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Tonix Pharmaceuticals Holding cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$42.8M in Q2 2026 · −$158M over twelve months

Operating cash flow−$42.2M
Capital spending−$587K
Free cash flow−$42.8M

Analysis

In Q2 2026, Tonix Pharmaceuticals Holding generated −$42.2M of operating cash flow and spent $587K on capital projects, leaving free cash flow of −$42.8M. That is $27.5M less than in Q2 2025 (−$15.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$153M; the largest uses were operating cash flow ($153M), other financing ($7.7M), capital spending ($5.1M); besides operations, cash came from shares issued ($215M), other investing ($853K); the cash balance rose by $50.4M.

Operating cash flow was −$42.2M against net income of −$40.6M. The largest differences: receivables −$3.0M, inventory −$2.9M, stock-based pay +$2.3M.

Free cash flow

Tonix Pharmaceuticals Holding: free cash flow by quarterTonix Pharmaceuticals Holding: free cash flow by quarter−$18.8MQ3 2024−$14.6MQ4 2024−$16.6MQ1 2025−$15.4MQ2 2025−$29.7MQ3 2025−$41.5MQ4 2025−$44.0MQ1 2026−$42.8MQ2 2026
Operating cash flow less capital spending.
Tonix Pharmaceuticals Holding: operating cash flow against capital spendingTonix Pharmaceuticals Holding: operating cash flow against capital spendingOperating cash flowCapital spending−$18.8M$9KQ3 2024−$14.6M$3KQ4 2024−$16.6M$6KQ1 2025−$14.8M$527KQ2 2025−$28.8M$962KQ3 2025−$39.6M$1.9MQ4 2025−$42.3M$1.7MQ1 2026−$42.2M$587KQ2 2026
Latest (Q2 2026): Operating cash flow −$42.2M, Capital spending $587K.

Capital allocation, year by year

Tonix Pharmaceuticals Holding: where the cash came from (up) and went (down), by fiscal yearTonix Pharmaceuticals Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$75.6MFY2021: Shares issued $212MFY2021: Capital spending −$35.3M$212MFY2021FY2022: Operating cash flow −$98.1MFY2022: Shares issued $94.5MFY2022: Capital spending −$48.1M$94.5MFY2022FY2023: Operating cash flow −$102MFY2023: Shares issued $19.0MFY2023: Asset sales $999KFY2023: Capital spending −$7.9MFY2023: Acquisitions −$22.2MFY2023: Buybacks −$14.0M$20.0MFY2023FY2024: Operating cash flow −$60.9MFY2024: Net borrowing −$2.4MFY2024: Shares issued $140MFY2024: Capital spending −$120K$140MFY2024FY2025: Operating cash flow −$99.8MFY2025: Net borrowing −$9.7MFY2025: Shares issued $238MFY2025: Capital spending −$3.4MFY2025: Buybacks −$13.8M$238MFY2025
Over these 5 years operating cash flow totalled −$436M; the largest uses were operating cash flow ($436M) and capital spending ($94.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$176M
Debtnone
Net cash$176M
Cash runway13 months

Tonix Pharmaceuticals Holding is burning cash: its operations consume cash, a free cash flow of −$158M a year at the current rate against $176M of cash and investments: a runway of about 13 months before any new financing.

Where the cash came from and went

Tonix Pharmaceuticals Holding: sources (+) and uses (−) of cash, Q2 2026Tonix Pharmaceuticals Holding: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$42.2MShares issued$33.5MCash drawn (+) / kept (−)$9.4MCapital spending−$587KExchange rates−$64KOther financing$16K
Tonix Pharmaceuticals Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Tonix Pharmaceuticals Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$215MOperating cash flow−$153MCash drawn (+) / kept (−)−$50.4MOther financing−$7.7MCapital spending−$5.1MOther investing$853KExchange rates−$76K

From profit to cash

Tonix Pharmaceuticals Holding: net income to operating cash flow, Q2 2026Tonix Pharmaceuticals Holding: net income to operating cash flow, Q2 2026Net income−$40.6MDepreciation & amortization$619KStock-based pay$2.3MReceivables−$3.0MInventory−$2.9MPayables−$596KAccrued liabilities$1.8MPrepaid and other assets−$1.5MOperating cash flow−$42.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 2024137635330443
Q3 2024120514424210

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$42.2M−$587K——$33.5M$9.4M−$42.8M
Q1 2026−$42.3M−$1.7M——$20.2M$23.8M−$44.0M
Q4 2025−$39.6M−$1.9M−$7.8M—$67.0M−$18.5M−$41.5M
Q3 2025−$28.8M−$962K——$94.9M−$65.1M−$29.7M
Q2 2025−$14.8M−$527K−$2.9M—$13.9M$6.4M−$15.4M
Q1 2025−$16.6M−$6K−$3.0M−$9.7M$62.2M−$32.9M−$16.6M
Q4 2024−$14.6M−$3K—−$705K$85.9M−$70.5M−$14.6M
Q3 2024−$18.8M−$9K—−$705K$43.6M−$24.1M−$18.8M

Tonix Pharmaceuticals Holding: income statement and cash flow

Tonix Pharmaceuticals Holding, Q2 2026: revenue $13.5M (+578% year over year), operating margin -314.1%. The chart follows the revenue to costs, profit and cash.

Tonix Pharmaceuticals Holding: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.