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Side-by-side financial comparison of Tonix Pharmaceuticals Holding Corp. (TNXP) and cbdMD, Inc. (YCBD). 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 $5.0M, roughly 1.1× cbdMD, Inc.). cbdMD, Inc. runs the higher net margin — -5.6% vs -870.3%, a 864.7% gap on every dollar of revenue. On growth, Tonix Pharmaceuticals Holding Corp. posted the faster year-over-year revenue change (108.8% vs -1.9%). cbdMD, Inc. produced more free cash flow last quarter ($-977.3K vs $-41.5M). Over the past eight quarters, Tonix Pharmaceuticals Holding Corp.'s revenue compounded faster (47.4% CAGR vs 7.1%).
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.
cbdMD, Inc. is a U.S.-based consumer wellness company that manufactures and distributes hemp-derived CBD products, including tinctures, topicals, gummies, pet care items, and bath products. All offerings undergo third-party quality testing, and are sold via e-commerce platforms, brick-and-mortar retail stores, and wellness partner channels primarily across the United States.
TNXP vs YCBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.4M | $5.0M |
| Net Profit | $-46.9M | $-283.1K |
| Gross Margin | 80.4% | 59.8% |
| Operating Margin | -895.8% | -5.7% |
| Net Margin | -870.3% | -5.6% |
| Revenue YoY | 108.8% | -1.9% |
| Net Profit YoY | -112.2% | -1975.7% |
| 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 | $5.0M | ||
| Q3 25 | $3.3M | $4.7M | ||
| Q2 25 | $2.0M | $4.6M | ||
| Q1 25 | $2.4M | $4.7M | ||
| Q4 24 | $2.6M | $5.1M | ||
| Q3 24 | $2.8M | $4.6M | ||
| Q2 24 | $2.2M | $5.2M | ||
| Q1 24 | $2.5M | $4.4M |
| Q4 25 | $-46.9M | $-283.1K | ||
| Q3 25 | $-32.0M | $-680.0K | ||
| Q2 25 | $-28.3M | $-895.3K | ||
| Q1 25 | $-16.8M | $-480.8K | ||
| Q4 24 | $-22.1M | $15.1K | ||
| Q3 24 | $-14.2M | $-152.8K | ||
| Q2 24 | $-78.8M | $459.7K | ||
| Q1 24 | $-14.9M | $-3.0M |
| Q4 25 | 80.4% | 59.8% | ||
| Q3 25 | 58.4% | 58.8% | ||
| Q2 25 | -63.8% | 61.5% | ||
| Q1 25 | 61.2% | 62.3% | ||
| Q4 24 | 54.2% | 66.5% | ||
| Q3 24 | 44.9% | 53.9% | ||
| Q2 24 | -52.5% | 65.8% | ||
| Q1 24 | 33.1% | 59.0% |
| Q4 25 | -895.8% | -5.7% | ||
| Q3 25 | -1005.1% | -14.5% | ||
| Q2 25 | -1416.2% | -19.6% | ||
| Q1 25 | -660.9% | -10.2% | ||
| Q4 24 | -870.6% | -1.7% | ||
| Q3 24 | -551.2% | -6.9% | ||
| Q2 24 | -3501.6% | -7.4% | ||
| Q1 24 | -860.2% | -35.4% |
| Q4 25 | -870.3% | -5.6% | ||
| Q3 25 | -972.9% | -14.4% | ||
| Q2 25 | -1415.0% | -19.4% | ||
| Q1 25 | -692.8% | -10.1% | ||
| Q4 24 | -856.2% | 0.3% | ||
| Q3 24 | -503.6% | -3.4% | ||
| Q2 24 | -3567.8% | 8.9% | ||
| Q1 24 | -601.9% | -68.8% |
| 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 | $-0.15 | ||
| Q1 24 | $-535.72 | $-1.35 |
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 | $3.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $245.2M | $9.0M |
| Total Assets | $277.2M | $11.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $207.6M | $3.4M | ||
| Q3 25 | $190.1M | $2.3M | ||
| Q2 25 | $125.3M | $1.1M | ||
| Q1 25 | $131.7M | $1.8M | ||
| Q4 24 | $98.8M | $2.0M | ||
| Q3 24 | $28.2M | $2.5M | ||
| Q2 24 | $4.2M | $2.4M | ||
| Q1 24 | $7.0M | $2.1M |
| 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 | $9.0M | ||
| Q3 25 | $231.1M | $7.2M | ||
| Q2 25 | $168.0M | $6.1M | ||
| Q1 25 | $180.4M | $665.8K | ||
| Q4 24 | $139.6M | $1.8M | ||
| Q3 24 | $74.2M | $2.0M | ||
| Q2 24 | $42.1M | $3.0M | ||
| Q1 24 | $108.1M | $3.1M |
| Q4 25 | $277.2M | $11.8M | ||
| Q3 25 | $252.4M | $10.4M | ||
| Q2 25 | $187.4M | $9.9M | ||
| Q1 25 | $192.9M | $10.9M | ||
| Q4 24 | $162.9M | $11.5M | ||
| Q3 24 | $95.0M | $10.6M | ||
| Q2 24 | $70.3M | $13.8M | ||
| Q1 24 | $135.3M | $14.6M |
| 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 | $-812.5K |
| Free Cash FlowOCF − Capex | $-41.5M | $-977.3K |
| FCF MarginFCF / Revenue | -770.4% | -19.5% |
| Capex IntensityCapex / Revenue | 34.8% | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-103.2M | $-2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.6M | $-812.5K | ||
| Q3 25 | $-28.8M | $-240.7K | ||
| Q2 25 | $-14.8M | $-704.2K | ||
| Q1 25 | $-16.6M | $-189.5K | ||
| Q4 24 | $-14.6M | $-317.9K | ||
| Q3 24 | $-18.8M | $167.4K | ||
| Q2 24 | $-9.9M | $289.8K | ||
| Q1 24 | $-17.6M | $-704.1K |
| Q4 25 | $-41.5M | $-977.3K | ||
| Q3 25 | $-29.7M | $-243.6K | ||
| Q2 25 | $-15.4M | $-705.7K | ||
| Q1 25 | $-16.6M | $-205.0K | ||
| Q4 24 | $-14.6M | $-482.3K | ||
| Q3 24 | $-18.8M | $157.4K | ||
| Q2 24 | — | — | ||
| Q1 24 | $-17.7M | $-708.7K |
| Q4 25 | -770.4% | -19.5% | ||
| Q3 25 | -904.1% | -5.2% | ||
| Q2 25 | -768.8% | -15.3% | ||
| Q1 25 | -682.8% | -4.3% | ||
| Q4 24 | -566.7% | -9.4% | ||
| Q3 24 | -666.5% | 3.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | -712.4% | -16.2% |
| Q4 25 | 34.8% | 3.3% | ||
| Q3 25 | 29.2% | 0.1% | ||
| Q2 25 | 26.4% | 0.0% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 0.1% | 3.2% | ||
| 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 | — | -21.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.63× | ||
| 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% |
YCBD
| Sales Channel Directly To Consumer | $3.6M | 72% |
| Sales Channel Through Intermediary | $1.4M | 28% |
