Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)

Sector: Healthcare Industry: Biotechnology CIK: 0001430306
Market Cap 163.35 Mn
P/B 0.71
P/E -1.65
P/S 15.86
ROIC (Qtr) -49.94
Div Yield % 0.00
Rev 1y % (Qtr) 16.58
Total Debt (Qtr) 425,000.00
Debt/Equity (Qtr) 0.00

About

Tonix Pharmaceuticals Holding Corp., often recognized by its stock symbol TNXP, operates within the biopharmaceutical industry, with a primary focus on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. The company's immediate priority lies in submitting a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for Tonmya, a non-opioid analgesic intended for long-term bedtime use in managing fibromyalgia (FM). Tonix's main business activities encompass the development and commercialization...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 190.06M provide 1195.31x coverage of short-term debt 159000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 252.32M provides 593.69x coverage of total debt 425000, indicating robust asset backing and low credit risk.
  • Tangible assets of 252.32M provide robust 20.46x coverage of other current liabilities 12.33M, indicating strong asset backing.
  • Strong cash position of 190.06M provides 15.41x coverage of other current liabilities 12.33M, indicating excellent liquidity.
  • Cash reserves of 190.06M provide robust 9.04x coverage of current liabilities 21.03M, indicating strong short-term solvency.

Bear case

  • Investment activities of (3.51M) provide weak support for R&D spending of 35.84M, which is -0.10x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (74.82M) shows concerning coverage of stock compensation expenses of 5.12M, with a -14.61 ratio indicating potential earnings quality issues.
  • Free cash flow of (76.32M) provides weak coverage of capital expenditures of 1.50M, with a -50.95 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (99.22M) show weak coverage of depreciation charges of 1.93M, with a -51.33 ratio indicating high capital intensity and potential reinvestment needs.
  • High financing cash flow of 240.54M relative to working capital of 187.04M, which is 1.29x suggests concerning dependence on external funding for operational needs.

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,151.25 Bn -1,249.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 485.22 Bn 7,078.40 97.58 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.74 Bn 33.40 10.47 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 82.16 Bn 18.24 5.73 2.71 Bn
5 ARGX Argenx Se 48.85 Bn 32.43 25,472.44 -
6 ALNY Alnylam Pharmaceuticals, Inc. 46.12 Bn 1,058.58 14.37 3.21 Bn
7 BNTC Benitec Biopharma Inc. 42.24 Bn -1,010.00 0.00 0.00 Bn
8 INSM INSMED Inc 28.75 Bn -24.29 64.32 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.15 11.11
EV to Cash from Ops. EV/CFO -0.51 26.32
EV to Debt EV to Debt 90.61 688.48
EV to EBIT EV/EBIT -0.39 -10.97
EV to EBITDA EV/EBITDA -0.39 8.32
EV to Free Cash Flow [EV/FCF] EV/FCF -0.50 25.03
EV to Market Cap EV to Market Cap 0.24 163.46
EV to Revenue EV/Rev 3.74 148.57
Price to Book Value [P/B] P/B 0.71 20.73
Price to Earnings [P/E] P/E -1.65 -0.34
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -12.47
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) 0.00 860.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -173.36 -26.99
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 573.17 756.75
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 26.48 -53.03
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 28.68 -4.42
EBIT Growth (1y) % EBIT 1y % (Qtr) 26.48 -62.56
EBT Growth (1y) % EBT 1y % (Qtr) 26.64 -19.19
EPS Growth (1y) % EPS 1y % (Qtr) 109.78 -4.07
FCF Growth (1y) % FCF 1y % (Qtr) -10.32 -33.40
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 50.90 264.38
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.04 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 9.04 3.81
Current Ratio Curr Ratio (Qtr) 9.89 7.25
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 0.43
Interest Cover Ratio Int Coverage (Qtr) 0.00 860.86
Times Interest Earned Times Interest Earned (Qtr) 0.00 860.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -944.60 -17,746.13
EBIT Margin % EBIT Margin % (Qtr) -963.38 -18,101.92
EBT Margin % EBT Margin % (Qtr) -963.38 -18,961.86
Gross Margin % Gross Margin % (Qtr) 34.30 -9.24
Net Profit Margin % Net Margin % (Qtr) -963.40 -18,911.61