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Tonix Pharmaceuticals Holding Corp.

tonixpharma.com

What Do They Do?

Sells Zembrace SymTouch injections and other prescription medicines for acute migraine and fibromyalgia to pharmaceutical wholesalers, pharmacies and specialty distributors.

How Do They Make Money?

Customers buy Tonix's prescription medicines, with product sales generally occurring when products ship or are delivered; payment terms are typically 30 to 90 days.

revenue
SegmentShareRevenue
Tonmya
Sold outright

11%
Zembrace Symtouch
Sold outright

71%
Tosymra
Sold outright

18%

Who Are Their Customers?

The medicines are sold mainly to pharmaceutical wholesalers, pharmacies and specialty distributors; sales and marketing target physicians in private practice and public treatment systems.

Customers above 10% of revenue, FY2025
of revenue from five customers (24%, 22%, 21%, 19%, 12%)
FY2024: 95% from five customers

Do Revenues Turn Into Profits?

No. It lost $124M in FY2025.

Operating income, FY2025
−959% of revenue
▼ −8% (Loss) vs FY2024 (−$136.7M, −1354%)
Net income, FY2025
−946% of revenue
▼ −5% (Loss) vs FY2024 (−$130M, −1288%)
Free cash flow, FY2025
−787% of revenue
▲ +69% (Loss) vs FY2024 (−$61M, −605%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +578%
vs $2M in Q2 FY2025
Net income
▲ +43% (Loss)
vs −$28.3M in Q2 FY2025
Zembrace Symtouch share of revenue vs 78.6% in Q2 FY2025

From development to sales The business has moved from clinical-stage drug development to selling approved medicines for fibromyalgia and acute migraine, while continuing development programs.

Revenue over time
Tonmya Zembrace Symtouch Tosymra
$20M$10M$0

Who Do They Compete With?

Competes with Axsome Therapeutics, Dogwood Therapeutics, Ono Pharmaceutical, Tryptamine Therapeutics, Pfizer, AbbVie, Satsuma Pharmaceuticals, Pulmatrix, Johnson & Johnson, Luye Pharma Group, Definium Therapeutics, Vanda Pharmaceuticals, BioXcel Therapeutics, Valneva, Moderna, Sanofi, Eledon Pharmaceuticals, Amgen, UCB, and Biogen

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