Early Tonmya Launch Progressing Well, Payor Add Is Encouraging

研报英文原文证据摘录

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).

Analyst Top Picks

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

20 UCB SA UCB €235.80 €305.00 Buy