Every 10-Q that Tenax Therapeutics, Inc. (TENX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TENX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TENX filings page.
Tenax Therapeutics, Inc. is a Phase 3, development-stage pharmaceutical company focused on cardiopulmonary therapies, prioritizing oral levosimendan for pulmonary hypertension in heart failure with preserved ejection fraction. Two Phase 3 trials, LEVEL and global LEVEL-2, are underway, with LEVEL topline data expected in August 2026.
For the quarter ended June 30, 2026, Tenax reported a net loss of $17.8 million, and a six‑month net loss of $33.5 million, driven mainly by higher research and development spending as Phase 3 activities expanded. Six‑month R&D expenses rose to $24.4 million, while selling, general and administrative costs were $11.0 million.
Cash and cash equivalents were $118.0 million at June 30, 2026, plus $8.1 million received from warrant exercises after quarter end, and management states this should fund planned operations through the second quarter of 2028. Tenax also amended its Orion levosimendan license, extending the U.S. regulatory approval deadline to December 31, 2035 and updating milestones and supply terms.
Tenax Therapeutics reported a larger net loss as it ramps Phase 3 development of levosimendan for pulmonary hypertension. For the three months ended March 31, 2026, net loss was $15.7 million versus $10.4 million a year earlier, driven mainly by higher research and development spending.
Research and development expenses more than doubled to $11.5 million, reflecting the ongoing Phase 3 LEVEL trial and the newer global LEVEL-2 trial. General and administrative costs declined slightly to $5.0 million as stock-based compensation fell.
Tenax ended the quarter with $118.8 million in cash and cash equivalents and working capital of $114.7 million, helped by $30.5 million of cash from warrant and pre-funded warrant exercises in the period. Management believes this liquidity, plus $7.9 million of post-quarter warrant exercise proceeds, can fund planned operations through at least the first quarter of 2028 while the company advances its late-stage cardiopulmonary pipeline.
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) reported interim results showing operational progress in its Phase 3 levosimendan program while funding its near-term development plan. The company held $105.5 million in cash and cash equivalents at June 30, 2025 and reported a six-month net loss of $21.3 million, contributing to an accumulated deficit of $336.1 million. Management believes existing resources are sufficient for at least the next 12 months and states they can continue operations through 2027.
The company increased R&D and G&A spending as it expanded the ongoing Phase 3 LEVEL study and prepared a second global Phase 3 trial, LEVEL-2, with planned enrollment of 230 patients expected to complete in the first half of 2026. Tenax completed a March 2025 private placement that generated gross proceeds of ~$25.0 million (net $23.2 million) and previously raised net proceeds of ~$92.3 million in August 2024 to support clinical programs. The company also has material outstanding warrants and pre-funded warrants and significant stock-based compensation expense recognized in the period.