diff --git a/src/wrap/tokenize.rs b/src/wrap/tokenize.rs
index a839ca2e..7214630e 100644
--- a/src/wrap/tokenize.rs
+++ b/src/wrap/tokenize.rs
@@ -123,21 +123,20 @@ fn next_token(s: &str) -> Option<(Token<'_>, usize)> {
     if s.is_empty() {
         return None;
     }
-    if let Some(pos) = s.find('`') {
-        if pos > 0 {
+    let delim_len = s.chars().take_while(|&c| c == '`').count();
+    if delim_len == 0 {
+        if let Some(pos) = s.find('`') {
             return Some((Token::Text(&s[..pos]), pos));
         }
-        let delim_len = s.chars().take_while(|&c| c == '`').count();
-        if delim_len == 0 {
-            return Some((Token::Text(s), s.len()));
-        }
-        let closing = &s[..delim_len];
-        if let Some(end) = s[delim_len..].find(closing) {
-            let code = &s[delim_len..delim_len + end];
-            return Some((Token::Code(code), delim_len + end + delim_len));
-        }
+        return Some((Token::Text(s), s.len()));
+    }
+
+    let closing = &s[..delim_len];
+    if let Some(end) = s[delim_len..].find(closing) {
+        let code = &s[delim_len..delim_len + end];
+        return Some((Token::Code(code), delim_len + end + delim_len));
     }
-    Some((Token::Text(s), s.len()))
+    Some((Token::Text(closing), delim_len))
 }
 
 fn tokenize_inline<'a, F>(mut rest: &'a str, mut emit: F)
diff --git a/tests/wrap/tokenize_markdown.rs b/tests/wrap/tokenize_markdown.rs
index 33f67f0b..4e41a826 100644
--- a/tests/wrap/tokenize_markdown.rs
+++ b/tests/wrap/tokenize_markdown.rs
@@ -50,3 +50,30 @@ fn incorrect_fence_length_is_text() {
         ]
     );
 }
+#[test]
+fn unmatched_inline_code_is_text() {
+    let source = "bad `code span";
+    let tokens = wrap::tokenize_markdown(source);
+    assert_eq!(
+        tokens,
+        vec![
+            Token::Text("bad "),
+            Token::Text("`"),
+            Token::Text("code span"),
+        ]
+    );
+}
+
+#[test]
+fn multiple_unmatched_backticks_are_text() {
+    let source = "``bad code";
+    let tokens = wrap::tokenize_markdown(source);
+    assert_eq!(
+        tokens,
+        vec![
+            Token::Text("``"),
+            Token::Text("bad code"),
+        ]
+    );
+}
+