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Side-by-side financial comparison of Tonix Pharmaceuticals Holding Corp. (TNXP) and zSpace, Inc. (ZSPC). 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 $4.8M, roughly 1.1× zSpace, Inc.). zSpace, Inc. runs the higher net margin — -150.3% vs -870.3%, a 720.0% gap on every dollar of revenue.
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.
zSpace, Inc. is an American technology firm based in San Jose, California that delivers virtual and augmented reality experiences in STEM, CTE, and career readiness programs from a computer. zSpace mostly provides AR/VR technology to the education market, allowing teachers and learners to interact with simulated objects in virtual environments.
TNXP vs ZSPC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4M | $4.8M |
| Net Profit | $-46.9M | $-7.3M |
| Gross Margin | 80.4% | 49.1% |
| Operating Margin | -895.8% | -116.2% |
| Net Margin | -870.3% | -150.3% |
| Revenue YoY | 108.8% | — |
| Net Profit YoY | -112.2% | — |
| EPS (diluted) | $-4.28 | $-0.22 |
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 | $4.8M | ||
| Q3 25 | $3.3M | $8.8M | ||
| Q2 25 | $2.0M | $7.5M | ||
| Q1 25 | $2.4M | $6.8M | ||
| Q4 24 | $2.6M | — | ||
| Q3 24 | $2.8M | — | ||
| Q2 24 | $2.2M | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $-46.9M | $-7.3M | ||
| Q3 25 | $-32.0M | $-6.2M | ||
| Q2 25 | $-28.3M | $-6.1M | ||
| Q1 25 | $-16.8M | $-5.8M | ||
| Q4 24 | $-22.1M | — | ||
| Q3 24 | $-14.2M | — | ||
| Q2 24 | $-78.8M | — | ||
| Q1 24 | $-14.9M | — |
| Q4 25 | 80.4% | 49.1% | ||
| Q3 25 | 58.4% | 51.2% | ||
| Q2 25 | -63.8% | 42.6% | ||
| Q1 25 | 61.2% | 47.4% | ||
| Q4 24 | 54.2% | — | ||
| Q3 24 | 44.9% | — | ||
| Q2 24 | -52.5% | — | ||
| Q1 24 | 33.1% | — |
| Q4 25 | -895.8% | -116.2% | ||
| Q3 25 | -1005.1% | -54.5% | ||
| Q2 25 | -1416.2% | -84.9% | ||
| Q1 25 | -660.9% | -79.7% | ||
| Q4 24 | -870.6% | — | ||
| Q3 24 | -551.2% | — | ||
| Q2 24 | -3501.6% | — | ||
| Q1 24 | -860.2% | — |
| Q4 25 | -870.3% | -150.3% | ||
| Q3 25 | -972.9% | -70.2% | ||
| Q2 25 | -1415.0% | -81.8% | ||
| Q1 25 | -692.8% | -86.3% | ||
| Q4 24 | -856.2% | — | ||
| Q3 24 | -503.6% | — | ||
| Q2 24 | -3567.8% | — | ||
| Q1 24 | -601.9% | — |
| Q4 25 | $-4.28 | $-0.22 | ||
| Q3 25 | $-3.59 | $-0.26 | ||
| Q2 25 | $-3.86 | $-0.27 | ||
| Q1 25 | $-2.84 | $-0.26 | ||
| 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 | $207.6M | — |
| Total DebtLower is stronger | — | $17.7M |
| Stockholders' EquityBook value | $245.2M | $-22.5M |
| Total Assets | $277.2M | $7.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $207.6M | — | ||
| Q3 25 | $190.1M | — | ||
| Q2 25 | $125.3M | — | ||
| Q1 25 | $131.7M | — | ||
| Q4 24 | $98.8M | — | ||
| Q3 24 | $28.2M | — | ||
| Q2 24 | $4.2M | — | ||
| Q1 24 | $7.0M | — |
| Q4 25 | — | $17.7M | ||
| Q3 25 | — | $18.7M | ||
| Q2 25 | — | $18.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.7M | — | ||
| Q3 24 | $9.4M | — | ||
| Q2 24 | $10.1M | — | ||
| Q1 24 | $10.8M | — |
| Q4 25 | $245.2M | $-22.5M | ||
| Q3 25 | $231.1M | $-19.7M | ||
| Q2 25 | $168.0M | $-22.3M | ||
| Q1 25 | $180.4M | $-19.6M | ||
| Q4 24 | $139.6M | — | ||
| Q3 24 | $74.2M | — | ||
| Q2 24 | $42.1M | — | ||
| Q1 24 | $108.1M | — |
| Q4 25 | $277.2M | $7.6M | ||
| Q3 25 | $252.4M | $13.5M | ||
| Q2 25 | $187.4M | $12.1M | ||
| Q1 25 | $192.9M | $9.8M | ||
| Q4 24 | $162.9M | — | ||
| 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 | $-3.9M |
| 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 | $-3.9M | ||
| Q3 25 | $-28.8M | $-2.5M | ||
| Q2 25 | $-14.8M | $-6.9M | ||
| Q1 25 | $-16.6M | $-4.6M | ||
| Q4 24 | $-14.6M | — | ||
| Q3 24 | $-18.8M | — | ||
| Q2 24 | $-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 | — | — | ||
| 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 | — | — | ||
| 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% | — | ||
| Q1 24 | 4.4% | — |
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% |
ZSPC
| Transferred At Point In Time | $4.6M | 94% |
| Other | $287.0K | 6% |
