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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
The industry rank for Tonix Pharmaceuticals Holding's Net-Net Working Capital or its related term are showing as below:
TNXP's Price-to-Net-Net-Working-Capital is ranked better than 89.29% of 803
companies
in the Biotechnology industry
Industry Median: 5.24
vs TNXP: 1.47
Tonix Pharmaceuticals Holding (NAS:TNXP) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Tonix Pharmaceuticals Holding Net-Net Working Capital Related Terms
Tonix Pharmaceuticals Holding Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Tonix Pharmaceuticals Holding Net-Net Working Capital Chart
TNXP vs EQ, ARCT, SMNR: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Tonix Pharmaceuticals Holding's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tonix Pharmaceuticals Holding Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Tonix Pharmaceuticals Holding's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tonix Pharmaceuticals Holding's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $9.30 mean?
Tonix Pharmaceuticals Holding (TNXP) has a Net-Net Working Capital of $9.30 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tonix Pharmaceuticals Holding According to the industry distribution chart, Tonix Pharmaceuticals Holding ranks #86 out of 803 companies in the Biotechnology industry, placing it in the top 10.7%.
Is Tonix Pharmaceuticals Holding's Net-Net Working Capital too high?
Tonix Pharmaceuticals Holding's current Net-Net Working Capital is $9.30. The Biotechnology industry median Net-Net Working Capital is 5.24. Tonix Pharmaceuticals Holding's value of $9.30 is 77.5% above this industry median. Based on the distribution chart, Tonix Pharmaceuticals Holding ranks #86 out of 803 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Tonix Pharmaceuticals Holding has a GF Score™ of 41/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tonix Pharmaceuticals Holding's Net-Net Working Capital compare to EQ and ARCT?
According to the Biotechnology industry distribution chart, Tonix Pharmaceuticals Holding ranks #86 out of 803 companies for Net-Net Working Capital. This places Tonix Pharmaceuticals Holding in the top 11% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.24. Tonix Pharmaceuticals Holding's value of $9.30 is 77.5% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.24, based on 803 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Tonix Pharmaceuticals Holding's current Net-Net Working Capital of $9.30 is 77.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tonix Pharmaceuticals Holding For the Biotechnology industry, the median Net-Net Working Capital is 5.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tonix Pharmaceuticals Holding's current Net-Net Working Capital is $9.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tonix Pharmaceuticals Holding stock overvalued right now?
Based on GuruFocus' analysis, Tonix Pharmaceuticals Holding (TNXP) is currently considered Significantly Overvalued. The stock's GF Value™ is $3.14, compared to a current price of $13.64 — trading 334.2% above its estimated fair value. The current Net-Net Working Capital is $9.30 and 77.5% above the Biotechnology industry median of 5.24. Tonix Pharmaceuticals Holding's overall GF Score™ is 41/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Tonix Pharmaceuticals Holding (TNXP), the current Net-Net Working Capital is $9.30 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Tonix Pharmaceuticals Holding (TNXP) Overvalued in 2026?
Based on GuruFocus' analysis, Tonix Pharmaceuticals Holding stock appears to be overvalued.
The current stock price of $13.64 is trading 334.2% above its estimated GF Value™ of $3.14.
GuruFocus considers Tonix Pharmaceuticals Holding to be Significantly Overvalued.
Key valuation signals for TNXP:
Net-Net Working Capital: $9.30
GF Value™: $3.14 vs. price of $13.64 (334.2% above fair value)
Industry Position: 77.5% above the Biotechnology median (#86 of 803)
No single metric tells the full story. See the TNXP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tonix Pharmaceuticals Holding Corp is a fully-integrated biopharmaceutical company commercializing and developing therapies for central nervous system (CNS) disorders, immunology, infectious diseases, and rare diseases. Its portfolio consists of commercial, development and discovery-stage programs, TONMYA, an approved treatment for fibromyalgia, as well as marketed acute migraine products Zembrace SymTouch and Tosymra. The company is conducting clinical trials to evaluate TONMYA for additional indications such as depressive disorder and acute stress disorder. It is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection.
41GF Score
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