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Side-by-side financial comparison of Tonix Pharmaceuticals Holding Corp. (TNXP) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.4M, roughly 1.1× Tonix Pharmaceuticals Holding Corp.). Tonix Pharmaceuticals Holding Corp. runs the higher net margin — -870.3% vs -3968.6%, a 3098.2% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 108.8%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-41.5M). Over the past eight quarters, Tonix Pharmaceuticals Holding Corp.'s revenue compounded faster (47.4% CAGR vs 46.1%).
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.
TNXP vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4M | $5.7M |
| Net Profit | $-46.9M | $-227.9M |
| Gross Margin | 80.4% | 64.3% |
| Operating Margin | -895.8% | -159.2% |
| Net Margin | -870.3% | -3968.6% |
| Revenue YoY | 108.8% | 694.2% |
| Net Profit YoY | -112.2% | -7047.9% |
| EPS (diluted) | $-4.28 | $-3.89 |
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 | $5.7M | ||
| Q3 25 | $3.3M | $3.6M | ||
| Q2 25 | $2.0M | $2.1M | ||
| Q1 25 | $2.4M | $1.3M | ||
| Q4 24 | $2.6M | $723.0K | ||
| Q3 24 | $2.8M | — | ||
| Q2 24 | $2.2M | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $-46.9M | $-227.9M | ||
| Q3 25 | $-32.0M | $84.3M | ||
| Q2 25 | $-28.3M | $-2.4M | ||
| Q1 25 | $-16.8M | $-2.6M | ||
| Q4 24 | $-22.1M | $-3.2M | ||
| Q3 24 | $-14.2M | — | ||
| Q2 24 | $-78.8M | — | ||
| Q1 24 | $-14.9M | — |
| Q4 25 | 80.4% | 64.3% | ||
| Q3 25 | 58.4% | 75.4% | ||
| Q2 25 | -63.8% | 71.2% | ||
| Q1 25 | 61.2% | 73.4% | ||
| Q4 24 | 54.2% | 81.5% | ||
| Q3 24 | 44.9% | — | ||
| Q2 24 | -52.5% | — | ||
| Q1 24 | 33.1% | — |
| Q4 25 | -895.8% | -159.2% | ||
| Q3 25 | -1005.1% | -601.5% | ||
| Q2 25 | -1416.2% | -138.2% | ||
| Q1 25 | -660.9% | -203.8% | ||
| Q4 24 | -870.6% | -513.1% | ||
| Q3 24 | -551.2% | — | ||
| Q2 24 | -3501.6% | — | ||
| Q1 24 | -860.2% | — |
| Q4 25 | -870.3% | -3968.6% | ||
| Q3 25 | -972.9% | 2336.8% | ||
| Q2 25 | -1415.0% | -111.9% | ||
| Q1 25 | -692.8% | -196.5% | ||
| Q4 24 | -856.2% | -440.9% | ||
| Q3 24 | -503.6% | — | ||
| Q2 24 | -3567.8% | — | ||
| Q1 24 | -601.9% | — |
| Q4 25 | $-4.28 | $-3.89 | ||
| Q3 25 | $-3.59 | $2.23 | ||
| Q2 25 | $-3.86 | $-1.79 | ||
| Q1 25 | $-2.84 | $-2.51 | ||
| Q4 24 | $2302.65 | $10.41 | ||
| 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 | $207.6M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $245.2M | $406.5M |
| Total Assets | $277.2M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $207.6M | $39.5M | ||
| Q3 25 | $190.1M | $53.9M | ||
| Q2 25 | $125.3M | $10.4M | ||
| Q1 25 | $131.7M | $12.2M | ||
| Q4 24 | $98.8M | $12.5M | ||
| Q3 24 | $28.2M | — | ||
| Q2 24 | $4.2M | — | ||
| Q1 24 | $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 | $245.2M | $406.5M | ||
| Q3 25 | $231.1M | $639.1M | ||
| Q2 25 | $168.0M | $19.4M | ||
| Q1 25 | $180.4M | $14.6M | ||
| Q4 24 | $139.6M | $16.2M | ||
| Q3 24 | $74.2M | — | ||
| Q2 24 | $42.1M | — | ||
| Q1 24 | $108.1M | — |
| Q4 25 | $277.2M | $411.2M | ||
| Q3 25 | $252.4M | $661.9M | ||
| Q2 25 | $187.4M | $23.7M | ||
| Q1 25 | $192.9M | $18.4M | ||
| Q4 24 | $162.9M | $20.6M | ||
| Q3 24 | $95.0M | — | ||
| Q2 24 | $70.3M | — | ||
| Q1 24 | $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 | $-39.6M | $-8.0M |
| Free Cash FlowOCF − Capex | $-41.5M | $-8.0M |
| FCF MarginFCF / Revenue | -770.4% | -139.3% |
| Capex IntensityCapex / Revenue | 34.8% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-103.2M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.6M | $-8.0M | ||
| Q3 25 | $-28.8M | $-9.4M | ||
| Q2 25 | $-14.8M | $-2.3M | ||
| Q1 25 | $-16.6M | $-1.1M | ||
| Q4 24 | $-14.6M | $-1.9M | ||
| Q3 24 | $-18.8M | — | ||
| Q2 24 | $-9.9M | — | ||
| Q1 24 | $-17.6M | — |
| Q4 25 | $-41.5M | $-8.0M | ||
| Q3 25 | $-29.7M | $-9.4M | ||
| Q2 25 | $-15.4M | $-2.3M | ||
| Q1 25 | $-16.6M | $-1.1M | ||
| Q4 24 | $-14.6M | $-2.0M | ||
| Q3 24 | $-18.8M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-17.7M | — |
| Q4 25 | -770.4% | -139.3% | ||
| Q3 25 | -904.1% | -261.4% | ||
| Q2 25 | -768.8% | -107.8% | ||
| Q1 25 | -682.8% | -87.0% | ||
| Q4 24 | -566.7% | -279.9% | ||
| Q3 24 | -666.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -712.4% | — |
| Q4 25 | 34.8% | 0.1% | ||
| Q3 25 | 29.2% | 0.4% | ||
| Q2 25 | 26.4% | 0.1% | ||
| Q1 25 | 0.2% | 5.1% | ||
| Q4 24 | 0.1% | 22.1% | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 4.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TNXP
| Zembrace Symtouch | $3.1M | 58% |
| Other | $2.3M | 42% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
