<p>毫无疑问，通过持有不盈利企业的股份可以赚钱。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。但虽然成功的案例众所周知，投资者不应忽视那些仅仅消耗所有现金并最终崩溃的众多不盈利公司。</p>
<p>鉴于这一风险，我们认为有必要看看 <strong>Tonix Pharmaceuticals Holding</strong> (NASDAQ:TNXP) 的股东是否应该担心其现金消耗。为了本文的目的，我们将现金消耗定义为公司每年为支持其增长而支出的现金金额（也称为负自由现金流）。首先，我们将通过比较其现金消耗与现金储备来确定其现金续航能力。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>Tonix Pharmaceuticals Holding 的现金续航能力有多长？</h2>
<p>现金续航能力被定义为公司在保持当前现金消耗率的情况下，耗尽资金所需的时间。当 Tonix Pharmaceuticals Holding 在 2025 年 11 月最后报告其 2025 年 9 月的资产负债表时，它没有债务，现金价值为 1.9 亿美元。重要的是，它在过去 12 个月的现金消耗为 7600 万美元。这意味着截至 2025 年 9 月，它的现金续航能力约为 2.5 年。这是一个不错的数字，给公司提供了几年的时间来发展其业务。如下图所示，您可以看到其现金持有量随时间的变化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/112008811-debt-equity-history-analysis-1-dark-2/1764617957795?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/112008811-debt-equity-history-analysis-1-dark-2/1764617957795"/></p>
<p>NasdaqCM:TNXP2025 年 12 月 1 日的债务与股本历史</p>
<p>查看我们对 Tonix Pharmaceuticals Holding 的最新分析</p>
<h2>Tonix Pharmaceuticals Holding 的增长情况如何？</h2>
<p>一些投资者可能会发现，Tonix Pharmaceuticals Holding 实际上在增加其现金消耗，这在过去一年中上升了 10%。我们必须说，我们对其营业收入在同一时期下降 8.8% 感到担忧。考虑到这两个因素，我们对其增长前景并不特别兴奋。然而，显然，关键因素是公司未来是否会发展其业务。因此，您可能想看看公司在未来几年内预计会增长多少。</p>
<h2>Tonix Pharmaceuticals Holding 多容易筹集现金？</h2>
<p>在现金消耗方面，Tonix Pharmaceuticals Holding 似乎处于相当不错的位置，但我们仍然认为考虑它如果想要筹集更多资金的难易程度是值得的。一般来说，上市公司可以通过发行股票或借债来筹集新资金。上市公司的主要优势之一是它们可以向投资者出售股票以筹集现金并资助增长。通过查看公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将被稀释多少。</p>
<p>Tonix Pharmaceuticals Holding 的现金消耗为 7600 万美元，约占其 1.88 亿美元市值的 41%。相对于整个公司的价值，这一支出较高，因此如果它确实需要发行股票以资助更多的增长，这可能会严重影响股东的回报（通过显著稀释）。</p>
<h2>Tonix Pharmaceuticals Holding 的现金消耗情况有多风险？</h2>
<p>在对 Tonix Pharmaceuticals Holding 的现金消耗进行分析时，我们认为其现金续航能力令人安心，而其现金消耗相对于市值的情况让我们有些担忧。我们认为其现金消耗并不是特别成问题，但在考虑了本文中的各种因素后，我们确实认为股东应该监控其随时间的变化。另一方面，Tonix Pharmaceuticals Holding 有 <strong>2 个警告信号</strong>（其中 1 个不容忽视），我们认为您应该了解。</p>
<p>当然，<strong>您可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这份 <strong>免费的</strong> 内部持股显著公司的名单，以及这份根据分析师预测的成长股名单。</p>

Tonix 医药控股

<p>Tonix 医药控股（NASDAQ:TNXP）截至 2025 年 9 月拥有 2.5 年的现金储备，现金为 1.9 亿美元，且没有债务。然而，其现金消耗增加了 10%，而营业收入下降了 8.8%。现金消耗占其 1.88 亿美元市值的 41%，这引发了对如果发行新股可能导致股东稀释的担忧。投资者应密切关注其现金消耗情况</p>

<p>There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.</p>
<div class="lb-trans"><p>毫无疑问，通过持有不盈利企业的股份可以赚钱。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。但虽然成功的案例众所周知，投资者不应忽视那些仅仅消耗所有现金并最终崩溃的众多不盈利公司。</p>
</div><p>Given this risk, we thought we'd take a look at whether <strong>Tonix Pharmaceuticals Holding</strong> (NASDAQ:TNXP) shareholders should be worried about its cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). First, we'll determine its cash runway by comparing its cash burn with its cash reserves.</p>
<div class="lb-trans"><p>鉴于这一风险，我们认为有必要看看 <strong>Tonix Pharmaceuticals Holding</strong> (NASDAQ:TNXP) 的股东是否应该担心其现金消耗。为了本文的目的，我们将现金消耗定义为公司每年为支持其增长而支出的现金金额（也称为负自由现金流）。首先，我们将通过比较其现金消耗与现金储备来确定其现金续航能力。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><h2>How Long Is Tonix Pharmaceuticals Holding's Cash Runway?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 的现金续航能力有多长？</h2>
</div><p>A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. When Tonix Pharmaceuticals Holding last reported its September 2025 balance sheet in November 2025, it had zero debt and cash worth US$190m. Importantly, its cash burn was US$76m over the trailing twelve months. That means it had a cash runway of about 2.5 years as of September 2025. That's decent, giving the company a couple years to develop its business. Depicted below, you can see how its cash holdings have changed over time.</p>
<div class="lb-trans"><p>现金续航能力被定义为公司在保持当前现金消耗率的情况下，耗尽资金所需的时间。当 Tonix Pharmaceuticals Holding 在 2025 年 11 月最后报告其 2025 年 9 月的资产负债表时，它没有债务，现金价值为 1.9 亿美元。重要的是，它在过去 12 个月的现金消耗为 7600 万美元。这意味着截至 2025 年 9 月，它的现金续航能力约为 2.5 年。这是一个不错的数字，给公司提供了几年的时间来发展其业务。如下图所示，您可以看到其现金持有量随时间的变化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/112008811-debt-equity-history-analysis-1-dark-2/1764617957795" alt="" original-src="https://images.simplywall.st/asset/chart/112008811-debt-equity-history-analysis-1-dark-2/1764617957795"/></p>
<p>NasdaqCM:TNXP Debt to Equity History December 1st 2025</p>
<div class="lb-trans"><p>NasdaqCM:TNXP2025 年 12 月 1 日的债务与股本历史</p>
</div><p>Check out our latest analysis for Tonix Pharmaceuticals Holding</p>
<div class="lb-trans"><p>查看我们对 Tonix Pharmaceuticals Holding 的最新分析</p>
</div><h2>How Well Is Tonix Pharmaceuticals Holding Growing?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 的增长情况如何？</h2>
</div><p>Some investors might find it troubling that Tonix Pharmaceuticals Holding is actually <em>increasing</em> its cash burn, which is up 10% in the last year. And we must say we find it concerning that operating revenue dropped 8.8% over the same period. Considering both these factors, we're not particularly excited by its growth profile. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.</p>
<div class="lb-trans"><p>一些投资者可能会发现，Tonix Pharmaceuticals Holding 实际上在增加其现金消耗，这在过去一年中上升了 10%。我们必须说，我们对其营业收入在同一时期下降 8.8% 感到担忧。考虑到这两个因素，我们对其增长前景并不特别兴奋。然而，显然，关键因素是公司未来是否会发展其业务。因此，您可能想看看公司在未来几年内预计会增长多少。</p>
</div><h2>How Easily Can Tonix Pharmaceuticals Holding Raise Cash?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 多容易筹集现金？</h2>
</div><p>Tonix Pharmaceuticals Holding seems to be in a fairly good position, in terms of cash burn, but we still think it's worthwhile considering how easily it could raise more money if it wanted to. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.</p>
<div class="lb-trans"><p>在现金消耗方面，Tonix Pharmaceuticals Holding 似乎处于相当不错的位置，但我们仍然认为考虑它如果想要筹集更多资金的难易程度是值得的。一般来说，上市公司可以通过发行股票或借债来筹集新资金。上市公司的主要优势之一是它们可以向投资者出售股票以筹集现金并资助增长。通过查看公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将被稀释多少。</p>
</div><p>Tonix Pharmaceuticals Holding's cash burn of US$76m is about 41% of its US$188m market capitalisation. That's high expenditure relative to the value of the entire company, so if it does have to issue shares to fund more growth, that could end up really hurting shareholders returns (through significant dilution).</p>
<div class="lb-trans"><p>Tonix Pharmaceuticals Holding 的现金消耗为 7600 万美元，约占其 1.88 亿美元市值的 41%。相对于整个公司的价值，这一支出较高，因此如果它确实需要发行股票以资助更多的增长，这可能会严重影响股东的回报（通过显著稀释）。</p>
</div><h2>How Risky Is Tonix Pharmaceuticals Holding's Cash Burn Situation?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 的现金消耗情况有多风险？</h2>
</div><p>On this analysis of Tonix Pharmaceuticals Holding's cash burn, we think its cash runway was reassuring, while its cash burn relative to its market cap has us a bit worried. We don't think its cash burn is particularly problematic, but after considering the range of factors in this article, we do think shareholders should be monitoring how it changes over time. On another note, Tonix Pharmaceuticals Holding has <strong>2 warning signs</strong> (and 1 which shouldn't be ignored) we think you should know about.</p>
<div class="lb-trans"><p>在对 Tonix Pharmaceuticals Holding 的现金消耗进行分析时，我们认为其现金续航能力令人安心，而其现金消耗相对于市值的情况让我们有些担忧。我们认为其现金消耗并不是特别成问题，但在考虑了本文中的各种因素后，我们确实认为股东应该监控其随时间的变化。另一方面，Tonix Pharmaceuticals Holding 有 <strong>2 个警告信号</strong>（其中 1 个不容忽视），我们认为您应该了解。</p>
</div><p>Of course, <strong>you might find a fantastic investment by looking elsewhere.</strong> So take a peek at this <strong>free</strong> list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)</p>
<div class="lb-trans"><p>当然，<strong>您可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这份 <strong>免费的</strong> 内部持股显著公司的名单，以及这份根据分析师预测的成长股名单。</p>
</div>

Tonix 医药控股 (NASDAQ:TNXP) 是否会明智地使用其现金？