Tenax Therapeutics: ADAR1 funds make three purchases

ADAR1 Capital Management, LLC and Daniel Schneeberger were each identified as 10% owners.

Rhea-AI Filing Summary

Tenax Therapeutics (TENX) common stock was purchased by private investment funds managed by ADAR1 Capital Management, LLC in three reported transactions: 336,528 shares at a weighted-average $1.5066 per share on October 19, 2026; 254,342 shares at $1.5952 on October 20; and 331,979 shares at $1.6588 on October 21. Each weighted-average price covered multiple trades within a reported range. The funds directly own the shares, which may be deemed indirectly beneficially owned by ADAR1 and Daniel Schneeberger, ADAR1’s sole manager. Each reporting person disclaims beneficial ownership except to the extent of any pecuniary interest. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 922,849 shares

Net Buy 3 txns

Insider ADAR1 Capital Management, LLC, Schneeberger Daniel

Role 10% Owner | 10% Owner

Bought 922,849 shs ($1.46M)

Type	Security	Shares	Price	Value
Purchase	Common Stock F3, F4, F5	331,979	$1.6588	$551K
Purchase	Common Stock F2, F4, F5	254,342	$1.5952	$406K
Purchase	Common Stock F1, F4, F5	336,528	$1.5066	$507K

Holdings After Transaction: Common Stock — 7,447,000 shares (Indirect, See Footnote)

Footnotes (5)

1. F1. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.4300 to $1.5350, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.
2. F2. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.5000 to $1.6300, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.
3. F3. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.6200 to $1.6900, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.
4. F4. The reported securities are owned directly by private investment funds managed by ADAR1 Capital Management, LLC, and may be deemed to be indirectly beneficially owned by (i) ADAR1 Capital Management, LLC and (ii) Daniel Schneeberger, the sole manager of ADAR1 Capital Management, LLC.
5. F5. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

Key Figures

Shares purchased: 336,528 shares Weighted-average purchase price: $1.5066 per share Shares purchased: 254,342 shares +3 more

6 metrics

Shares purchased 336,528 shares October 19, 2026

Weighted-average purchase price $1.5066 per share October 19, 2026

Shares purchased 254,342 shares October 20, 2026

Weighted-average purchase price $1.5952 per share October 20, 2026

Shares purchased 331,979 shares October 21, 2026

Weighted-average purchase price $1.6588 per share October 21, 2026

Key Terms

weighted average price, beneficial ownership, pecuniary interest

3 terms

weighted average price financial

"The reported price is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership regulatory

"disclaims beneficial ownership of any such securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest regulatory

"except to the extent of his/its pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many TENX shares were purchased and at what prices?

The managed funds reported purchases of 336,528 shares at a weighted-average $1.5066 per share on October 19, 254,342 shares at $1.5952 on October 20, and 331,979 shares at $1.6588 on October 21, 2026; each reported price covered multiple trades.

Who held the TENX shares purchased by ADAR1 and Daniel Schneeberger?

The shares are directly owned by private investment funds managed by ADAR1 Capital Management, LLC. They may be deemed indirectly beneficially owned by ADAR1 and Daniel Schneeberger, the LLC’s sole manager; each reporting person disclaims beneficial ownership except to the extent of any pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 10/21/2026 - 04:51 PM EDT Accepted by SEC EDGAR 10/21/2026 - 04:49 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ADAR1 Capital Management, LLC

(Last) (First) (Middle)

3503 WILD CHERRY DRIVE

BUILDING 9

(Street)

AUSTIN TEXAS 78738

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TENAX THERAPEUTICS, INC. [ TENX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/19/2026		P		336,528	A	$1.5066(1)	6,860,679	I	See Footnote(4)(5)
Common Stock	10/20/2026		P		254,342	A	$1.5952(2)	7,115,021	I	See Footnote(4)(5)
Common Stock	10/21/2026		P		331,979	A	$1.6588(3)	7,447,000	I	See Footnote(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ADAR1 Capital Management, LLC

(Last) (First) (Middle)

3503 WILD CHERRY DRIVE

BUILDING 9

(Street)

AUSTIN TEXAS 78738

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Schneeberger Daniel

(Last) (First) (Middle)

3503 WILD CHERRY DRIVE, BUILDING 9

(Street)

AUSTIN TEXAS 78738

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.4300 to $1.5350, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.5000 to $1.6300, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

3. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.6200 to $1.6900, inclusive. Each Reporting Person undertakes to provide to Tenax Therapeutics, Inc., any security holder of Tenax Therapeutics, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

4. The reported securities are owned directly by private investment funds managed by ADAR1 Capital Management, LLC, and may be deemed to be indirectly beneficially owned by (i) ADAR1 Capital Management, LLC and (ii) Daniel Schneeberger, the sole manager of ADAR1 Capital Management, LLC.

5. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

	ADAR1 Capital Management, LLC By: Daniel Schneeberger, Manager /s/ Daniel Schneeberger	10/21/2026
	/s/ Daniel Schneeberger	10/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)