Source: FINRA
Reported short interest
FINRA Rule 4560 requires member firms to report short positions in all equity securities twice a month. The figures below are as reported, by settlement date. They are aggregate positions across all reporting firms; FINRA does not identify who holds them.
| Settlement | Short interest | Change | % change | Avg daily vol |
|---|---|---|---|---|
| 2025-09-30 | 239,896 | −91,656 | −27.6 | 263,995 |
| 2025-10-15 | 387,988 | +148,092 | +61.7 | 20,136,586 |
| 2025-10-31 | 1,985,894 | +1,597,906 | +411.8 | 55,905,157 |
| 2025-11-14 | 2,084,562 | +98,668 | +5.0 | 2,459,405 |
| 2025-11-28 | 2,479,067 | +394,505 | +18.9 | 2,355,492 |
| 2025-12-15 | 5,061,825 | +2,582,758 | +104.2 | 2,968,019 |
| 2025-12-31 | 12,169,782 | +7,107,957 | +140.4 | 16,572,123 |
| 2026-01-15 | 5,829,836 | −6,339,946 | −52.1 | 3,983,834 |
| 2026-01-30 | 7,592,849 | +1,763,013 | +30.2 | 2,351,934 |
| 2026-02-13 | 5,635,008 | −1,957,841 | −25.8 | 1,888,134 |
| 2026-02-27 | 6,118,308 | +483,300 | +8.6 | 35,686,911 |
| 2026-03-13 | 5,476,214 | −642,094 | −10.5 | 1,547,500 |
| 2026-03-31 | 6,863,897 | +1,387,683 | +25.3 | 27,762,723 |
| 2026-04-15 | 2,544,706 | −4,319,191 | −62.9 | 5,342,298 |
| 2026-04-30 | 8,509,923 | +5,965,217 | +234.4 | 79,730,843 |
| 2026-05-15 | 4,060,180 | −4,449,743 | −52.3 | 3,052,240 |
| 2026-05-29 | 2,723,844 | −1,336,336 | −32.9 | 1,626,700 |
| 2026-06-15 | 2,962,839 | +238,995 | +8.8 | 28,293,982 |
| 2026-06-30 | 1,452,613 | −1,510,226 | −51.0 | 1,062,756 |
| 2026-07-15 | 2,336,498 | +883,885 | +60.9 | 4,499,770 |
| 2026-07-31 | 2,115,924 | −220,574 | −9.4 | 500,953 |
Shares outstanding were 35,688,350 at December 31, 2025 (Form 10-Q, quarter ended June 30, 2026). Reported short interest of 12,169,782 at that settlement date equals 34.1 percent of shares outstanding. The July 31, 2026 figure is the last reported reading before stockholders approved the exercise of 16,184,560 warrants on August 3, 2026.
The two prior offering windows, for comparison
| Settlement | Short interest | % change | Avg daily vol |
|---|---|---|---|
| 2025-04-30 | 73,952 | −23.5 | 16,419 |
| 2025-05-15 | 172,674 | +133.5 | 4,773,963 |
| 2025-05-30 | 96,884 | −43.9 | 384,683 |
| 2025-06-13 | 249,351 | +157.4 | 2,977,899 |
| 2025-06-30 | 95,184 | −61.8 | 149,681 |
| 2024-08-30 | 245,171 | +145.9 | 3,115,595 |
| 2024-09-30 | 96,864 | +6.5 | 469,224 |
| 2024-10-15 | 79,011 | −18.4 | 7,294,874 |
| 2024-11-15 | 103,322 | +13.6 | 8,306,305 |
In May and June 2025, reported short interest roughly doubled and then unwound within two weeks on each occasion. In the October 2025 to December 2025 period it rose and continued rising for three months. In the autumn of 2024, average daily volume exceeded 7 million shares while reported short interest remained under 105,000.
Source: exchange price history and SEC filings
October 2025, day by day
Daily closing prices and volume set against the dates of the company's own filings.
| Date | High | Close | Volume | Filing event |
|---|---|---|---|---|
| Oct 13 | 0.46 | 0.45 | 970,000 | |
| Oct 14 | 0.45 | 0.44 | 1,059,800 | |
| Oct 15 | 0.86 | 0.84 | 196,646,100 | Closing price later cited in the company's proxy statement as the reference price |
| Oct 16 | 0.49 | 0.43 | 35,627,000 | Inducement Agreement entered; existing warrants repriced from $2.00 to $0.54 |
| Oct 17 | 0.44 | 0.42 | 5,192,300 | 8,092,280 warrants exercised for cash at $0.54; 16,184,560 new warrants issued |
| Oct 20 | 0.40 | 0.33 | 9,714,900 | |
| Oct 21 | 0.33 | 0.30 | 4,817,500 | |
| Oct 22 | 0.32 | 0.29 | 3,815,100 | |
| Oct 23 | 0.35 | 0.34 | 8,048,600 | |
| Oct 24 | 0.85 | 0.35 | 549,590,800 | Prospectus supplement filed |
| Oct 27 | 0.35 | 0.33 | 17,025,200 | |
| Oct 31 | 0.32 | 0.31 | 3,579,200 | FINRA settlement date — reported short interest 1,985,894 |
On October 17, 2025 the holders exercised warrants at $0.54 per share. The stock closed that day at $0.42. Total reported volume from October 6 through October 31, 2025 was 888,865,700 shares. Shares outstanding were 33,739,643 as of November 7, 2025.
On October 15 and October 24 the stock reached intraday highs of $0.86 and $0.85 respectively. On October 15 it closed at $0.84, near the high. On October 24 it closed at $0.35, near the low.
Reproduce it yourself
All three datasets on this page are free and public.
- Short interest. finra.org/finra-data/browse-catalog/equity-short-interest/data — open Filter, add a condition on
Symbol equals TOVX, apply, then Export. - Filing dates. sec.gov/edgar/search — search the company name and read the 8-K and 424B5 filings by date.
- Price and volume. Any historical price service. FINRA's own average daily volume column, shown above, provides an independent check on the spike periods.
What this data does not show. FINRA reports aggregate short positions by security. It does not identify who holds a short position, and it does not state why any position was opened. Short interest can rise from directional positions, hedging, convertible arbitrage, or market-making inventory. The tables above show timing and magnitude only.