Tonix Pharmaceuticals sells Tonmya, an approved under-the-tongue tablet for fibromyalgia, and is developing drugs for depression, Lyme disease prevention and other conditions.
Tonix's case rests on Tonmya, a sublingual cyclobenzaprine tablet for fibromyalgia launched in November 2025. Net revenue was about $11.0 million in the second quarter and an estimated $14.0 to $15.0 million in the third. Coverage reaches about 166 million lives, and the sales force grew to about 150. Tonix says cash lasts into early second quarter 2027 and states substantial doubt about continuing. Dr. Reddy's filed a generic challenge to Tonmya's patents in October.
Thesis checklist
1 risk needs attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: Tonmya sales keep growing each quarter
Does Tonmya revenue keep rising beyond the third quarter's estimated $14 to $15 million as new coverage starts?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Tonmya sales grew again in the third quarter, but cash lasts only into 2027
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Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
1 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.