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Side-by-side financial comparison of Tonix Pharmaceuticals Holding Corp. (TNXP) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $5.4M, roughly 1.8× Tonix Pharmaceuticals Holding Corp.). Velo3D, Inc. runs the higher net margin — -231.9% vs -870.3%, a 638.4% gap on every dollar of revenue. On growth, Tonix Pharmaceuticals Holding Corp. posted the faster year-over-year revenue change (108.8% vs -25.2%). Velo3D, Inc. produced more free cash flow last quarter ($-8.3M vs $-41.5M). Over the past eight quarters, Tonix Pharmaceuticals Holding Corp.'s revenue compounded faster (47.4% CAGR vs -1.8%).
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.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
TNXP vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4M | $9.4M |
| Net Profit | $-46.9M | $-21.9M |
| Gross Margin | 80.4% | -73.6% |
| Operating Margin | -895.8% | -231.0% |
| Net Margin | -870.3% | -231.9% |
| Revenue YoY | 108.8% | -25.2% |
| Net Profit YoY | -112.2% | -2.9% |
| EPS (diluted) | $-4.28 | $-0.87 |
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 | $9.4M | ||
| Q3 25 | $3.3M | $13.6M | ||
| Q2 25 | $2.0M | $13.6M | ||
| Q1 25 | $2.4M | $9.3M | ||
| Q4 24 | $2.6M | $12.6M | ||
| Q3 24 | $2.8M | $8.2M | ||
| Q2 24 | $2.2M | $10.3M | ||
| Q1 24 | $2.5M | $9.8M |
| Q4 25 | $-46.9M | $-21.9M | ||
| Q3 25 | $-32.0M | $-11.2M | ||
| Q2 25 | $-28.3M | $-13.3M | ||
| Q1 25 | $-16.8M | $-25.0M | ||
| Q4 24 | $-22.1M | $-21.3M | ||
| Q3 24 | $-14.2M | $-21.9M | ||
| Q2 24 | $-78.8M | $935.0K | ||
| Q1 24 | $-14.9M | $-27.5M |
| Q4 25 | 80.4% | -73.6% | ||
| Q3 25 | 58.4% | 3.2% | ||
| Q2 25 | -63.8% | -11.7% | ||
| Q1 25 | 61.2% | 7.5% | ||
| Q4 24 | 54.2% | -3.5% | ||
| Q3 24 | 44.9% | 49.4% | ||
| Q2 24 | -52.5% | -28.0% | ||
| Q1 24 | 33.1% | -28.8% |
| Q4 25 | -895.8% | -231.0% | ||
| Q3 25 | -1005.1% | -73.3% | ||
| Q2 25 | -1416.2% | -85.4% | ||
| Q1 25 | -660.9% | -123.6% | ||
| Q4 24 | -870.6% | -167.0% | ||
| Q3 24 | -551.2% | -213.8% | ||
| Q2 24 | -3501.6% | -187.7% | ||
| Q1 24 | -860.2% | -211.1% |
| Q4 25 | -870.3% | -231.9% | ||
| Q3 25 | -972.9% | -82.0% | ||
| Q2 25 | -1415.0% | -97.7% | ||
| Q1 25 | -692.8% | -268.4% | ||
| Q4 24 | -856.2% | -168.5% | ||
| Q3 24 | -503.6% | -265.3% | ||
| Q2 24 | -3567.8% | 9.0% | ||
| Q1 24 | -601.9% | -281.2% |
| Q4 25 | $-4.28 | $-0.87 | ||
| Q3 25 | $-3.59 | $-0.65 | ||
| Q2 25 | $-3.86 | $-0.94 | ||
| Q1 25 | $-2.84 | $-1.87 | ||
| Q4 24 | $2302.65 | $7.06 | ||
| Q3 24 | $-22.68 | $-35.52 | ||
| Q2 24 | $-1920.85 | $1.65 | ||
| Q1 24 | $-535.72 | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $245.2M | $38.2M |
| Total Assets | $277.2M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $207.6M | $39.0M | ||
| Q3 25 | $190.1M | $11.8M | ||
| Q2 25 | $125.3M | $854.0K | ||
| Q1 25 | $131.7M | $3.9M | ||
| Q4 24 | $98.8M | $1.2M | ||
| Q3 24 | $28.2M | $1.6M | ||
| Q2 24 | $4.2M | $3.2M | ||
| Q1 24 | $7.0M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | $8.7M | $5.7M | ||
| Q3 24 | $9.4M | $32.3M | ||
| Q2 24 | $10.1M | $33.5M | ||
| Q1 24 | $10.8M | $44.0M |
| Q4 25 | $245.2M | $38.2M | ||
| Q3 25 | $231.1M | $29.9M | ||
| Q2 25 | $168.0M | $21.4M | ||
| Q1 25 | $180.4M | $32.8M | ||
| Q4 24 | $139.6M | $39.7M | ||
| Q3 24 | $74.2M | $34.4M | ||
| Q2 24 | $42.1M | $52.1M | ||
| Q1 24 | $108.1M | $45.5M |
| Q4 25 | $277.2M | $105.3M | ||
| Q3 25 | $252.4M | $93.7M | ||
| Q2 25 | $187.4M | $78.4M | ||
| Q1 25 | $192.9M | $91.3M | ||
| Q4 24 | $162.9M | $89.2M | ||
| Q3 24 | $95.0M | $110.8M | ||
| Q2 24 | $70.3M | $116.7M | ||
| Q1 24 | $135.3M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.06× | 0.14× | ||
| Q3 24 | 0.13× | 0.94× | ||
| Q2 24 | 0.24× | 0.64× | ||
| Q1 24 | 0.10× | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $-41.5M | $-8.3M |
| FCF MarginFCF / Revenue | -770.4% | -88.3% |
| Capex IntensityCapex / Revenue | 34.8% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-103.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.6M | $-7.7M | ||
| Q3 25 | $-28.8M | $-6.0M | ||
| Q2 25 | $-14.8M | $-1.2M | ||
| Q1 25 | $-16.6M | $-12.3M | ||
| Q4 24 | $-14.6M | $-2.2M | ||
| Q3 24 | $-18.8M | $-2.0M | ||
| Q2 24 | $-9.9M | $-8.0M | ||
| Q1 24 | $-17.6M | $-20.5M |
| Q4 25 | $-41.5M | $-8.3M | ||
| Q3 25 | $-29.7M | $-6.3M | ||
| Q2 25 | $-15.4M | $-3.0M | ||
| Q1 25 | $-16.6M | — | ||
| Q4 24 | $-14.6M | $-2.2M | ||
| Q3 24 | $-18.8M | $-2.0M | ||
| Q2 24 | — | $-8.0M | ||
| Q1 24 | $-17.7M | $-20.5M |
| Q4 25 | -770.4% | -88.3% | ||
| Q3 25 | -904.1% | -46.5% | ||
| Q2 25 | -768.8% | -22.2% | ||
| Q1 25 | -682.8% | — | ||
| Q4 24 | -566.7% | -17.7% | ||
| Q3 24 | -666.5% | -24.2% | ||
| Q2 24 | — | -77.1% | ||
| Q1 24 | -712.4% | -209.8% |
| Q4 25 | 34.8% | 6.4% | ||
| Q3 25 | 29.2% | 2.3% | ||
| Q2 25 | 26.4% | 13.3% | ||
| Q1 25 | 0.2% | 0.0% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.3% | 0.2% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 4.4% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| 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% |
VELO
Segment breakdown not available.
