Tonix Pharmaceuticals Holding Corp. November 2018 Version P0143 11 - 1 - 18 (Doc 0406) Investor Presentation 2018 Tonix Pharmaceuticals Holding Corp. 2 Cautionary Note on Forward - Looking Statements Certain statements i

2018 Tonix Pharmaceuticals Holding Corp. November 2018 Version P0143 11 - 1 - 18 (Doc 0406) Investor Presentation

2018 Tonix Pharmaceuticals Holding Corp. 2 Cautionary Note on Forward - Looking Statements Certain statements in this presentation

regarding strategic plans, expectations and objectives for future operations or results are "forward - looking statements"

as defined by the Private Securities Litigation Reform Act of 1995 . These statements may be identified by the use of forward

- looking words such as "anticipate," "believe," "forecast," "estimate" and "intend,"

among others . These forward - looking statements are based on Tonix's current expectations and actual results could differ

materially . There are a number of factors that could cause actual events to differ materially from those indicated by such forward

- looking statements . These factors include, but are not limited to, substantial competition ; our need for additional financing

; uncertainties of patent protection and litigation ; uncertainties of government or third party payor reimbursement ; limited

research and development efforts and dependence upon third parties ; and risks related to failure to obtain U . S . Food and Drug

Administration clearances or approvals and noncompliance with its regulations . As with any pharmaceutical under development,

there are significant risks in the development, regulatory approval and commercialization of new products . The forward - looking

statements in this presentation are made as of the date of this presentation, even if subsequently made available by Tonix on

its website or otherwise . Tonix does not undertake an obligation to update or revise any forward - looking statement, except

as required by law . Investors should read the risk factors set forth in the Annual Report on Form 10 - K for the year ended December

31 , 2017 , as filed with the Securities and Exchange Commission (the "SEC") on March 9 , 2018 , and periodic reports

filed with the SEC on or after the date thereof . All of Tonix's forward - looking statements are expressly qualified by all such

risk factors and other cautionary statements .

2018 Tonix Pharmaceuticals Holding Corp. 3 Tonix Pharmaceuticals Who we are: A clinical stage pharmaceutical company dedicated

to developing innovative treatments for patients and making meaningful contributions to society What we do: Target therapeutics

with high need for improvement Conditions with no or ineffective treatments Significant patient segments not well

served by existing therapies Develop innovative treatment options with possibility to be a "game changer"

Scientifically unique and innovative Supported by strong scientific rationale Confirmed by clinical evidence

and published literature Utilize proven regulatory pathway and established clinical endpoint Built on a foundation

of proprietary intellectual property

2018 Tonix Pharmaceuticals Holding Corp. 4 Tonmya 1 - lead program; FDA Breakthrough Therapy in Posttraumatic Stress

Disorder (PTSD) - Bedtime treatment in Phase 3 Development Results from 2 efficacy studies improve the new Phase

3 study design Preliminary acceptance of new design features received from the FDA 2 Pivotal 12 - week efficacy

study with Week 4 primary endpoint to initiate in 1Q2019 TNX - 102 SL - FDA Fast Track development program for agitation

in Alzheimer's disease (AAD) IND 3 ready to support Phase 2 potential pivotal efficacy study TNX - 601 4 - Pre -

IND candidate for daytime treatment for PTSD Nonclinical development ongoing TNX - 801 5 - Smallpox - preventing vaccine

candidate Efficacy demonstrated in mouse model cGMP process development underway 1 Tonmya has been conditionally

accepted by the U.S. FDA as the proposed trade name for TNX - 102 SL (cyclobenzaprine HCl sublingual tablets) for PTSD. TNX -

102 SL is an investigational new drug and has not been approved for any indication. 2 FDA Breakthrough Therapy Type B Clinical

Guidance Meeting (October 29, 2018) 3 IND - Investigational New Drug Application 4 T ianeptine oxalate 5 S ynthesized live horsepox

virus Tonix Development Highlights Cyclobenzaprine Sublingual Tablets Pipeline

2018 Tonix Pharmaceuticals Holding Corp. 5 Lead Program: TNX - 102 SL - Product Concept Sleep disturbances are associated

with a constellation of disorders Considered co - morbid or a key symptom in these disorders Believed to have

a role in the onset, progression and severity of these disorders The focus of TNX - 102 SL development is both unique and innovative

Testing the therapeutic benefit of sleep ( sleep quality') Restorative sleep in contrast to

time spent sleeping ( sleep quantity') Targeting clinical conditions for which improved sleep quality may

have a therapeutic benefit Reduction in disease - specific symptoms, with sleep improvement as a secondary endpoint

2018 Tonix Pharmaceuticals Holding Corp. 6 Candidates in Development Preclinical Phase 2 NDA 1 /BLA 2 Market Pipeline Product

Indication/ Description Phase 3 Tonmya Bedtime Treatment for PTSD Daytime Treatment for PTSD TNX - 601 Novel polymorph and salt

discovered and characterized; Preliminary human PK and safety data 3 from selected formulation expected 2H2019 TNX - 801 Horsepox

virus synthesized and demonstrated protective vaccine activity in mice Smallpox - preventing vaccine Cyclobenzaprine HCl sublingual

tablets Tianeptine oxalate oral formulation Live horsepox virus (HPXV) vaccine from cell culture Phase 1 1 NDA - New Drug Application;

2 BLA - Biologic Licensing Application; 3 non - IND study Bedtime Treatment for Agitation in Alzheimer's Cyclobenzaprine

HCl sublingual tablets Fast Track Phase 2/3 ready program TNX - 102 SL All programs owned outright with no royalties or other

obligations due New Phase 3 study to start 1Q2019

2018 Tonix Pharmaceuticals Holding Corp. 7 Tonmya for the Treatment of PTSD Breakthrough Therapy (BT) designation from the FDA

Expedited development and accelerated approval are expected One Phase 2 study completed and one Phase 3 study stopped

early due to inadequate separation from placebo (unblinded interim analysis of ~50% participants) Both studies were accepted

by the FDA as potential pivotal efficacy studies in military - related PTSD if successful No safety or tolerability concerns

Phase 2 study (P201) formed the basis of BT designation Phase 3 study (P301) provided evidence of effectiveness

as early as 4 weeks after treatment but diminished over time due to high placebo response Retrospective analysis showed

Tonmya response in subgroup with trauma 9 years from screening Both studies can be used as supportive evidence

of efficacy and safety for Tonmya NDA submission FDA feedback and guidance on new Phase 3 trial received in October 1 Patent protection

through 2034 in U.S. 2 Composition of matter patent for transmucosal delivery of cyclobenzaprine Novel mechanism targets

sleep quality Memory processing during sleep is important to recovery from PTSD 1 FDA Breakthrough Therapy Type B Clinical

Guidance Meeting October 29, 2019; 2 U .S. Patent No. 9,636,408 for eutectic proprietary Protectic formulation

2018 Tonix Pharmaceuticals Holding Corp. 8 Breakthrough Therapy Designation FDA granted Tonmya Breakthrough Therapy designation

- reported December 19, 2016 PTSD is a serious condition Tonmya has potential advantages over existing therapies

in military - related PTSD Benefits of Breakthrough Therapy designation Eligibility for priority review of the NDA within

6 months instead of 10 - 12 months Option to submit completed portions of the NDA for rolling review An organizational

commitment involving FDA's senior managers to accelerate the development and approval process, an opportunity to compress development

2018 Tonix Pharmaceuticals Holding Corp. 9 No Recognized Abuse Potential in Clinical Studies Active ingredient is cyclobenzaprine,

which is structurally related to tricyclic antidepressants Cyclobenzaprine interacts with receptors that regulate sleep

quality: 5 - HT 2A, a 1 - adrenergic and histamine H 1 receptors Cyclobenzaprine does NOT interact with the same receptors

as traditional hypnotic sleep drugs, benzodiazepines or non - benzodiazepines that are associated with retrograde amnesia

Cyclobenzaprine - containing product was approved 40 years ago and current labeling (May 2016) indicates no abuse or dependence

concern Tonmya NDA can be filed without drug abuse and dependency assessment studies Discussed at March 9, 2017 Initial

Cross - disciplinary Breakthrough Meeting with the FDA

2018 Tonix Pharmaceuticals Holding Corp. 10 TNX - 102 SL Intellectual Property - U.S. Protection until 2034 Composition

of matter (eutectic) : Protection expected to 2034 United States Patent and Trademark Office (USPTO) issued U.S. Patent

No. 9,636,408 in May 2017 and U.S. Patent No. 9,956,188 in May 2018 Japanese Patent Office (JPO) issued Japanese Patent

No. 6310542 in March 2018 New Zealand Intellectual Property Office (NZIPO) issued New Zealand Patent No. 631152 in May

2017 37 patent applications pending (2 allowed (US and South Africa)) Pharmacokinetics (PK) : Protection expected to 2033

JPO issued Japanese Patent No. 6259452 in December 2017 NZIPO issued New Zealand Patent No. 631144 in March 2017

Taiwanese Intellectual Property Office issued Taiwanese Patent No. I590820 in July 2017 21 patent applications

pending (1 allowed (Australia)) Method of use for active ingredient cyclobenzaprine : Protection expected to 2030 European

Patent Office issued European Patent No. 2 501 234B1 in September 2017 (validated in 38 countries). Opposition filed in June 2018

USPTO issued U.S. Patent 9,918,948 in March 2018 2 patent applications pending

2018 Tonix Pharmaceuticals Holding Corp. 11 TNX - 102 SL: Sublingual Formulation is Designed for Bedtime Administration TNX -

102 SL: Proprietary sublingual formulation of cyclobenzaprine (CBP) with transmucosal absorption Innovation by design

with patent protected CBP/mannitol eutectic Rapid systemic exposure Increases bioavailability during sleep

Avoids first - pass metabolism Lowers exposure to long - lived active major metabolite, norcyclobenzaprine ( norCBP )

CBP undergoes extensive first - pass hepatic metabolism when orally ingested Active major metabolite, norCBP 1

Long half - life (~72 hours) Less selective for target receptors ( 5 - HT 2A, a 1 - adrenergic, histamine H 1 )

More selective for norepinephrine transporter TNX - 102 SL 505(b)(2) NDA approval can rely on the safety of the reference listed

drug (AMRIX ) 2 1 Daugherty et al., Abstract 728, Society of Biological Psychiatry 70th Annual Scientific Convention, May

14 - 16, 2015, Toronto Ont ario, Canada 2 FDA Breakthrough Therapy Type B Clinical Guidance Meeting (October 29, 2018)

2018 Tonix Pharmaceuticals Holding Corp. 12 Proprietary Cyclobenzaprine Hydrochloride Eutectic Mixture Stabilizes Sublingual Tablet

Formulation Base particle (K 2 HPO 4 ) Base particle (K 2 HPO 4 ) Base particle (K 2 HPO 4 ) Eutectic formulation 1 ANGSTRO -

TECHNOLOGY Cyclobenzaprine - HCl (CBP - HCl) Eutectic formulation protects CBP - HCl from base and makes stable tablet

with rapid absorption properties Pure CBP - HCl interacts with base and tablet disintegrates Cyclobenzaprine free base Protectic

1 U.S. Patent issued May 2, 2017 Mannitol (inactive)

2018 Tonix Pharmaceuticals Holding Corp. 13 Tonmya: Novel Mechanism Targets Sleep Quality for Recovery from PTSD PTSD is a disorder

of recovery Most people exposed to extreme trauma recover over a few weeks In PTSD, recovery process impeded due

to insufficient sleep - dependent memory processing Memory processing is essential to recovery Vulnerability to memory