Tenax Therapeutics Inc SEC Filings

Tenax Therapeutics reported new clinical progress for its lead drug candidate TNX-103 in patients with pulmonary hypertension related to heart failure with preserved ejection fraction. A planned blinded sample size re-estimation for the LEVEL Phase 3 trial showed the study is powered at well over 90% to detect a 25 meter change in 6-minute walk distance, the primary measure of effectiveness. This supports keeping the existing enrollment target and previously communicated timelines for finishing enrollment and reporting topline data. Tenax also started LEVEL-2, a second global Phase 3 registrational trial of TNX-103 in the same patient population, indicating a broader late-stage development program.

Tenax Therapeutics, Inc. director and Chief Medical Officer reported recent open-market purchases of the company’s common stock and detailed his equity holdings. On December 2, 2025, he bought 1,000 shares at a weighted average price of $9.0059, followed by 1,500 shares at $9.0786 on December 3 and 2,500 shares at $9.1992 on December 4.

After these transactions he directly owns 2,766 common shares and has additional indirect holdings of 2,500, 1,194, and 1,194 shares through specified family trusts, for which he disclaims beneficial ownership beyond his pecuniary interest. He also beneficially owns stock options over 157, 63, 119, 500,000, and 625,000 shares at stated exercise prices, with vesting tied to time-based schedules and milestones such as a Phase 3 clinical trial, FDA-related steps, and continued employment.

Tenax Therapeutics, Inc. (TENX)11/18/2025, the insider purchased 1,612 shares at a weighted average price of $7.7546, followed by 455 shares at $7.5091 on 11/19/2025 and 538 shares at $7.5887 on 11/20/2025. After these open‑market purchases, the insider beneficially owned 2,605 shares of Tenax common stock directly.

The filing also lists existing stock options held by the insider. These include options exercisable for 157 shares of common stock expiring on 07/06/2031, 125 shares expiring on 06/09/2032, and 437 shares expiring on 05/17/2034, along with larger grants for 1,250,000 shares at an exercise price of $5.94 expiring on 12/10/2034 and 1,400,000 shares at $5.89 expiring on 05/16/2035. The vesting of these options is tied to continued employment and follows specified annual or monthly schedules.

Tenax Therapeutics, Inc. (TENX) director reported open-market purchases of common stock and corrected how those shares are reported. On 11/17/2025, an indirect account bought 93 shares at $7.15 per share, and on 11/18/2025 it bought 1,900 shares at a weighted average price of $7.5157, for a total of 1,993 shares held through Meadowlark Management, LLC. This amended Form 4 changes the ownership form for those 1,993 shares from direct to indirect, clarifying that the director disclaims beneficial ownership beyond her economic interest.

Tenax Therapeutics (TENX)11/17/2025, the officer bought 2,000 shares of common stock directly and now holds 2,000 shares in their own name. On the same date, they reported additional purchases of 1,000 shares held indirectly through a child and 5,000 shares held indirectly through a spouse.

The direct shares were acquired at a weighted average price of $7.337, with trades executed between $7.14 and $7.43. The spouse’s shares were bought at a weighted average price of $7.228, with trades between $7.17 and $7.30, and the child’s shares at $7.35. All transactions were coded as open-market purchases.

Tenax Therapeutics, Inc. (TENX) director reports open‑market share purchases. A company director filed a Form 4 disclosing two common stock purchases on 11/17/2025 and 11/18/2025. The director bought 93 shares at $7.15 per share and another 1,900 shares at a weighted average price of $7.5157, for a total of 1,993 common shares held directly after these trades. The filing also lists stock options giving the right to buy Tenax common stock, including 100,000 options at an exercise price of $5.94 exercisable from 12/10/2025 to 12/10/2034, and 80,000 options at an exercise price of $5.75 exercisable from 07/01/2026 to 07/01/2035, along with two smaller legacy option grants of 4 shares each.

Tenax Therapeutics (TENX) reported Q3 2025 results with a net loss of $15.8 million as it advanced Phase 3 programs. Operating expenses were $16.8 million, driven by research and development of $10.3 million and general and administrative of $6.5 million. Interest income was $1.0 million.

Liquidity remained strong with cash and cash equivalents of $99.4 million and working capital of $96.2 million as of September 30, 2025. Shares outstanding were 5,907,233 as of September 30, 2025; 6,243,575 were outstanding as of November 11, 2025. The company closed a March 2025 private placement for gross proceeds of $25.0 million.

Program and licensing updates: Tenax continues enrolling the Phase 3 LEVEL study and plans a second global Phase 3 (LEVEL‑2). A September 3, 2025 amendment with Orion expanded exclusive worldwide rights to orally administered levosimendan and set API supply terms. Prior amendments include a $10.0 million FDA approval milestone, a $5.0 million Japan approval milestone, and up to $45.0 million commercialization milestones.

Tenax Therapeutics (TENX)Exhibit 99.1 and, as noted under Item 2.02, is not deemed “filed” for purposes of Section 18 of the Exchange Act. The company’s common stock trades on Nasdaq under the symbol TENX.

Tenax Therapeutics (TENX) disclosed that Ikarian Capital, LLC and Neil Shahrestani together report beneficial ownership of 967,600 shares of common stock, representing 21.2% of the outstanding class based on 4,562,500 shares outstanding. The reported position reflects shared voting and shared dispositive power over the 967,600 shares rather than sole control.

The holdings are held through Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts for which Ikarian Capital acts as adviser; Mr. Shahrestani is identified as the ultimate controller of Ikarian Capital. The filing states the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control.