Tenax Therapeutics filings document a Phase 3, development-stage pharmaceutical company developing cardiopulmonary therapies, including TNX-103 (oral levosimendan) for PH-HFpEF. Recent 8-K reports record financial results, clinical program updates for LEVEL and LEVEL-2, intellectual-property notices, and amendments to levosimendan license rights, including expanded worldwide rights for orally administered products.
Proxy and current-report filings also describe Nasdaq-listed common stock, executive appointments, employment and compensation arrangements, equity awards, governance matters, and named-executive pay disclosures. These records frame the company's capital structure, leadership responsibilities, material agreements, and clinical-stage operations around levosimendan development and commercialization rights.
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) filed an 8-K stating it issued a press release announcing financial results for the third quarter ended September 30, 2025. The press release is furnished as 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.
Tenax Therapeutics received a Schedule 13G disclosing that affiliated investment vehicles controlled by Raymond Debbane hold meaningful common stock positions. Invus Public Equities directly holds 366,143 shares, reported as 8.0% of the class, and Avicenna Life Sci Master Fund directly holds 60,998 shares, reported as 1.3%. Collectively, Mr. Debbane is reported as the beneficial owner of 427,141 shares, or 9.4%, based on an outstanding share count of 4,562,500 as reported by the issuer. The filing states these positions are not held to change or influence control of the company.
Tenax Therapeutics filed a report describing a new intellectual property development for its pulmonary hypertension program. On September 16, 2025, the company announced that the European Patent Office has issued an Intention to Grant a patent covering TNX-103 (oral levosimendan), other formulations of levosimendan, and its active metabolites for use in treating pulmonary hypertension resulting from heart failure with preserved ejection fraction (PH-HFpEF). This kind of protection helps define how long and how broadly Tenax can control use of this drug approach in that indication. The details are provided in a press release attached as an exhibit.
Tenax Therapeutics entered into an amendment to its long-standing license agreement with Orion Corporation covering levosimendan. The amendment grants Tenax exclusive worldwide rights to develop, commercialize, manufacture, and have manufactured any orally-administered pharmaceutical product containing levosimendan.
In addition to its existing rights for subcutaneously administered levosimendan products, Tenax now also gains rights to manufacture or have manufactured those subcutaneous products. Orion will supply Tenax with levosimendan for orally-administered products under agreed terms, including pricing in the low triple-digit thousands in Euros per kilogram and defined payment and active ingredient specifications.
Venrock-related entities and two individuals filed an amendment to Schedule 13G reporting collective beneficial ownership of 449,492 shares of Tenax Therapeutics common stock, representing 9.99% of the class as of June 30, 2025. The reported position includes a mix of common shares, pre-funded warrants and common warrants, but the warrants contain a Beneficial Ownership Blocker that prevents exercise that would raise ownership above 9.99%. Ownership is held through VHCP III, VHCP Co-Investment III and VHCP EG, with VHCP Management entities and Messrs. Shah and Koh serving managerial/voting roles.
Janus Henderson Group plc filed a Schedule 13G reporting that it may be deemed the beneficial owner of 166,666 shares of Tenax Therapeutics common stock, representing 4.0% of the class as reported. The filing states the filer has no sole voting or dispositive power and reports shared voting and shared dispositive power for 166,666 shares, indicating the position is held through collective or affiliated advisory vehicles rather than by an individual account.
The filing contains a certification that the securities were acquired and are held in the ordinary course of business and not to influence control. Item 7 identifies indirect subsidiaries (JHIUS, JHIUKL and JHIAIFML) as registered investment advisers furnishing advice to managed portfolios in connection with these holdings.
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.