I may be paranoid, but is there any security concern about doing authentification on the frontend ? Wouldn't the user be able to see exactly what is going on and intercept some sensitive information ?
I'd say cookies have a greater risk of being intercepted and hijacked than a token-based system.
But every implementation has flaws even if the underlying concept has been vetted. But if you're protecting sensitive information, it's always good to hire a security expert to test your systems.