Second Quarter 2026
Filed Aug 10, 2026TONMYA net sales totaled approximately $11 million, an increase of 197% quarter-over-quarter, while Tonix reported approximately $176.2 million in cash and cash equivalents as of June 30, 2026.
TONMYA launch metrics and product revenue growth were strong, but operating cash use increased materially for the six months ended June 30, 2026 and the company stated that cash resources plus third-quarter equity-offering proceeds are expected to fund planned requirements only into early second quarter of 2027.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net product revenueGAAP | approximately $13.5 million | – | – |
| Net revenue from sales of TONMYAGAAP | approximately $11.0 million | 197% | – |
| Net revenue from sales of Zembrace SymTouch and TosymraGAAP | approximately $2.5 million | – | – |
| Total prescriptionsother | 12,592 total prescriptions | 100% | – |
| New patient prescriptionsother | 36% | – | |
| Refillsother | 207% | – | |
| TONMYA coverage across commercial, managed Medicare, and Medicaid channelsother | approximately 136 million covered lives (~43% of the approximately 314 million covered lives in the U.S.) | – | – |
| Cash and cash equivalentsother | approximately $176.2 million | – | – |
| Net cash used in operating activitiesGAAP | approximately $84.6 million | – | – |
| Common stock outstandingother | 17,151,024 shares of common stock | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TONMYAThe company cited expanding commercial and government payer coverage, broader patient access following payer agreements, and growth across launch key performance indicators. | approximately $11.0 million | 197% | – |
| Zembrace SymTouch and TosymraCombined net sales of Zembrace SymTouch and Tosymra. | approximately $2.5 million | – | – |
Forward operational milestones outlook
- NoteThe Company expects to deploy 50 new sales representatives in the field by September 2026, bringing the full sales force to approximately 150 people.
- NoteWhen the managed Medicare payer coverage agreement goes into effect on January 1, 2027, it will add approximately nine million Medicare lives. Total coverage will then reach approximately 145 million covered lives (~46% of the 314 million covered lives in the U.S.).
- NoteApproximately 360 patients are expected to enroll at approximately 30 U.S. sites in the HORIZON Phase 2 study of TNX-102 SL.
- NoteTopline data from the OASIS study is expected to be reported mid-2027.
- NoteThe adaptive Phase 2 field study of TNX-4800 is expected to start in the first quarter of 2027 pending final FDA review and agreement on the study protocol.
- NoteThe Company expects to deliver investigational product to the TNX-4800 Phase 2 clinical study sites in the first quarter of 2027.
- NoteTNX-801 is expected to enter a Phase 1 study in mid-2027 pending FDA clearance of the Investigational New Drug application.
- NoteA Phase 2, open-label, investigator-initiated study of TNX-1500 is expected to initiate in the second half of 2026 pending FDA clearance of MGH's IND application. The study is expected to enroll five adult kidney transplant recipients.
- NoteTonix plans to initiate a Phase 2 study of TNX-2900 in children and adolescents with Prader-Willi syndrome in the second half of 2027.
- NoteThe Company believes that its cash resources as of June 30, 2026, together with the net proceeds that it raised from equity offerings in the third quarter of 2026 to date, will meet its planned operating and capital expenditure requirements into early second quarter of 2027.
What drove it
- TONMYA net sales totaled approximately $11 million, an increase of 197% quarter-over-quarter.
- Total prescriptions were 12,592, increasing 100% quarter-over-quarter. New patient prescriptions increased 36% quarter-over-quarter and refills increased 207% quarter-over-quarter.
- Commercial payer agreements with two leading GPOs announced in May and June 2026 provide access to a combined approximate 52 million lives.
- TONMYA coverage across commercial, managed Medicare, and Medicaid channels represents approximately 136 million covered lives.
- Tonix enrolled the first patient in the HORIZON Phase 2 study of TNX-102 SL in MDD in June 2026.
- The TNX-4200 program is supported by an up to $34 million contract over five years from the Department of Defense's Defense Threat Reduction Agency.
Concerns
- Bridge prescriptions are facilitated through the Company's digital pharmacy channel and do not immediately generate net product revenue.
- The managed Medicare payer coverage agreement is not scheduled to go into effect until January 1, 2027.
- Net cash used in operating activities was approximately $84.6 million for the six months ended June 30, 2026, compared to $31.4 million for the same period in 2025.
- The stated cash runway into early second quarter of 2027 includes net proceeds from equity offerings raised in the third quarter of 2026 to date.
- The TNX-4800 Phase 2 field study remains pending final FDA review and agreement on the study protocol.
What to watch
- Deployment of 50 new sales representatives by September 2026 and the resulting TONMYA commercial execution.
- Whether the January 1, 2027 managed Medicare agreement adds approximately nine million Medicare lives and brings total coverage to approximately 145 million covered lives.
- Start of the TNX-4800 adaptive Phase 2 field study and delivery of investigational product to sites in the first quarter of 2027.
- Topline OASIS study data expected mid-2027.
- Cash usage and any additional equity financing ahead of the company's stated funding horizon into early second quarter of 2027.
Balance sheet and cash flow
- Tonix had approximately $176.2 million of cash and cash equivalents as of June 30, 2026, compared to approximately $207.6 million as of December 31, 2025.
- Net cash used in operating activities was approximately $84.6 million for the six months ended June 30, 2026, compared to $31.4 million for the same period in 2025.
- Subsequent to quarter-end, the Company raised $3.7 million in proceeds under its At-the-Market facility.
- As of August 7, 2026, the Company had 17,151,024 shares of common stock outstanding.
Analysis
Second-quarter commercial performance centered on TONMYA. Net revenue from TONMYA sales was approximately $11.0 million, and the release characterized TONMYA net sales as up 197% quarter-over-quarter. Total net product revenue was approximately $13.5 million, compared with $2.0 million for the same period in 2025. TONMYA represented the large majority of the reported combined product revenue, while Zembrace SymTouch and Tosymra contributed approximately $2.5 million.
Prescription and payer-access indicators support the launch progression described by management. Total prescriptions reached 12,592 and increased 100% quarter-over-quarter, while new patient prescriptions increased 36% and refills increased 207%. The release notes that bridge prescriptions do not immediately generate net product revenue, making the conversion of coverage decisions into paid access an important commercial variable. Coverage reached approximately 136 million covered lives across commercial, managed Medicare, and Medicaid channels, with a planned January 1, 2027 managed Medicare agreement expected to add approximately nine million Medicare lives.
The company is expanding commercial investment, expecting to deploy 50 new sales representatives by September 2026 and bring the full sales force to approximately 150 people. Pipeline activity also advanced, including first-patient enrollment in the HORIZON Phase 2 MDD study of TNX-102 SL. Several major programs have longer-dated catalysts, including expected TNX-4800 Phase 2 study initiation in the first quarter of 2027 and OASIS topline data expected mid-2027.
Cash and funding duration remain central considerations. Cash and cash equivalents were approximately $176.2 million at June 30, 2026, compared with approximately $207.6 million at December 31, 2025. Net cash used in operating activities was approximately $84.6 million for the six months ended June 30, 2026, compared with $31.4 million in the prior-year period. Subsequent to quarter-end, Tonix raised $3.7 million through its At-the-Market facility and stated that June 30 cash resources, together with third-quarter 2026 equity-offering proceeds to date, are expected to fund planned operating and capital expenditure requirements into early second quarter of 2027.
Management, verbatim
We are pleased with the execution of TONMYA’s launch, including nearly tripling net sales and achieving growth across our key metrics in the second quarter.
Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals
We are now beginning to see coverage translate into broader patient access following the execution of agreements with commercial payers, managed Medicare, and Medicaid.
Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals
We enrolled the first patient in HORIZON, our potentially pivotal Phase 2 study of TNX-102 SL in MDD.
Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals
Not in the filing
stated, not guessed- Complete financial statements and the remainder of the earnings release were not provided in the filing text.
- GAAP gross profit, gross margin, operating expenses, operating income or loss, net income or loss, and diluted EPS were not reported in the provided text.
- Non-GAAP financial measures, including non-GAAP operating income or loss, net income or loss, and EPS, were not reported in the provided text.
- Quarterly operating cash flow and free cash flow were not reported in the provided text. Only six-month net cash used in operating activities was reported.
- Debt, total liabilities, capital expenditures, share repurchases, dividends, and debt repayments were not reported in the provided text.
- Prior-quarter net product revenue, prior-quarter TONMYA revenue, and prior-year TONMYA revenue were not reported in the provided text.
- A formal financial revenue, gross-margin, operating-expense, or tax-rate outlook was not reported in the provided text.
- No previous-quarter outlook was provided for comparison.
- The value for new patient prescriptions and refills was not reported, although their quarter-over-quarter percentage changes were reported.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.