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Side-by-side financial comparison of SWK Holdings Corp (SWKH) and Tonix Pharmaceuticals Holding Corp. (TNXP). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $5.4M, roughly 1.6× Tonix Pharmaceuticals Holding Corp.). On growth, Tonix Pharmaceuticals Holding Corp. posted the faster year-over-year revenue change (108.8% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-41.5M). Over the past eight quarters, Tonix Pharmaceuticals Holding Corp.'s revenue compounded faster (47.4% CAGR vs -12.5%).
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
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.
SWKH vs TNXP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7M | $5.4M |
| Net Profit | $-19.4M | $-46.9M |
| Gross Margin | — | 80.4% |
| Operating Margin | 9.9% | -895.8% |
| Net Margin | — | -870.3% |
| Revenue YoY | -29.7% | 108.8% |
| Net Profit YoY | -430.2% | -112.2% |
| EPS (diluted) | $-1.59 | $-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 | $8.7M | $5.4M | ||
| Q3 25 | $10.9M | $3.3M | ||
| Q2 25 | $10.1M | $2.0M | ||
| Q1 25 | $11.8M | $2.4M | ||
| Q4 24 | $12.4M | $2.6M | ||
| Q3 24 | $10.4M | $2.8M | ||
| Q2 24 | $10.8M | $2.2M | ||
| Q1 24 | $11.4M | $2.5M |
| Q4 25 | $-19.4M | $-46.9M | ||
| Q3 25 | $8.8M | $-32.0M | ||
| Q2 25 | $3.5M | $-28.3M | ||
| Q1 25 | $4.5M | $-16.8M | ||
| Q4 24 | $5.9M | $-22.1M | ||
| Q3 24 | $3.5M | $-14.2M | ||
| Q2 24 | $3.7M | $-78.8M | ||
| Q1 24 | $468.0K | $-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 | 9.9% | -895.8% | ||
| Q3 25 | 61.3% | -1005.1% | ||
| Q2 25 | 46.1% | -1416.2% | ||
| Q1 25 | 68.6% | -660.9% | ||
| Q4 24 | 44.7% | -870.6% | ||
| Q3 24 | 39.2% | -551.2% | ||
| Q2 24 | 8.3% | -3501.6% | ||
| Q1 24 | 9.5% | -860.2% |
| Q4 25 | — | -870.3% | ||
| Q3 25 | 80.7% | -972.9% | ||
| Q2 25 | 35.2% | -1415.0% | ||
| Q1 25 | 38.4% | -692.8% | ||
| Q4 24 | 47.5% | -856.2% | ||
| Q3 24 | 33.3% | -503.6% | ||
| Q2 24 | 33.9% | -3567.8% | ||
| Q1 24 | 4.1% | -601.9% |
| Q4 25 | $-1.59 | $-4.28 | ||
| Q3 25 | $0.72 | $-3.59 | ||
| Q2 25 | $0.29 | $-3.86 | ||
| Q1 25 | $0.37 | $-2.84 | ||
| Q4 24 | $0.47 | $2302.65 | ||
| Q3 24 | $0.28 | $-22.68 | ||
| Q2 24 | $0.30 | $-1920.85 | ||
| Q1 24 | $0.04 | $-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 | $42.8M | $207.6M |
| Total DebtLower is stronger | $33.0M | — |
| Stockholders' EquityBook value | $235.1M | $245.2M |
| Total Assets | $272.4M | $277.2M |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.8M | $207.6M | ||
| Q3 25 | $10.2M | $190.1M | ||
| Q2 25 | $8.0M | $125.3M | ||
| Q1 25 | $29.8M | $131.7M | ||
| Q4 24 | $5.9M | $98.8M | ||
| Q3 24 | $17.2M | $28.2M | ||
| Q2 24 | $5.5M | $4.2M | ||
| Q1 24 | $5.5M | $7.0M |
| Q4 25 | $33.0M | — | ||
| Q3 25 | $33.0M | — | ||
| Q2 25 | $33.0M | — | ||
| Q1 25 | $33.0M | — | ||
| Q4 24 | $33.0M | $8.7M | ||
| Q3 24 | $33.0M | $9.4M | ||
| Q2 24 | $33.0M | $10.1M | ||
| Q1 24 | $33.0M | $10.8M |
| Q4 25 | $235.1M | $245.2M | ||
| Q3 25 | $254.2M | $231.1M | ||
| Q2 25 | $246.5M | $168.0M | ||
| Q1 25 | $292.7M | $180.4M | ||
| Q4 24 | $288.7M | $139.6M | ||
| Q3 24 | $283.4M | $74.2M | ||
| Q2 24 | $282.8M | $42.1M | ||
| Q1 24 | $279.9M | $108.1M |
| Q4 25 | $272.4M | $277.2M | ||
| Q3 25 | $289.4M | $252.4M | ||
| Q2 25 | $285.7M | $187.4M | ||
| Q1 25 | $331.3M | $192.9M | ||
| Q4 24 | $332.2M | $162.9M | ||
| Q3 24 | $321.3M | $95.0M | ||
| Q2 24 | $321.0M | $70.3M | ||
| Q1 24 | $322.0M | $135.3M |
| Q4 25 | 0.14× | — | ||
| Q3 25 | 0.13× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | 0.11× | 0.06× | ||
| Q3 24 | 0.12× | 0.13× | ||
| Q2 24 | 0.12× | 0.24× | ||
| Q1 24 | 0.12× | 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 | $27.3M | $-39.6M |
| Free Cash FlowOCF − Capex | $26.8M | $-41.5M |
| FCF MarginFCF / Revenue | 308.1% | -770.4% |
| Capex IntensityCapex / Revenue | 5.9% | 34.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.2M | $-103.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $-39.6M | ||
| Q3 25 | $906.0K | $-28.8M | ||
| Q2 25 | $7.8M | $-14.8M | ||
| Q1 25 | $8.3M | $-16.6M | ||
| Q4 24 | $23.0M | $-14.6M | ||
| Q3 24 | $6.3M | $-18.8M | ||
| Q2 24 | $5.4M | $-9.9M | ||
| Q1 24 | $4.4M | $-17.6M |
| Q4 25 | $26.8M | $-41.5M | ||
| Q3 25 | $557.0K | $-29.7M | ||
| Q2 25 | $7.7M | $-15.4M | ||
| Q1 25 | $8.2M | $-16.6M | ||
| Q4 24 | $22.9M | $-14.6M | ||
| Q3 24 | $6.3M | $-18.8M | ||
| Q2 24 | $5.4M | — | ||
| Q1 24 | — | $-17.7M |
| Q4 25 | 308.1% | -770.4% | ||
| Q3 25 | 5.1% | -904.1% | ||
| Q2 25 | 77.0% | -768.8% | ||
| Q1 25 | 69.1% | -682.8% | ||
| Q4 24 | 185.3% | -566.7% | ||
| Q3 24 | 60.4% | -666.5% | ||
| Q2 24 | 49.7% | — | ||
| Q1 24 | — | -712.4% |
| Q4 25 | 5.9% | 34.8% | ||
| Q3 25 | 3.2% | 29.2% | ||
| Q2 25 | 0.6% | 26.4% | ||
| Q1 25 | 0.8% | 0.2% | ||
| Q4 24 | 1.1% | 0.1% | ||
| Q3 24 | 0.3% | 0.3% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 0.0% | 4.4% |
| Q4 25 | — | — | ||
| Q3 25 | 0.10× | — | ||
| Q2 25 | 2.21× | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 3.93× | — | ||
| Q3 24 | 1.82× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 9.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
TNXP
| Zembrace Symtouch | $3.1M | 58% |
| Other | $2.3M | 42% |
