Item 5. Market for Registrant’s Common Equity
ITEM
5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market
Information
Our common stock is listed on The NASDAQ Global Select Market under the
symbol “TNXP”.
Holders
On March 11, 2026, the closing sale price of our common stock, as reported
by The NASDAQ Stock Market, was $13.98 per share. On March 11, 2026, there were approximately 421 holders of record of our common stock.
Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate
the total number of stockholders represented by these record holders.
Dividend
Policy
We
have never paid any cash dividends on our capital stock and do not anticipate paying any cash dividends on our common stock in
the foreseeable future. We intend to retain future earnings to fund ongoing operations and future capital requirements of
our business. Any future determination to pay cash dividends will be at the discretion of the Board and will be dependent upon
our financial condition, results of operations, capital requirements and such other factors as the Board deems relevant.
Recent
Sales of Unregistered Securities
None.
86
Repurchases
of Equity Securities by the Issuer and Affiliated Purchasers
In
November 2025, the Board of Directors approved a share repurchase program pursuant to which we may repurchase up to $35.0 million in
value of our outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market
conditions, share price and other factors. Under this program, the timing and amount of any shares repurchased will be determined
based on the Company’s evaluation of market conditions and other factors, and the program may be discontinued or suspended
at any time. Repurchases will be made in accordance with the rules and regulations promulgated by the SEC and certain other
legal requirements to which the Company may be subject. Repurchases may be made, in part, under a Rule 10b5-1 plan, which allows
stock repurchases when the Company might otherwise be precluded from doing so.
The following table presents information with respect to our repurchases
of common stock during the quarter ended December 31, 2025.
Period
Total
Number of Shares
Purchased
Average Price
Paid per Share
Total Number
of Shares Purchased
as Part of Publicly
Announced Programs
Approximate Dollar Value
of Shares that May
Yet Be Purchased
Under Publicly
Announced Programs
October 1 - 31
$
$
29,051,125
November 1 - 30
66,000
$ 15.12
66,000
$
28,051,060
December 1 - 31
381,903
$ 17.80
381,903
$
21,239,960
Total
447,903
$ 17.40
447,903
ITEM
6 – [RESERVED]
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