Tonix Pharmaceuticals Holding Corp. Revenue Disclosure
NOTE 10 – REVENUES
Disaggregation of Net Revenues
The Company’s net product revenues are summarized below:
Year ended December 31, |
||||||||
| 2025 | 2024 | |||||||
| Tonmya | $ | 1,421 | $ | |||||
| Zembrace Symtouch | 9,314 | 8,546 | ||||||
| Tosymra | 2,372 | 1,548 | ||||||
| Total product revenues | $ | 13,107 | $ | 10,094 | ||||
All sales were generated in the United States.
Gross-to-Net Sales Accruals
We record gross-to-net sales accruals for chargebacks, rebates, sales and other discounts, and product returns, which are all customary to the pharmaceutical industry.
Our provision for gross-to-net allowances was $8.9 million at December 31, 2025, $1.0 million of which was recorded as a reduction to accounts receivable and $7.9 million recorded as a component of accrued expenses. Our provision for gross-to-net allowances was $4.5 million at December 31, 2024, of which $0.8 million was recorded as a reduction to accounts receivable and $3.7 million was recorded as a component of accrued expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
| 2023 | Apr 1, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.