Tenax Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Update
Rhea-AI Summary
Tenax Therapeutics (Nasdaq:TENX) reported first quarter 2026 results and a corporate update. Cash and equivalents were $118.8 million, expected to fund operations through at least Q1 2028. The Phase 3 LEVEL trial of TNX-103 has randomized all patients, with topline data expected in Q3 2026, while global Phase 3 LEVEL-2 enrollment is ongoing and anticipated to complete by end of 2027. Leadership additions include a new CFO, CCO and an EVP of Clinical Development and Strategy. Q1 2026 R&D expenses were $11.5 million, G&A was $5.0 million, and net loss was $15.7 million.
Positive
- Cash and cash equivalents of $118.8 million as of March 31, 2026
- Cash runway expected to extend through at least first quarter 2028
- All patients randomized in Phase 3 LEVEL trial; topline data expected Q3 2026
- Global Phase 3 LEVEL-2 enrollment ongoing; completion anticipated by end of 2027
- G&A expenses decreased to $5.0 million from $5.7 million year-over-year
- Leadership team expanded with new CFO, CCO and EVP of Clinical Development
Negative
- Net loss increased to $15.7 million from $10.4 million year-over-year
- R&D expenses rose to $11.5 million from $5.7 million year-over-year
News Market Reaction – TENX
In the May 12 session, TENX gained 1.84%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Earnings & update | Positive | +31.7% | Q4/FY 2025 results, cash of $97.6M and strong Phase 3 progress. |
| Nov 12 | Earnings & update | Positive | -4.3% | Q3 2025 results, LEVEL enrollment guidance and European patent news. |
| Aug 13 | Earnings & update | Positive | +0.7% | Q2 2025 results, $105.5M cash and continued Phase 3 planning. |
| May 14 | Earnings & update | Positive | +0.3% | Q1 2025 results, $111.4M cash and advancing Phase 3 strategy. |
| Mar 25 | Earnings & update | Positive | -2.0% | Q4/FY 2024 results with $94.9M cash from private placements. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings updates often coincided with modestly positive or volatile moves, especially when paired with Phase 3 progress or runway extensions.
Over the past year, TENX earnings releases have consistently highlighted advancement of TNX-103, expansion of the Phase 3 LEVEL program, and strengthening of its cash position through financings. Prior updates showed cash levels between $94.9M and $111.4M with runway generally through 2027, alongside widening net losses as Phase 3 spending increased. Today’s Q1 2026 results continue this pattern, emphasizing completed randomization in LEVEL, ongoing global enrollment in LEVEL-2, and an extended cash runway into 2028.
Key Terms
phase 3 medical
clinical trial medical
cardiopulmonary medical
ph-hfpef medical
warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
On track to report topline data from Phase 3 LEVEL study of TNX-103 in third quarter of 2026
Global Phase 3 LEVEL-2 clinical trial ongoing, enrollment completion anticipated by end of 2027
Strengthened leadership team with appointments of Thomas Staab as Chief Financial Officer and Timothy Healey, MBA, as Chief Commercial Officer
CHAPEL HILL, N.C., May 12, 2026 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or “Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, reported today financial results for the quarter ended March 31, 2026 and provided an update on its recent corporate progress.
“We continued to make significant progress in advancing TNX-103, completing randomization of more than 230 patients in the Phase 3 LEVEL study at the end of the first quarter which positions us to deliver topline data in the third quarter of 2026,” said Chris Giordano, President and Chief Executive Officer of Tenax Therapeutics. “Our team continues to activate clinical sites around the world to advance the enrollment in LEVEL-2, our second pivotal trial of TNX-103. We are also thrilled to welcome Tom and Tim to our leadership team in key financial and commercial roles, further deepening the breadth of experience and knowledge at Tenax. Their appointments underscore our commitment to execution excellence as we advance the potential first therapy indicated for the treatment of PH-HFpEF.”
Recent Corporate and Clinical Highlights
- All patients have been randomized in the LEVEL study. Tenax continues to anticipate sharing topline data from LEVEL in the third quarter of 2026.
- In April 2026, Tenax announced the appointment of Thomas R. Staab, II, as Chief Financial Officer (CFO). Mr. Staab has over 25 years of financial and executive experience across the healthcare industry, having previously served as CFO of LENSAR, BioCryst Pharmaceuticals, Inspire Pharmaceuticals, and Triangle Pharmaceuticals.
- In May 2026, Tenax further expanded its leadership team with the appointment of Timothy Healey, MBA, as Chief Commercial Officer (CCO). Mr. Healey is a seasoned pharmaceutical executive with a strong track record of successful commercial leadership experience, having most recently served as CCO at Eversana.
- In May 2026, Tenax also appointed So-Young Kim, MD, as Executive Vice President of Clinical Development and Strategy. Dr. Kim has extensive industry experience spanning global drug development and commercial strategy at Bayer AG, with a deep focus on cardiovascular and cardiometabolic medicine.
First Quarter 2026 Financial Results
Cash position: Tenax Therapeutics reported cash and cash equivalents of
Research and development (R&D): R&D expenses for the first quarter of 2026 were
General and administrative (G&A): G&A expenses for the first quarter of 2026 were
Net loss: Tenax Therapeutics reported a net loss of
About Levosimendan (TNX-101, TNX-102, TNX-103)
Levosimendan is a novel, first-in-class K-ATP channel activator/calcium sensitizer currently being evaluated to treat pulmonary hypertension (PH) associated with heart failure with preserved ejection fraction (PH-HFpEF). Levosimendan was first developed for intravenous use in hospitalized patients with acutely decompensated heart failure, and it has received market authorization in 60 countries in this indication, although it is not available in the United States or Canada. Tenax’s Phase 2 HELP study, including its open-label extension stage, demonstrated the potential of IV (TNX-101) and oral (TNX-103) levosimendan to bring durable improvements in exercise capacity and quality of life, as well as other clinical assessments, in patients with PH-HFpEF. TNX-103 (oral levosimendan) is currently being evaluated in LEVEL and LEVEL-2, two Phase 3, double-blind, randomized, placebo-controlled clinical trials in patients with PH-HFpEF.
About Tenax Therapeutics
Tenax Therapeutics, Inc. is a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies. The Company owns global rights to develop and commercialize levosimendan, which it is developing for the treatment of PH-HFpEF, the most prevalent form of pulmonary hypertension globally, for which no product has been approved to date. For more information, visit www.tenaxthera.com. Tenax Therapeutics’ common stock is listed on The Nasdaq Stock Market LLC under the symbol “TENX”.
Caution Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this press release are forward-looking statements. These forward-looking statements may include information concerning possible or projected future business operations. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: risks of our clinical trials, including, but not limited to, the timing, delays, costs, design, location, initiation, enrollment, and results of such trials; any delays in regulatory review and approval of product candidates in development; risks related to our business strategy, including the prioritization and development of product candidates; our ability to maintain our culture and recruit, integrate and retain qualified personnel and advisors, including on our Board of Directors; our estimates regarding the potential market opportunity for our product candidates; reliance on third parties, including Orion Corporation, our manufacturers and CROs; risks regarding the formulation, production, marketing, customer acceptance and clinical utility of our product candidates; the potential advantages of our product candidates; our competitive position; intellectual property risks; volatility and uncertainty in the global economy and financial markets in light of unexpected changes in tariffs and the possibility of pandemics, global financial and geopolitical uncertainties, including in the Middle East and the Russian invasion of and war against the country of Ukraine; risks associated with our cash needs; changes in legal, regulatory and legislative environments in the markets in which we operate, and the impact of these changes on our ability to obtain regulatory approval for our products; and other risks and uncertainties set forth from time to time in our SEC filings. Tenax Therapeutics assumes no obligation and does not intend to update these forward-looking statements except as required by law.
Contact:
Investor and Media:
Argot Partners
tenax@argotpartners.com
| TENAX THERAPEUTICS, INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (Amounts in thousands, except share and per share data) | |||||||||
| March 31, 2026 | December 31, 2025 | ||||||||
| (unaudited) | |||||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 118,755 | $ | 97,565 | |||||
| Prepaid expenses | 4,316 | 5,643 | |||||||
| Other current assets | 107 | 1,019 | |||||||
| Total current assets | 123,178 | 104,227 | |||||||
| Total assets | $ | 123,178 | $ | 104,227 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
| Current liabilities | |||||||||
| Accounts payable | $ | 6,346 | $ | 6,041 | |||||
| Accrued liabilities | 2,140 | 1,115 | |||||||
| Total current liabilities | 8,486 | 7,156 | |||||||
| Total liabilities | 8,486 | 7,156 | |||||||
| Stockholders' equity | |||||||||
| Preferred stock, undesignated, authorized 4,818,654 shares | |||||||||
| Series A Preferred stock, par value | - | - | |||||||
| Common stock, par value | 2 | 1 | |||||||
| Additional paid-in capital | 497,860 | 464,524 | |||||||
| Accumulated deficit | (383,170 | ) | (367,454 | ) | |||||
| Total stockholders’ equity | 114,692 | 97,071 | |||||||
| Total liabilities and stockholders' equity | $ | 123,178 | $ | 104,227 | |||||
| TENAX THERAPEUTICS, INC. | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (unaudited) | |||||||||
| (Amounts in thousands, except share and per share data) | |||||||||
| For the three months ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Operating expenses | |||||||||
| Research and development | $ | 11,539 | $ | 5,683 | |||||
| General and administrative | 5,034 | 5,655 | |||||||
| Total operating expenses | 16,573 | 11,338 | |||||||
| Net operating loss | (16,573 | ) | (11,338 | ) | |||||
| Interest income | 861 | 930 | |||||||
| Other expense, net | (4 | ) | - | ||||||
| Net loss | $ | (15,716 | ) | $ | (10,408 | ) | |||
| Net loss per share, basic and diluted | $ | (0.35 | ) | $ | (0.28 | ) | |||
| Weighted average number of common shares and prefunded warrants outstanding, basic and diluted | 45,226,328 | 36,584,920 | |||||||
