diff --git a/src/wrapper/SquidexClient.ts b/src/wrapper/SquidexClient.ts
index de3bc42..fb5fdcf 100644
--- a/src/wrapper/SquidexClient.ts
+++ b/src/wrapper/SquidexClient.ts
@@ -265,11 +265,13 @@ export class SquidexClients {
         const fetchCore = this.clientOptions.fetcher || fetch;
         const fetchApi: FetchAPI = async (input, init) => {
             init ||= {};
+            let accessToken: string | undefined;
 
             addOptions(init, clientOptions);
 
             if (!getHeader(init, "X-AuthRequest")) {
-                addHeader(init, "Authorization", `Bearer ${await this.tokenApi.getToken()}`);
+                accessToken = await this.tokenApi.getToken();
+                addHeader(init, "Authorization", `Bearer ${accessToken}`);
             }
 
             let response: Response;
@@ -290,7 +292,7 @@ export class SquidexClients {
 
                 if (response && response.status === 401 && !getHeader(init, "X-Retry")) {
                     addHeader(init, "X-Retry", "1");
-                    this.clearToken();
+                    this.clearToken(accessToken);
                     return await fetchApi(input, init);
                 }
             } catch (error: unknown) {
@@ -323,8 +325,12 @@ export class SquidexClients {
     /**
      * Clears the current token in case it has been expired.
      */
-    clearToken() {
-        this.tokenStore.clear();
+    clearToken(accessToken?: string) {
+        const token = this.tokenStore.get();
+
+        if (accessToken === undefined || token?.accessToken === accessToken) {
+            this.tokenStore.clear();
+        }
     }
 
     /**
diff --git a/src/wrapper/TokenAPI.ts b/src/wrapper/TokenAPI.ts
index 4acf289..5bc9283 100644
--- a/src/wrapper/TokenAPI.ts
+++ b/src/wrapper/TokenAPI.ts
@@ -14,15 +14,15 @@ export class TokenAPI extends BaseAPI {
     }
 
     public async getToken() {
-        const promise = (this.tokenPromise ||= (async () => {
-            const now = new Date().getTime();
-            try {
-                let token = this.tokenStore.get();
+        const now = new Date().getTime();
+        let token = this.tokenStore.get();
 
-                if (token != null && token.expiresAt > now) {
-                    return token.accessToken;
-                }
+        if (token != null && token.expiresAt > now) {
+            return token.accessToken;
+        }
 
+        const promise = (this.tokenPromise ||= (async () => {
+            try {
                 const response = await this.request({
                     path: "/identity-server/connect/token",
                     headers: {
diff --git a/tests/tokenRefresh.test.ts b/tests/tokenRefresh.test.ts
new file mode 100644
index 0000000..7cd8737
--- /dev/null
+++ b/tests/tokenRefresh.test.ts
@@ -0,0 +1,139 @@
+import { SquidexClient } from "../src";
+
+describe("Token refresh", () => {
+    it("shares a token request between concurrent API requests", async () => {
+        let tokenRequestCount = 0;
+        let resolveTokenRequestStarted: () => void;
+        let resolvePendingTokenResponse: (response: Response) => void;
+
+        const tokenRequestStarted = new Promise<void>((resolve) => {
+            resolveTokenRequestStarted = resolve;
+        });
+
+        const pendingTokenResponse = new Promise<Response>((resolve) => {
+            resolvePendingTokenResponse = resolve;
+        });
+
+        const client = new SquidexClient({
+            appName: "my-app",
+            clientId: "client-id",
+            clientSecret: "client-secret",
+            url: "https://squidex.example",
+            fetcher: async (input) => {
+                if (input.toString().endsWith("/identity-server/connect/token")) {
+                    tokenRequestCount++;
+
+                    if (tokenRequestCount === 1) {
+                        resolveTokenRequestStarted!();
+                    }
+
+                    return pendingTokenResponse;
+                }
+
+                return new Response(JSON.stringify([]));
+            },
+        });
+
+        const concurrentApiRequests = [
+            client.languages.getLanguages(),
+            client.languages.getLanguages(),
+            client.languages.getLanguages(),
+        ];
+
+        await tokenRequestStarted;
+
+        expect(tokenRequestCount).toBe(1);
+
+        resolvePendingTokenResponse!(new Response(JSON.stringify({ access_token: "token-1", expires_in: 60_000 })));
+
+        await Promise.all(concurrentApiRequests);
+    });
+
+    it("does not discard a refreshed token after a delayed 401 response", async () => {
+        let tokenRequestCount = 0;
+        const tokenOneResponseResolvers: Array<(response: Response) => void> = [];
+        let resolveInitialApiRequestsReceived: () => void;
+
+        const initialApiRequestsReceived = new Promise<void>((resolve) => {
+            resolveInitialApiRequestsReceived = resolve;
+        });
+
+        const client = new SquidexClient({
+            appName: "my-app",
+            clientId: "client-id",
+            clientSecret: "client-secret",
+            url: "https://squidex.example",
+            fetcher: async (input, init) => {
+                if (input.toString().endsWith("/identity-server/connect/token")) {
+                    tokenRequestCount++;
+                    return new Response(JSON.stringify({ access_token: `token-${tokenRequestCount}`, expires_in: 60_000 }));
+                }
+
+                if (new Headers(init?.headers).get("Authorization") === "Bearer token-1") {
+                    return new Promise<Response>((resolve) => {
+                        tokenOneResponseResolvers.push(resolve);
+
+                        if (tokenOneResponseResolvers.length === 2) {
+                            resolveInitialApiRequestsReceived!();
+                        }
+                    });
+                }
+
+                return new Response(JSON.stringify([]));
+            },
+        });
+
+        const firstApiRequest = client.languages.getLanguages();
+        const secondApiRequest = client.languages.getLanguages();
+
+        await initialApiRequestsReceived;
+
+        tokenOneResponseResolvers[0](new Response(JSON.stringify({ message: "Unauthorized" }), { status: 401 }));
+        await firstApiRequest;
+
+        tokenOneResponseResolvers[1](new Response(JSON.stringify({ message: "Unauthorized" }), { status: 401 }));
+        await secondApiRequest;
+
+        expect(tokenRequestCount).toBe(2);
+    });
+
+    it("refreshes a cached token after a 401", async () => {
+        let tokenRequestCount = 0;
+        let rejectTokenOne = false;
+        let tokenOneWasRejected = false;
+
+        const client = new SquidexClient({
+            appName: "my-app",
+            clientId: "client-id",
+            clientSecret: "client-secret",
+            url: "https://squidex.example",
+            fetcher: async (input, init) => {
+                const url = input.toString();
+                const headers = new Headers(init?.headers);
+
+                if (url.endsWith("/identity-server/connect/token")) {
+                    tokenRequestCount++;
+
+                    return new Response(JSON.stringify({ access_token: `token-${tokenRequestCount}`, expires_in: 60_000 }));
+                }
+
+                const authorization = headers.get("Authorization");
+
+                if (rejectTokenOne && authorization === "Bearer token-1") {
+                    tokenOneWasRejected = true;
+                    return new Response(JSON.stringify({ message: "Unauthorized" }), { status: 401 });
+                }
+
+                return new Response(JSON.stringify([]));
+            },
+        });
+
+        await client.languages.getLanguages();
+
+        rejectTokenOne = true;
+        await client.languages.getLanguages();
+
+        expect(tokenRequestCount).toBe(2);
+        expect(tokenOneWasRejected).toBe(true);
+    });
+});