Tonix Pharmaceuticals Holding Corp. (TNXP) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: December 29, 2025

Risk Assessment Details

Potential Dilution: 169.83% of current shares
Recent Dilution: 1286.63% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
20M
Additional shares possible
Splits
2 Splits 2 Reverse
Past 2 years

Summary

TNXP currently has 11.8M outstanding shares. with significant dilution risk as 20M authorized shares could dilute existing holders by 169.8%. The company has significantly diluted shareholders by 1286.63% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 2 stock splits (positive for accessibility) and 2 reverse splits (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Dec 29, 2025

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a securities purchase agreement to issue and sell 615,025 shares of common stock and pre-funded warrants to purchase up to 615,025 shares of common stock in a registered direct offering, with expected gross proceeds of approximately $20.0 million. ($20.0M proceeds)

12M 20M
Nov 10, 2025

10-Q filing | 11.8M shares outstanding

12M 20M
Jun 12, 2025

S-3 filing: Tonix Pharmaceuticals Holding Corp. files a registration statement on Form S-3 relating to the registration for offering and sale from time to time of securities with an aggregate offering price of up to $500,000,000.

7.3M 20M
Jun 11, 2025

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a sales agreement with A.G.P./Alliance Global Partners to offer and sell up to $150 million of common stock and a purchase agreement with Lincoln Park Capital Fund, LLC to sell up to $75 million of newly issued shares of common stock.

7.3M 20M
May 12, 2025

10-Q filing | 7.3M shares outstanding

7.3M 20M
Mar 18, 2025

10-K filing | 6.4M shares outstanding

6.4M 20M
Feb 05, 2025
Stock Split

8-K filing: Stock split 1-for-100 | Outstanding: 186,894,225 → 5,590,445

5.6M 20M
Nov 12, 2024

10-Q filing | 186.9M shares outstanding

190M 2B
Sep 20, 2024

S-3 filing: Tonix Pharmaceuticals Holding Corp. is filing a shelf registration statement on Form S-3 to offer and sell up to $300,000,000 of common stock, preferred stock, warrants or units from time to time.

140M 2B
Aug 16, 2024

10-Q filing | 22.0M shares outstanding

22M 39K
Jul 10, 2024

8-K filing: Tonix Pharmaceuticals Holding Corp. closed a registered public offering of 3,393,600 shares of common stock and pre-funded warrants, resulting in gross proceeds of approximately $4.0 million. ($4.0M proceeds)

3M 39K
Jun 28, 2024

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a placement agency agreement with Dawson James Securities Inc. for a registered public offering of 2,833,900 shares of common stock and pre-funded warrants to purchase up to 4,228,158 shares of common stock, resulting in gross proceeds of approximately $4.0 million, and announced the closing of the offering on June 28, 2024. ($4.0M proceeds)

3M 39K
Jun 13, 2024

8-K filing: Tonix Pharmaceuticals closed a public offering of 1,199,448 shares of common stock and pre-funded warrants to purchase up to 2,568,110 additional shares, resulting in gross proceeds of approximately $4.0 million. ($4.0M proceeds)

3M 39K
Jun 10, 2024
Stock Split

8-K filing: Stock split 1-for-32 | Outstanding: 95,543,805 → 2,985,744

3M 1.1M
May 13, 2024

10-Q filing | 95.5M shares outstanding

96M 36M
Apr 01, 2024

10-K filing | 84.5M shares outstanding

84M 36M
Mar 29, 2024

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a securities purchase agreement to sell and issue 10,766,666 shares of common stock, pre-funded warrants to purchase up to 3,900,000 shares of common stock, and Series E warrants to purchase up to 14,666,666 shares of common stock, resulting in gross proceeds of approximately $4.4 million. ($4.4M proceeds)

24M 36M
Dec 21, 2023

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a securities purchase agreement for the sale and issuance of shares of common stock, pre-funded warrants, and Series C and Series D warrants, with expected gross proceeds of approximately $144 million. ($144.0M proceeds)

24M 36M
Nov 09, 2023

10-Q filing | 23.8M shares outstanding

24M 36M
Sep 29, 2023

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a securities purchase agreement to sell and issue 4,050,000 shares of common stock, pre-funded warrants to purchase up to 4,950,000 shares of common stock, and warrants to purchase up to 18,000,000 shares of common stock for gross proceeds of approximately $4.5 million. ($4.5M proceeds)

18M 36M
Aug 10, 2023

10-Q filing | 17.8M shares outstanding

18M 36M
Jul 28, 2023

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a securities purchase agreement for the sale and issuance of 2,530,000 shares of common stock, pre-funded warrants to purchase up to 4,470,000 shares of common stock, and warrants to purchase up to 7,000,000 shares of common stock, with gross proceeds expected to be approximately $7.0 million. ($7.0M proceeds)

10M 36M
May 10, 2023
Stock Split

8-K filing: Stock split 1-for-6.25 | Outstanding: 63,352,898 → 10,340,360

10M 36M
May 08, 2023

10-Q filing | 63.4M shares outstanding

63M 220M
Mar 13, 2023

10-K filing | 62.5M shares outstanding

63M 220M
Nov 07, 2022

10-Q filing | 57.5M shares outstanding

58M 220M
Oct 25, 2022

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a Securities Purchase Agreement to issue and sell 1,400,000 shares of Series A Convertible Redeemable Preferred Stock and 100,000 shares of Series B Convertible Redeemable Preferred Stock at $9.50 per share, for gross proceeds of $15.0 million. ($15.0M proceeds)

45M 220M
Aug 19, 2022

S-3 filing: Tonix Pharmaceuticals Holding Corp. intends to offer and sell common stock, preferred stock, warrants, or units with an aggregate initial offering price not exceeding $300,000,000.

45M 220M
Aug 17, 2022

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $50.0 million of shares of the Company's common stock.

43M 7.8M
Aug 08, 2022

10-Q filing | 43.1M shares outstanding

43M 7.8M
Jun 22, 2022

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a Securities Purchase Agreement to issue and sell 2,500,000 shares of Series A Convertible Redeemable Preferred Stock and 500,000 shares of Series B Convertible Redeemable Preferred Stock at an offering price of $9.50 per share for gross proceeds of $30.0 million. ($30.0M proceeds)

19M 7.8M
May 17, 2022
Stock Split

8-K filing: Stock split 1-for-32 | Outstanding: 599,679,596 → 18,739,988

19M 7.8M
May 09, 2022

10-Q filing | 599.7M shares outstanding

600M 250M
Mar 14, 2022

10-K filing | 533.9M shares outstanding

530M 250M
Dec 03, 2021

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $80.0 million of shares of the Company's common stock, with the Company issuing 2,909,091 shares of Common Stock to Lincoln Park as a commitment fee.

440M 250M
Nov 08, 2021

10-Q filing | 439.6M shares outstanding

440M 250M
Aug 09, 2021

10-Q filing | 357.5M shares outstanding

360M 250M
May 14, 2021

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $80.0 million of shares of the Company's common stock, with the Company issuing 1,280,000 shares of Common Stock to Lincoln Park as a commitment fee.

330M 250M
May 10, 2021

10-Q filing | 326.5M shares outstanding

330M 250M
Apr 23, 2021

S-3/A filing: The filing is an S-3/A registration statement for the potential offering of common stock, preferred stock, warrants, or units with an aggregate initial offering price not exceeding $500,000,000.

160M 250M
Apr 19, 2021

8-K filing: Tonix Pharmaceuticals entered into an exclusive License Agreement with OyaGen, issuing 2,752,294 shares of common stock to OyaGen and an affiliated entity as part of the consideration.

160M 250M
Apr 01, 2021

S-3 filing: The filing is an S-3 form indicating that the company may offer and sell common stock, preferred stock, warrants, or units, with an aggregate initial offering price not exceeding $500,000,000.

160M 250M
Feb 10, 2021

8-K filing: The Company closed its registered direct offering of 58,333,334 shares of common stock at a price of $1.20 per share, for gross proceeds of approximately $70,000,000. ($70.0M proceeds)

160M 250M
Feb 09, 2021

8-K filing: Tonix Pharmaceuticals Holdings Corp. entered into a Securities Purchase Agreement for the sale of 58,333,334 shares of common stock at $1.20 per share in a registered direct offering, with gross proceeds of $70.0 million. ($70.0M proceeds)

160M 250M
Jan 14, 2021

8-K filing: The Company closed its registered direct offering of 50,000,000 shares of common stock at a price of $0.80 per share, for gross proceeds of $40,000,000. ($40.0M proceeds)

160M 250M
Jan 12, 2021

8-K filing: Tonix Pharmaceuticals Holdings Corp. entered into a Securities Purchase Agreement for the sale of 50,000,000 shares of common stock at $0.80 per share in a registered direct offering. ($40.0M proceeds)

160M 250M
Dec 18, 2020

S-3 filing: The company intends to offer and sell, from time to time in one or more offerings, any combination of common stock, preferred stock, warrants, or units having an aggregate initial offering price not exceeding $150,000,000.

160M 250M
Nov 09, 2020

10-Q filing | 156.6M shares outstanding

160M 2.9M
Sep 04, 2020

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $30.0 million of shares of the Company's common stock. The Company also increased the maximum aggregate offering price of shares issuable under the Sales Agreement with A.G.P./Alliance Global Partners from $50,000,000 to $100,000,000. ($30.0M proceeds)

8.5M 2.9M
Aug 10, 2020

10-Q filing | 8.5M shares outstanding

8.5M 2.9M
Jul 15, 2020

8-K filing: Tonix Pharmaceuticals Holding Corp. closed a registered direct offering of 20,940,000 shares of common stock at $0.50 per share, resulting in gross proceeds of $10,470,000, and after the offering, the company had 125,743,906 shares of common stock outstanding. ($10.47M proceeds)

130M 2.9M
Jul 14, 2020

8-K filing: Tonix Pharmaceuticals Holdings Corp. entered into a Securities Purchase Agreement for the sale of 20,940,000 shares of common stock at $0.50 per share in a registered direct offering. ($10.5M proceeds)

49M 2.9M
Jun 11, 2020

8-K filing: Tonix Pharmaceuticals Holding Corp. issued 2,000,000 shares of its common stock to Trigemina, Inc. as part of an asset purchase agreement.

49M 2.9M
May 12, 2020

10-Q filing | 49.4M shares outstanding

49M 2.9M
Apr 08, 2020

S-3 filing: The company intends to offer and sell common stock, preferred stock, warrants, or units with an aggregate initial offering price not exceeding $150,000,000.

330K 2.9M
Mar 24, 2020

10-K filing | 0.3M shares outstanding

330K 2.9M
Mar 03, 2020

8-K filing: The Company closed its registered direct offering of 14,550,000 shares of common stock at a price of $1.10 per share, for gross proceeds of $16,005,000. ($16.01M proceeds)

49M 2.9M
Feb 28, 2020

8-K filing: Tonix Pharmaceuticals Holdings Corp. entered into a Securities Purchase Agreement with certain institutional investors for the sale of 14,550,000 shares of common stock in a registered direct offering, with gross proceeds of approximately $16 million before deducting fees and expenses. ($16.0M proceeds)

8.5M 2.9M
Feb 11, 2020

8-K filing: Tonix Pharmaceuticals Holding Corp. closed its public offering of Class A Units and Class B Units, with the Class B Units consisting of Series B Convertible Preferred Stock. ($5.31M proceeds)

8.5M 2.9M
Feb 07, 2020

8-K filing: Tonix Pharmaceuticals Holding Corp. entered into an underwriting agreement to issue and sell 3,837,000 Class A Units and 5,313 Class B Units in a firm commitment underwritten public offering, with each Class A Unit consisting of one share of common stock and one warrant, and each Class B Unit consisting of one share of Series B Convertible Preferred Stock and one warrant.

8.5M 2.9M
Feb 06, 2020

S-1/A filing: This S-1/A filing includes information regarding the offering of Class A Units and Class B Units, consisting of common stock, preferred stock, and warrants, to fund Phase 3 development for our lead product candidate, TNX-102 SL, to advance the development of our other product candidates, including in-licensed product candidates, to repurchase shares of our common stock pursuant to a stock buyback program, and for working capital and other general corporate purposes.

8.5M 2.9M
Jan 21, 2020

S-1 filing: The company is offering 3,225,807 shares of common stock and 5,000 shares of Series B Convertible Preferred Stock.

8.5M 3.2M
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