Early Tonmya Launch Progressing Well, Payor Add Is Encouraging

Research evidence excerpt

Early Tonmya Launch Progressing Well, Payor Add Is Encouraging

TD Cowen Tonix Pharmaceuticals

Global Research May 11, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

The early clinician feedback on Tonmya is positive, suggesting solid penetration into the Ongoing - Tonmya launch

fibromyalgia treatment paradigm. Our base case assumes continued uptake of Tonmya, with

conservative ~5% penetration of the refractory patient market reflecting peak sales potential

Q3:2026 - FDA interactions on TNX-4800

of $600MM+. We model the target population to be a third of the ~2.5MM diagnosed/treated

patients, as our consultants indicate 30-50% of fibromyalgia patients are not well-controlled on

standard of care/off label agents. H2:2026/2027 - Payor updates for Tonmya

Early 2027: GMP TNX-4800 available for

clinical testing

H1:2027 - Initiate adaptive Phase II field

study for TNX-4800

Base Case Assumptions Upside Scenario Downside Scenario

$22 on continued progress for Tonmya in $45 on better-than-expected penetration $10 with failure to effectively grow Tonmya in

treatment of fibromyalgia of the addressable market for fibromyalgia, treatment of fibromyalgia

and any potential success of the pipeline

programs, including TNX-4800

Price Performance Company Description

Tonix Pharmaceuticals is a biopharmaceutical company that markets Tonmya (sublingual

$70

cyclobenzaprine), an oral tricyclic antidepressant/muscle relaxant for the treatment of

fibromyalgia. Tonix also has a number of late-stage assets in clinical development for infectious

disease (Lyme disease), obesity (Prader-Willi Syndrome), CNS (depression and stress disorders),

50 and autoimmune diseases (kidney allograft).

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Ticker Price (05/11/2026) Price Target Rating

20 UCB SA UCB €235.80 €305.00 Buy