<p>毫無疑問，通過持有不盈利企業的股份可以賺錢。例如，儘管亞馬遜在上市後多年虧損，但如果你從 1999 年開始購買並持有其股票，你將賺得盆滿缽滿。但雖然成功的案例眾所周知，投資者不應忽視那些僅僅消耗所有現金並最終崩潰的眾多不盈利公司。</p>
<p>鑑於這一風險，我們認為有必要看看 <strong>Tonix Pharmaceuticals Holding</strong> (NASDAQ:TNXP) 的股東是否應該擔心其現金消耗。為了本文的目的，我們將現金消耗定義為公司每年為支持其增長而支出的現金金額（也稱為負自由現金流）。首先，我們將通過比較其現金消耗與現金儲備來確定其現金續航能力。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<h2>Tonix Pharmaceuticals Holding 的現金續航能力有多長？</h2>
<p>現金續航能力被定義為公司在保持當前現金消耗率的情況下，耗盡資金所需的時間。當 Tonix Pharmaceuticals Holding 在 2025 年 11 月最後報告其 2025 年 9 月的資產負債表時，它沒有債務，現金價值為 1.9 億美元。重要的是，它在過去 12 個月的現金消耗為 7600 萬美元。這意味着截至 2025 年 9 月，它的現金續航能力約為 2.5 年。這是一個不錯的數字，給公司提供了幾年的時間來發展其業務。如下圖所示，您可以看到其現金持有量隨時間的變化。</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 日的債務與股本歷史</p>
<p>查看我們對 Tonix Pharmaceuticals Holding 的最新分析</p>
<h2>Tonix Pharmaceuticals Holding 的增長情況如何？</h2>
<p>一些投資者可能會發現，Tonix Pharmaceuticals Holding 實際上在增加其現金消耗，這在過去一年中上升了 10%。我們必須説，我們對其營業收入在同一時期下降 8.8% 感到擔憂。考慮到這兩個因素，我們對其增長前景並不特別興奮。然而，顯然，關鍵因素是公司未來是否會發展其業務。因此，您可能想看看公司在未來幾年內預計會增長多少。</p>
<h2>Tonix Pharmaceuticals Holding 多容易籌集現金？</h2>
<p>在現金消耗方面，Tonix Pharmaceuticals Holding 似乎處於相當不錯的位置，但我們仍然認為考慮它如果想要籌集更多資金的難易程度是值得的。一般來説，上市公司可以通過發行股票或借債來籌集新資金。上市公司的主要優勢之一是它們可以向投資者出售股票以籌集現金並資助增長。通過查看公司的現金消耗與其市值的關係，我們可以洞察如果公司需要籌集足夠的現金來覆蓋另一年的現金消耗，股東將被稀釋多少。</p>
<p>Tonix Pharmaceuticals Holding 的現金消耗為 7600 萬美元，約佔其 1.88 億美元市值的 41%。相對於整個公司的價值，這一支出較高，因此如果它確實需要發行股票以資助更多的增長，這可能會嚴重影響股東的回報（通過顯著稀釋）。</p>
<h2>Tonix Pharmaceuticals Holding 的現金消耗情況有多風險？</h2>
<p>在對 Tonix Pharmaceuticals Holding 的現金消耗進行分析時，我們認為其現金續航能力令人安心，而其現金消耗相對於市值的情況讓我們有些擔憂。我們認為其現金消耗並不是特別成問題，但在考慮了本文中的各種因素後，我們確實認為股東應該監控其隨時間的變化。另一方面，Tonix Pharmaceuticals Holding 有 <strong>2 個警告信號</strong>（其中 1 個不容忽視），我們認為您應該瞭解。</p>
<p>當然，<strong>您可能會通過尋找其他地方找到一個絕佳的投資機會。</strong> 所以請查看這份 <strong>免費的</strong> 內部持股顯著公司的名單，以及這份根據分析師預測的成長股名單。</p>

Tonix 醫藥控股

<p>Tonix 醫藥控股（NASDAQ:TNXP）截至 2025 年 9 月擁有 2.5 年的現金儲備，現金為 1.9 億美元，且沒有債務。然而，其現金消耗增加了 10%，而營業收入下降了 8.8%。現金消耗佔其 1.88 億美元市值的 41%，這引發了對如果發行新股可能導致股東稀釋的擔憂。投資者應密切關注其現金消耗情況</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>毫無疑問，通過持有不盈利企業的股份可以賺錢。例如，儘管亞馬遜在上市後多年虧損，但如果你從 1999 年開始購買並持有其股票，你將賺得盆滿缽滿。但雖然成功的案例眾所周知，投資者不應忽視那些僅僅消耗所有現金並最終崩潰的眾多不盈利公司。</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>鑑於這一風險，我們認為有必要看看 <strong>Tonix Pharmaceuticals Holding</strong> (NASDAQ:TNXP) 的股東是否應該擔心其現金消耗。為了本文的目的，我們將現金消耗定義為公司每年為支持其增長而支出的現金金額（也稱為負自由現金流）。首先，我們將通過比較其現金消耗與現金儲備來確定其現金續航能力。</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><h2>How Long Is Tonix Pharmaceuticals Holding's Cash Runway?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 的現金續航能力有多長？</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>現金續航能力被定義為公司在保持當前現金消耗率的情況下，耗盡資金所需的時間。當 Tonix Pharmaceuticals Holding 在 2025 年 11 月最後報告其 2025 年 9 月的資產負債表時，它沒有債務，現金價值為 1.9 億美元。重要的是，它在過去 12 個月的現金消耗為 7600 萬美元。這意味着截至 2025 年 9 月，它的現金續航能力約為 2.5 年。這是一個不錯的數字，給公司提供了幾年的時間來發展其業務。如下圖所示，您可以看到其現金持有量隨時間的變化。</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 日的債務與股本歷史</p>
</div><p>Check out our latest analysis for Tonix Pharmaceuticals Holding</p>
<div class="lb-trans"><p>查看我們對 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 的增長情況如何？</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>一些投資者可能會發現，Tonix Pharmaceuticals Holding 實際上在增加其現金消耗，這在過去一年中上升了 10%。我們必須説，我們對其營業收入在同一時期下降 8.8% 感到擔憂。考慮到這兩個因素，我們對其增長前景並不特別興奮。然而，顯然，關鍵因素是公司未來是否會發展其業務。因此，您可能想看看公司在未來幾年內預計會增長多少。</p>
</div><h2>How Easily Can Tonix Pharmaceuticals Holding Raise Cash?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 多容易籌集現金？</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>在現金消耗方面，Tonix Pharmaceuticals Holding 似乎處於相當不錯的位置，但我們仍然認為考慮它如果想要籌集更多資金的難易程度是值得的。一般來説，上市公司可以通過發行股票或借債來籌集新資金。上市公司的主要優勢之一是它們可以向投資者出售股票以籌集現金並資助增長。通過查看公司的現金消耗與其市值的關係，我們可以洞察如果公司需要籌集足夠的現金來覆蓋另一年的現金消耗，股東將被稀釋多少。</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 的現金消耗為 7600 萬美元，約佔其 1.88 億美元市值的 41%。相對於整個公司的價值，這一支出較高，因此如果它確實需要發行股票以資助更多的增長，這可能會嚴重影響股東的回報（通過顯著稀釋）。</p>
</div><h2>How Risky Is Tonix Pharmaceuticals Holding's Cash Burn Situation?</h2>
<div class="lb-trans"><h2>Tonix Pharmaceuticals Holding 的現金消耗情況有多風險？</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>在對 Tonix Pharmaceuticals Holding 的現金消耗進行分析時，我們認為其現金續航能力令人安心，而其現金消耗相對於市值的情況讓我們有些擔憂。我們認為其現金消耗並不是特別成問題，但在考慮了本文中的各種因素後，我們確實認為股東應該監控其隨時間的變化。另一方面，Tonix Pharmaceuticals Holding 有 <strong>2 個警告信號</strong>（其中 1 個不容忽視），我們認為您應該瞭解。</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>當然，<strong>您可能會通過尋找其他地方找到一個絕佳的投資機會。</strong> 所以請查看這份 <strong>免費的</strong> 內部持股顯著公司的名單，以及這份根據分析師預測的成長股名單。</p>
</div>

Tonix 醫藥控股 (NASDAQ:TNXP) 是否會明智地使用其現金？