | $187.4M | ||
| Q1 25 | $230.0M | $192.9M | ||
| Q4 24 | $239.5M | $162.9M | ||
| Q3 24 | $248.6M | $95.0M | ||
| Q2 24 | $251.5M | $70.3M | ||
| Q1 24 | $257.9M | $135.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.24× | ||
| Q1 24 | — | 0.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.7M | $-39.6M |
| Free Cash FlowOCF − Capex | $-2.9M | $-41.5M |
| FCF MarginFCF / Revenue | -61.0% | -770.4% |
| Capex IntensityCapex / Revenue | 4.8% | 34.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-36.2M | $-103.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.7M | $-39.6M | ||
| Q3 25 | $-7.5M | $-28.8M | ||
| Q2 25 | $-9.9M | $-14.8M | ||
| Q1 25 | $-14.4M | $-16.6M | ||
| Q4 24 | $-7.8M | $-14.6M | ||
| Q3 24 | $-4.4M | $-18.8M | ||
| Q2 24 | $-4.8M | $-9.9M | ||
| Q1 24 | $-10.6M | $-17.6M |
| Q4 25 | $-2.9M | $-41.5M | ||
| Q3 25 | $-7.8M | $-29.7M | ||
| Q2 25 | $-10.4M | $-15.4M | ||
| Q1 25 | $-15.1M | $-16.6M | ||
| Q4 24 | $-8.0M | $-14.6M | ||
| Q3 24 | $-4.8M | $-18.8M | ||
| Q2 24 | $-5.1M | — | ||
| Q1 24 | $-11.4M | $-17.7M |
| Q4 25 | -61.0% | -770.4% | ||
| Q3 25 | -168.5% | -904.1% | ||
| Q2 25 | -179.2% | -768.8% | ||
| Q1 25 | -262.3% | -682.8% | ||
| Q4 24 | -131.6% | -566.7% | ||
| Q3 24 | -85.5% | -666.5% | ||
| Q2 24 | -103.3% | — | ||
| Q1 24 | -203.6% | -712.4% |
| Q4 25 | 4.8% | 34.8% | ||
| Q3 25 | 6.5% | 29.2% | ||
| Q2 25 | 10.0% | 26.4% | ||
| Q1 25 | 11.4% | 0.2% | ||
| Q4 24 | 2.4% | 0.1% | ||
| Q3 24 | 7.2% | 0.3% | ||
| Q2 24 | 5.9% | 0.0% | ||
| Q1 24 | 14.4% | 4.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXCT
| Products | $4.2M | 87% |
| Other | $634.0K | 13% |
TNXP
| Zembrace Symtouch | $3.1M | 58% |
| Other | $2.3M | 42% |
