Tenax Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update
Rhea-AI Summary
Tenax Therapeutics (Nasdaq:TENX) reported second quarter 2026 results and a corporate update for its Phase 3 cardiopulmonary programs. As of June 30, 2026, cash and cash equivalents were $118.0 million, supported by $13.4 million in warrant exercise proceeds, which the company expects will fund operations through the second quarter of 2028.
Q2 2026 research and development expenses were $12.9 million versus $6.1 million a year earlier, mainly from the Phase 3 LEVEL and LEVEL-2 trials of oral levosimendan (TNX-103). Selling, general and administrative expenses were $5.9 million versus $5.7 million, and net loss was $17.8 million versus $10.9 million. Tenax expects topline LEVEL data in August 2026 and plans a late-breaking presentation at ESC 2026, while LEVEL-2 enrollment is ongoing with completion targeted by year-end 2027.
Positive
- Cash and equivalents $118.0M at June 30, 2026, with expected runway through Q2 2028
- Warrant exercises added $13.4M cash during Q2 2026
- R&D spending increased to $12.9M in Q2 2026, driven by Phase 3 LEVEL and LEVEL-2 trials
- Topline Phase 3 LEVEL data expected in August 2026
- LEVEL-2 Phase 3 enrollment ongoing, with completion targeted by end of 2027
- ESC 2026 late-breaking session accepted for presentation of LEVEL clinical trial results
Negative
- Net loss widened to $17.8M in Q2 2026 from $10.9M in Q2 2025
- Total operating expenses rose to $18.8M in Q2 2026 from $11.8M a year earlier
- Six-month net loss increased to $33.5M for 1H 2026 versus $21.3M for 1H 2025
- Accumulated deficit reached $401.0M as of June 30, 2026
- Common shares outstanding increased to 31.9M from 9.3M at December 31, 2025
News Explained
As of
Market reaction after 2Q26 earnings report: TENX -5.36%
Following this news, TENX has declined 5.36%, reflecting a notable negative market reaction. Our momentum scanner has triggered 10 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $14.29.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings report | Positive | +1.8% | Cash runway and clinical-program progress accompanied quarterly financial results. |
| Mar 10 | FY25 earnings report | Positive | +31.7% | LEVEL randomization, LEVEL-2 initiation, patent progress, and cash runway were reported. |
| Nov 12 | 3Q25 earnings report | Negative | -4.3% | Rising operating costs and wider net loss accompanied clinical and patent updates. |
| Aug 13 | 2Q25 earnings report | Positive | +0.7% | Clinical progress and cash runway accompanied higher quarterly research spending. |
| May 14 | 1Q25 earnings report | Positive | +0.3% | Cash funding and trial plans accompanied increased expenses and wider net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events averaged a 6.05% move, with four positive reactions aligned with generally favorable updates and one negative reaction diverging.
Key Terms
ph-hfpef medical
k-atp channel activator medical
double-blind medical
placebo-controlled medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company expects to report topline data from Phase 3 LEVEL clinical trial in August 2026
CHAPEL HILL, N.C., July 31, 2026 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or “Tenax Therapeutics” or the “Company”) today reported financial results for the quarter ended June 30, 2026 and provided an update on its corporate progress.
“We are approaching an exciting moment, one for which we have been preparing since we began developing a therapy uniquely suited for PH-HFpEF. As we announced at the start of July, we expect to have topline data from the LEVEL clinical trial in August,” said Chris Giordano, President and Chief Executive Officer of Tenax Therapeutics. "In parallel, our team continues to activate sites and advance enrollment in LEVEL-2, our second global pivotal trial. We expect to complete LEVEL-2 enrollment by the end of 2027. Thank you to the entire team at Tenax for their commitment and dedication to rapidly advancing TNX-103 for patients.”
Recent Corporate and Clinical Highlights
In July 2026, Tenax announced that it plans to present the results from the Phase 3 LEVEL clinical trial in a Late-Breaking Clinical Science session at the European Society of Cardiology (ESC) Congress 2026, being held August 28-31 in Munich, Germany. In anticipation of potentially receiving topline results from the LEVEL clinical trial in time for presentation at ESC, an abstract was submitted and subsequently accepted.
Second Quarter 2026 Financial Results
Cash position: Tenax Therapeutics reported cash and cash equivalents of
Research and development (R&D): R&D expenses for the second quarter of 2026 were
Selling, general and administrative (SG&A): SG&A expenses for the second quarter of 2026 were
Net loss: Tenax Therapeutics reported a net loss of
About Levosimendan
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 clinical trial, 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 our clinical trials and our 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; 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; risks related to our business strategy, including the prioritization and development of product candidates; our competitive position; our ability to maintain our culture and recruit, integrate and retain qualified personnel and advisors, including our executives and members of our Board of Directors; 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:
Argot Partners
tenax@argotpartners.com
| Tenax Therapeutics, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| ASSETS | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 117,976 | $ | 97,565 | ||||
| Prepaid expenses | 3,415 | 5,643 | ||||||
| Other current assets | 272 | 1,019 | ||||||
| Total current assets | 121,663 | 104,227 | ||||||
| Total assets | $ | 121,663 | $ | 104,227 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,795 | $ | 6,041 | ||||
| Accrued liabilities | 1,278 | 1,115 | ||||||
| Total current liabilities | 8,073 | 7,156 | ||||||
| Total liabilities | 8,073 | 7,156 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, undesignated, authorized 4,818,654 shares | ||||||||
| Series A Preferred stock, par value | - | - | ||||||
| Common stock, par value | 3 | 1 | ||||||
| Additional paid-in capital | 514,560 | 464,524 | ||||||
| Accumulated deficit | (400,973 | ) | (367,454 | ) | ||||
| Total stockholders’ equity | 113,590 | 97,071 | ||||||
| Total liabilities and stockholders' equity | $ | 121,663 | $ | 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 June 30, | For the six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | $ | 12,850 | $ | 6,121 | $ | 24,389 | $ | 11,804 | ||||||||
| Selling, general and administrative | 5,934 | 5,671 | 10,968 | 11,326 | ||||||||||||
| Total operating expenses | 18,784 | 11,792 | 35,357 | 23,130 | ||||||||||||
| Net operating loss | (18,784 | ) | (11,792 | ) | (35,357 | ) | (23,130 | ) | ||||||||
| Interest income | 981 | 954 | 1,842 | 1,884 | ||||||||||||
| Other income (expense), net | - | (9 | ) | (4 | ) | (9 | ) | |||||||||
| Net loss | $ | (17,803 | ) | $ | (10,847 | ) | $ | (33,519 | ) | $ | (21,255 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.35 | ) | $ | (0.27 | ) | $ | (0.70 | ) | $ | (0.56 | ) | ||||
| Weighted average number of common shares and prefunded warrants outstanding, basic and diluted | 50,869,259 | 39,572,177 | 48,064,151 | 38,086,800 | ||||||||||||
