What is Tenax Therapeutics Inc's earnings per share (EPS)?

Tenax Therapeutics Inc (TENX) reported diluted earnings per share of $-1.34 for fiscal year 2025. This represents a -16.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tenax Therapeutics Inc Financials

TENX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Tenax Therapeutics Inc (TENX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TENX FY2025 2026-05-12

Tenax is functioning as a cash-funded development company, where new capital has so far offset a rapidly larger operating burn.

Cash stayed near $98M in FY2025 even as operating cash burn deepened to -$35.8M. Because financing brought in $38.5M after a much lighter burn the year before, liquidity was preserved by external funding rather than by the business consuming less cash.

The balance sheet is lightly encumbered: total liabilities were only $7.2M against $97.1M of equity, and no long-term debt was reported. That means the financial pressure point is spending discipline, not creditor claims or refinancing risk.

R&D climbed to $32.7M in FY2025 while SG&A reached $23.7M, so the much larger loss appears tied to a deliberate scale-up in activity. Repeated financing inflows, including $99.9M in FY2024, show a business model that still relies on capital markets to keep the cash balance high while operations remain cash negative.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tenax Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Tenax Therapeutics Inc carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 14.56, Tenax Therapeutics Inc holds $14.56 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Tenax Therapeutics Inc generates a -54.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -19.1% the prior year.

Piotroski F-Score Weak

1/9

Tenax Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Tenax Therapeutics Inc generates $0.68 in operating cash flow (-$35.8M OCF vs -$52.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Tenax Therapeutics Inc generated $0 in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

-$52.6M

YoY-198.9%

Tenax Therapeutics Inc reported -$52.6M in net income in fiscal year 2025. This represents a decrease of 198.9% from the prior year.

EPS (Diluted)

$-1.34

YoY-16.5%

Tenax Therapeutics Inc earned $-1.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 16.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$97.6M

YoY+2.8%

5Y CAGR+73.3%

10Y CAGR+38.9%

Tenax Therapeutics Inc held $97.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+172.3%

Tenax Therapeutics Inc had 9M shares outstanding in fiscal year 2025. This represents an increase of 172.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-54.2%

YoY-35.1pp

5Y CAGR+158.8pp

10Y CAGR-33.3pp

Tenax Therapeutics Inc's ROE was -54.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 35.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$32.7M

YoY+157.1%

5Y CAGR+48.3%

10Y CAGR+17.2%

Tenax Therapeutics Inc invested $32.7M in research and development in fiscal year 2025. This represents an increase of 157.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

TENX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$32.7M+157.1%	$12.7M+293.6%	$3.2M-40.0%	$5.4M-78.6%	$25.1M+451.4%	$4.6M
SG&A Expenses	$23.7M+249.5%	$6.8M+35.6%	$5.0M-11.8%	$5.7M-25.1%	$7.6M+42.8%	$5.3M
Operating Income	-$56.4M-189.2%	-$19.5M-136.8%	-$8.2M-174.5%	$11.1M	N/A	$9.9M
Interest Expense	$0-100.0%	$23K-4.2%	$24K+440.2%	$4K+368.2%	$949-41.7%	$2K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$52.6M-198.9%	-$17.6M-128.6%	-$7.7M-169.7%	$11.0M	N/A	-$9.9M
EPS (Diluted)	$-1.34-16.5%	$-1.15	$-31.04	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$11.5M	N/A	$10.3M+68.7%	$6.1M+7.7%	$5.7M	N/A	$3.1M+33.7%	$2.3M
SG&A Expenses	$5.0M	N/A	$6.5M+14.2%	$5.7M+0.3%	$5.7M	N/A	$1.5M+12.1%	$1.3M
Operating Income	-$16.6M	N/A	-$16.8M-42.5%	-$11.8M-4.0%	-$11.3M	N/A	-$4.6M-25.8%	-$3.7M
Interest Expense	N/A	N/A	N/A	N/A	$0	N/A	$7K-22.2%	$9K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$15.7M	N/A	-$15.8M-45.7%	-$10.8M-4.2%	-$10.4M	N/A	-$4.0M-10.8%	-$3.6M
EPS (Diluted)	$-0.35	N/A	$-0.40-48.1%	$-0.27+3.6%	$-0.28	N/A	$-0.19+89.6%	$-1.83

TENX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$104.2M+7.8%	$96.7M+727.4%	$11.7M+243.2%	$3.4M-43.2%	$6.0M-12.8%	$6.9M
Current Assets	$104.2M+7.8%	$96.7M+727.5%	$11.7M+264.2%	$3.2M-43.6%	$5.7M-16.3%	$6.8M
Cash & Equivalents	$97.6M+2.8%	$94.9M+868.4%	$9.8M+361.5%	$2.1M-62.0%	$5.6M-10.7%	$6.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.2M+52.5%	$4.7M+30.8%	$3.6M+87.6%	$1.9M+9.4%	$1.7M-22.1%	$2.2M
Current Liabilities	$7.2M+52.5%	$4.7M+30.8%	$3.6M+94.1%	$1.8M+18.1%	$1.6M-26.2%	$2.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$97.1M+5.5%	$92.0M+1036.0%	$8.1M+442.4%	$1.5M-64.8%	$4.2M-8.2%	$4.6M
Retained Earnings	-$367.5M-16.7%	-$314.9M-5.9%	-$297.3M-2.7%	-$289.5M-4.0%	-$278.5M-13.2%	-$246.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$123.2M+18.2%	$104.2M+1.4%	$102.8M-2.9%	$105.9M-5.5%	$112.1M+15.9%	$96.7M-3.1%	$99.8M+839.9%	$10.6M
Current Assets	$123.2M+18.2%	$104.2M+1.4%	$102.8M-2.9%	$105.9M-5.5%	$112.1M+15.9%	$96.7M-3.1%	$99.8M+840.0%	$10.6M
Cash & Equivalents	$118.8M+21.7%	$97.6M-1.8%	$99.4M-5.8%	$105.5M-5.3%	$111.4M+17.4%	$94.9M-3.5%	$98.3M+947.6%	$9.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.5M+18.6%	$7.2M+8.4%	$6.6M+161.1%	$2.5M-8.7%	$2.8M-41.0%	$4.7M+83.2%	$2.6M+47.2%	$1.7M
Current Liabilities	$8.5M+18.6%	$7.2M+8.4%	$6.6M+161.1%	$2.5M-8.7%	$2.8M-41.0%	$4.7M+83.2%	$2.6M+47.2%	$1.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$114.7M+18.2%	$97.1M+0.9%	$96.2M-6.9%	$103.3M-5.5%	$109.3M+18.8%	$92.0M-5.4%	$97.2M+995.3%	$8.9M
Retained Earnings	-$383.2M-4.3%	-$367.5M-4.4%	-$351.9M-4.7%	-$336.1M-3.3%	-$325.3M-3.3%	-$314.9M-2.0%	-$308.6M-1.3%	-$304.6M

TENX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$35.8M-141.7%	-$14.8M-150.9%	-$5.9M+48.2%	-$11.4M-4.9%	-$10.9M-17.1%	-$9.3M
Capital Expenditures	N/A	N/A	N/A	$2K-55.8%	$5K+50.5%	$3K
Free Cash Flow	N/A	N/A	N/A	-$11.4M-4.9%	-$10.9M-17.1%	-$9.3M
Investing Cash Flow	N/A	$0-100.0%	$3K+229.1%	-$2K-100.5%	$453K+2150.8%	$20K
Financing Cash Flow	$38.5M-61.4%	$99.9M+636.0%	$13.6M+71.1%	$7.9M-18.6%	$9.7M-8.1%	$10.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$9.3M+30.6%	-$13.4M-46.5%	-$9.2M-46.2%	-$6.3M+10.1%	-$7.0M-97.5%	-$3.5M-14.3%	-$3.1M-1.8%	-$3.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	$0	$0	$0	$0	$0	$0
Financing Cash Flow	$30.5M+162.7%	$11.6M+279.2%	$3.1M+1001.4%	$278K-98.8%	$23.6M+35068.7%	$67K-99.9%	$92.0M+68767.2%	-$134K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TENX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-54.2%-35.1pp	-19.1%+76.0pp	-95.1%-835.1pp	740.0%	N/A	-213.0%
Return on Assets	-50.5%-32.3pp	-18.2%+47.7pp	-65.9%-390.4pp	324.5%	N/A	-143.4%
Current Ratio	14.56-6.0	20.60+17.3	3.26+1.5	1.74-1.9	3.64+0.4	3.21
Debt-to-Equity	0.07+0.0	0.05-0.4	0.44-0.8	1.28+0.9	0.41-0.1	0.48
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-13.7%	N/A	-16.4%-5.9pp	-10.5%-1.0pp	-9.5%	N/A	-4.1%+36.2pp	-40.3%
Return on Assets	-12.8%	N/A	-15.4%-5.1pp	-10.3%-1.0pp	-9.3%	N/A	-4.0%+29.7pp	-33.7%
Current Ratio	14.52-0.0	14.56-1.0	15.58-26.3	41.89+1.4	40.48+19.9	20.60-18.4	38.95+32.9	6.10
Debt-to-Equity	0.070.0	0.070.0	0.07+0.0	0.020.0	0.03-0.0	0.05+0.0	0.03-0.2	0.20
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Tenax Therapeutics Inc's annual revenue?

Tenax Therapeutics Inc (TENX) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Tenax Therapeutics Inc profitable?

No, Tenax Therapeutics Inc (TENX) reported a net income of -$52.6M in fiscal year 2025.

What is Tenax Therapeutics Inc's return on equity (ROE)?

Tenax Therapeutics Inc (TENX) has a return on equity of -54.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenax Therapeutics Inc's operating cash flow?

Tenax Therapeutics Inc (TENX) generated -$35.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tenax Therapeutics Inc's total assets?

Tenax Therapeutics Inc (TENX) had $104.2M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Tenax Therapeutics Inc spend on research and development?

Tenax Therapeutics Inc (TENX) invested $32.7M in research and development during fiscal year 2025.

How many shares does Tenax Therapeutics Inc have outstanding?

Tenax Therapeutics Inc (TENX) had 9M shares outstanding as of fiscal year 2025.

What is Tenax Therapeutics Inc's current ratio?

Tenax Therapeutics Inc (TENX) had a current ratio of 14.56 as of fiscal year 2025, which is generally considered healthy.

What is Tenax Therapeutics Inc's debt-to-equity ratio?

Tenax Therapeutics Inc (TENX) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenax Therapeutics Inc's return on assets (ROA)?

Tenax Therapeutics Inc (TENX) had a return on assets of -50.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tenax Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Tenax Therapeutics Inc (TENX) had $97.6M in cash against an annual operating cash burn of $35.8M. This gives an estimated cash runway of approximately 33 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Tenax Therapeutics Inc's Piotroski F-Score?

Tenax Therapeutics Inc (TENX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tenax Therapeutics Inc's earnings high quality?

Tenax Therapeutics Inc (TENX) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Tenax Therapeutics Inc?

Tenax Therapeutics Inc (TENX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.