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Side-by-side financial comparison of Token Cat Ltd (TC) 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 $2.8M, roughly 2.0× Token Cat Ltd). Token Cat Ltd runs the higher net margin — -3.4% vs -870.3%, a 866.9% gap on every dollar of revenue. On growth, Tonix Pharmaceuticals Holding Corp. posted the faster year-over-year revenue change (108.8% vs -37.9%).
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.
TC vs TNXP — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $5.4M |
| Net Profit | $-93.0K | $-46.9M |
| Gross Margin | 79.0% | 80.4% |
| Operating Margin | -206.9% | -895.8% |
| Net Margin | -3.4% | -870.3% |
| Revenue YoY | -37.9% | 108.8% |
| Net Profit YoY | 98.3% | -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 | — | $5.4M | ||
| Q3 25 | — | $3.3M | ||
| Q2 25 | $2.8M | $2.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | $2.6M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | $4.4M | $2.2M | ||
| Q1 24 | — | $2.5M |
| Q4 25 | — | $-46.9M | ||
| Q3 25 | — | $-32.0M | ||
| Q2 25 | $-93.0K | $-28.3M | ||
| Q1 25 | — | $-16.8M | ||
| Q4 24 | — | $-22.1M | ||
| Q3 24 | — | $-14.2M | ||
| Q2 24 | $-5.6M | $-78.8M | ||
| Q1 24 | — | $-14.9M |
| Q4 25 | — | 80.4% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | 79.0% | -63.8% | ||
| Q1 25 | — | 61.2% | ||
| Q4 24 | — | 54.2% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | 69.2% | -52.5% | ||
| Q1 24 | — | 33.1% |
| Q4 25 | — | -895.8% | ||
| Q3 25 | — | -1005.1% | ||
| Q2 25 | -206.9% | -1416.2% | ||
| Q1 25 | — | -660.9% | ||
| Q4 24 | — | -870.6% | ||
| Q3 24 | — | -551.2% | ||
| Q2 24 | -146.9% | -3501.6% | ||
| Q1 24 | — | -860.2% |
| Q4 25 | — | -870.3% | ||
| Q3 25 | — | -972.9% | ||
| Q2 25 | -3.4% | -1415.0% | ||
| Q1 25 | — | -692.8% | ||
| Q4 24 | — | -856.2% | ||
| Q3 24 | — | -503.6% | ||
| Q2 24 | -125.9% | -3567.8% | ||
| Q1 24 | — | -601.9% |
| Q4 25 | — | $-4.28 | ||
| Q3 25 | — | $-3.59 | ||
| Q2 25 | — | $-3.86 | ||
| Q1 25 | — | $-2.84 | ||
| Q4 24 | — | $2302.65 | ||
| Q3 24 | — | $-22.68 | ||
| Q2 24 | — | $-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 | $150.0K | $207.6M |
| Total DebtLower is stronger | $1.4M | — |
| Stockholders' EquityBook value | $4.6M | $245.2M |
| Total Assets | $28.4M | $277.2M |
| Debt / EquityLower = less leverage | 0.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $207.6M | ||
| Q3 25 | — | $190.1M | ||
| Q2 25 | $150.0K | $125.3M | ||
| Q1 25 | — | $131.7M | ||
| Q4 24 | — | $98.8M | ||
| Q3 24 | — | $28.2M | ||
| Q2 24 | $689.0K | $4.2M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.7M | ||
| Q3 24 | — | $9.4M | ||
| Q2 24 | $1.8M | $10.1M | ||
| Q1 24 | — | $10.8M |
| Q4 25 | — | $245.2M | ||
| Q3 25 | — | $231.1M | ||
| Q2 25 | $4.6M | $168.0M | ||
| Q1 25 | — | $180.4M | ||
| Q4 24 | — | $139.6M | ||
| Q3 24 | — | $74.2M | ||
| Q2 24 | $-787.0K | $42.1M | ||
| Q1 24 | — | $108.1M |
| Q4 25 | — | $277.2M | ||
| Q3 25 | — | $252.4M | ||
| Q2 25 | $28.4M | $187.4M | ||
| Q1 25 | — | $192.9M | ||
| Q4 24 | — | $162.9M | ||
| Q3 24 | — | $95.0M | ||
| Q2 24 | $12.5M | $70.3M | ||
| Q1 24 | — | $135.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.30× | — | ||
| 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 | $-23.7M | $-39.6M |
| Free Cash FlowOCF − Capex | — | $-41.5M |
| FCF MarginFCF / Revenue | — | -770.4% |
| Capex IntensityCapex / Revenue | — | 34.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-103.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-39.6M | ||
| Q3 25 | — | $-28.8M | ||
| Q2 25 | $-23.7M | $-14.8M | ||
| Q1 25 | — | $-16.6M | ||
| Q4 24 | — | $-14.6M | ||
| Q3 24 | — | $-18.8M | ||
| Q2 24 | $-1.5M | $-9.9M | ||
| Q1 24 | — | $-17.6M |
| Q4 25 | — | $-41.5M | ||
| Q3 25 | — | $-29.7M | ||
| Q2 25 | — | $-15.4M | ||
| Q1 25 | — | $-16.6M | ||
| Q4 24 | — | $-14.6M | ||
| Q3 24 | — | $-18.8M | ||
| Q2 24 | $-1.5M | — | ||
| Q1 24 | — | $-17.7M |
| Q4 25 | — | -770.4% | ||
| Q3 25 | — | -904.1% | ||
| Q2 25 | — | -768.8% | ||
| Q1 25 | — | -682.8% | ||
| Q4 24 | — | -566.7% | ||
| Q3 24 | — | -666.5% | ||
| Q2 24 | -34.4% | — | ||
| Q1 24 | — | -712.4% |
| Q4 25 | — | 34.8% | ||
| Q3 25 | — | 29.2% | ||
| Q2 25 | — | 26.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | — | 4.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TC
Segment breakdown not available.
TNXP
| Zembrace Symtouch | $3.1M | 58% |
| Other | $2.3M | 42% |
