Tonix Pharmaceuticals Holding Corp.

Tonix Pharmaceuticals Holding Corp. (TNXP) reported FY 2025 product revenue of $13.1M, up 30% YoY from $10.1M in FY 2024, driven by $1.4M from TONMYA launch in November 2025, $9.3M from Zembrace SymTouch (+9% YoY), and $2.4M from Tosymra (+53% YoY). Cost of sales was $6.6M, yielding a gross margin of 50%, improved from negative gross profit in 2024 due to $0.7M inventory write-downs versus $1.5M prior year. Operating expenses rose to $138.8M from $146.8M, reflecting $87.7M SG&A (+119% YoY) for TONMYA commercialization, offset by no asset impairments after $59.0M in 2024. Operating loss narrowed to $125.7M from $136.7M. Net loss was $124.0M or ($15) per basic/diluted share on 8.5M weighted shares, versus $130.0M or ($177) per share prior year. Cash reached $207.6M, up from $98.8M, supported by $214.5M financing inflows including $237.9M from stock/warrant sales, offset by $99.8M operating outflow. Balance sheet shows $277.2M total assets, $245.2M equity. FY 2025 marks TONMYA approval and launch milestone, positioning for growth amid $245M cash runway into Q1 2027.

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