Tenax Therapeutics, Inc. received an amended Schedule 13G/A (Amendment No. 3) showing a significant institutional position. Dellora Investments LP, as investment adviser to its funds, reports beneficial ownership of 401,071 shares of Tenax common stock, or 6.4% of the class, while Dellora Investments Master Fund LP directly holds 355,257 shares, or 5.7%. These percentages are based on 6,243,575 shares outstanding as of November 11, 2025, as stated in Tenax’s Form 10-Q. Voting and dispositive power over these shares is shared, with no sole power reported. Dellora Investments LP and its principal, Kevin Pyun, state that the holdings are in the ordinary course of business and certify they are not held to change or influence control of Tenax. They also expressly disclaim beneficial ownership beyond what may be deemed under securities laws.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
TENAX THERAPEUTICS, INC.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
88032L605
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
88032L605
1
Names of Reporting Persons
Dellora Investments Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
355,257.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
355,257.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
355,257.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
88032L605
1
Names of Reporting Persons
Dellora Investments LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
401,071.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
401,071.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
401,071.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
IA, HC
SCHEDULE 13G
CUSIP No.
88032L605
1
Names of Reporting Persons
Kevin Pyun
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
401,071.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
401,071.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
401,071.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TENAX THERAPEUTICS, INC.
(b)
Address of issuer's principal executive offices:
101 GLEN LENNOX DRIVE, CHAPEL HILL, NORTH CAROLINA, 27517.
Item 2.
(a)
Name of person filing:
Dellora Investments Master Fund LP
Dellora Investments LP
Kevin Pyun
(b)
Address or principal business office or, if none, residence:
Dellora Investments Master Fund LP - Cayman Islands
Dellora Investments LP - Delaware
Kevin Pyun - United States
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
88032L605
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Dellora Investments LP is an investment adviser that is registered under the Investment Advisers Act of 1940. Dellora Investments LP, which serves as investment adviser to private funds, including but not limited to Dellora Investments Master Fund, LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Pyun, as Principal of Dellora Investments LP, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Dellora Investments LP and Mr. Pyun expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Dellora Investments LP or Mr. Pyun are the beneficial owner of any of the securities reported herein.
Dellora Investments Master Fund LP - 355,257
Dellora Investments LP - 401,071
Kevin Pyun - 401,071
(b)
Percent of class:
Ownership percentage is based on 6,243,575 shares of common stock outstanding as of November 11, 2025, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on November 12, 2025.
Dellora Investments Master Fund LP - 5.7%
Dellora Investments LP - 6.4%
Kevin Pyun - 6.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Dellora Investments Master Fund LP - 0
Dellora Investments LP - 0
Kevin Pyun - 0
(ii) Shared power to vote or to direct the vote:
Dellora Investments Master Fund LP - 355,257
Dellora Investments LP - 401,071
Kevin Pyun - 401,071
(iii) Sole power to dispose or to direct the disposition of:
Dellora Investments Master Fund LP - 0
Dellora Investments LP - 0
Kevin Pyun - 0
(iv) Shared power to dispose or to direct the disposition of:
Dellora Investments Master Fund LP - 355,257
Dellora Investments LP - 401,071
Kevin Pyun - 401,071
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Note above.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dellora Investments Master Fund LP
Signature:
/s/ Kevin Pyun
Name/Title:
Principal, Dellora Investments Fund GP LLC, its General Partner
Date:
02/17/2026
Dellora Investments LP
Signature:
/s/ Kevin Pyun
Name/Title:
Principal, Dellora Investments GP LLC, its General Partner
What ownership stake does Dellora Investments report in Tenax Therapeutics (TENX)?
Dellora Investments LP reports beneficial ownership of 401,071 Tenax Therapeutics common shares, representing 6.4% of the outstanding class. This is based on 6,243,575 shares outstanding as of November 11, 2025, as disclosed in Tenax’s Form 10-Q filing.
How many Tenax (TENX) shares does Dellora Investments Master Fund LP hold?
Dellora Investments Master Fund LP directly holds 355,257 shares of Tenax common stock, representing 5.7% of the class. The percentage is calculated using Tenax’s reported 6,243,575 shares outstanding as of November 11, 2025, in its Form 10-Q.
Who is the individual associated with the Tenax (TENX) Schedule 13G/A filing?
The individual associated is Kevin Pyun, Principal of Dellora Investments LP. He may be deemed to beneficially own 401,071 Tenax shares (6.4%) through his role, but he and Dellora Investments LP expressly disclaim beneficial ownership of the securities reported.
Does Dellora Investments seek to influence control of Tenax Therapeutics (TENX)?
The filing states the Tenax securities were acquired and are held in the ordinary course of business. It certifies they were not acquired and are not held for the purpose or effect of changing or influencing control of Tenax Therapeutics, consistent with a passive Schedule 13G filing.
What type of SEC filing did Dellora submit regarding Tenax Therapeutics (TENX)?
Dellora submitted an amended Schedule 13G/A, specifically Amendment No. 3, for Tenax common stock. This type of filing reports passive beneficial ownership exceeding 5% of a class of equity securities, without indicating an activist or control-seeking intent.
On what share count is Dellora’s Tenax (TENX) ownership percentage based?
Dellora’s ownership percentages are calculated using 6,243,575 Tenax common shares outstanding as of November 11, 2025. That figure comes from Tenax’s Form 10-Q filed November 12, 2025, and serves as the denominator for the 5.7% and 6.4% ownership calculations.
