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Sphera Funds Management Ltd., Sphera Global Healthcare GP Ltd. and Sphera Global Healthcare Management LP report beneficial ownership of Tenax Therapeutics, Inc. (TENX) common stock. Each reports 2,663,296 shares, or 7.09%, with shared voting and dispositive power over that amount. The reported percentage is based on 37,423,917 common shares outstanding as of July 28, 2026, and 127,600 shares underlying call option contracts exercisable within 60 days.
The securities are held directly by Sphera Global Healthcare Master Fund and Sphera Biotech Master Fund, L.P. The reporting persons state that investment management authority for both funds is delegated to Sphera Global Healthcare Management LP, and each disclaims beneficial ownership of the securities.
Key Figures
Reported beneficial ownership:2,663,296 sharesReported ownership percentage:7.09%Call option shares exercisable within 60 days:127,600 shares+5 more
8 metrics
Reported beneficial ownership2,663,296 sharesReported by each of the three reporting persons; includes 127,600 shares underlying call option contracts exercisable within 60 days.
Reported ownership percentage7.09%Reported for each reporting person.
Call option shares exercisable within 60 days127,600 sharesUnderlying call option contracts included in the reported percentage calculation.
Common shares outstanding37,423,917 sharesAs of July 28, 2026.
Sphera Global Healthcare Master Fund common shares219,775 sharesHeld directly by the fund.
Sphera Global Healthcare Master Fund option shares12,600 sharesUnderlying call option contracts exercisable within 60 days.
Sphera Biotech Master Fund, L.P. common shares2,315,921 sharesHeld directly by the fund.
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.
shared voting powerregulatory
"Shared Voting Power 2,663,296.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 2,663,296.00"
call option contractsfinancial
"shares of Common Stock underlying call option contracts exercisable within 60 days"
Joint Filing Agreementregulatory
"Joint Filing Agreement by and among the reporting persons"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many TENX shares did the Sphera reporting persons report beneficially owning?
Each of the three reporting persons reported beneficial ownership of 2,663,296 shares of TENAX common stock. The reported amount includes 127,600 shares underlying call option contracts exercisable within 60 days. Each reporting person also disclaims beneficial ownership of the securities.
What percentage of TENX did the Sphera reporting persons report?
Each reporting person reported 7.09%. The calculation uses 37,423,917 TENAX common shares outstanding as of July 28, 2026, and 127,600 shares underlying call option contracts exercisable within 60 days.
How were the Sphera TENX holdings divided between the two funds?
Sphera Global Healthcare Master Fund held directly 219,775 common shares and 12,600 shares underlying call option contracts; the filing says these represent 0.62% of the common stock outstanding. Sphera Biotech Master Fund, L.P. held directly 2,315,921 common shares and 115,000 option shares, representing 6.47%.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Tenax Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
88032L605
(CUSIP Number)
09/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Sphera Funds Management Ltd.
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
ISRAEL
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,663,296.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,663,296.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,663,296.00
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)
7.09 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on July 31, 2026), and 127,600 shares of Common Stock underlying call option contracts exercisable within 60 days, beneficially owned by the reporting persons as described in Item 4(a).
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Sphera Global Healthcare GP Ltd.
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
ISRAEL
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,663,296.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,663,296.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,663,296.00
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)
7.09 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026), and 127,600 shares of Common Stock underlying call option contracts exercisable within 60 days, beneficially owned by the reporting persons as described in Item 4(a).
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Sphera Global Healthcare Management 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
ISRAEL
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,663,296.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,663,296.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,663,296.00
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)
7.09 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026), and 127,600 shares of Common Stock underlying call option contracts exercisable within 60 days, beneficially owned by the reporting persons as described in Item 4(a).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Tenax Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
101 Glen Lennox Drive, Suite 300, Chapel Hill, North Carolina, 27517
Item 2.
(a)
Name of person filing:
Sphera Funds Management Ltd.
Sphera Global Healthcare GP Ltd.
Sphera Global Healthcare Management LP
(b)
Address or principal business office or, if none, residence:
Address of the Principal Business Office of each of the reporting persons is: 4 Itzhak Sade, Building A, 29th Floor, Tel Aviv 6777504, Israel
(c)
Citizenship:
Each of the reporting person is organized under the laws of the State of Israel
(d)
Title of class of securities:
Common Stock, par value $0.0001 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:
Incorporated by reference to Item 9 of the cover page of each reporting person.
The securities reported herein by Sphera Funds Management Ltd., Sphera Global Healthcare GP Ltd. and Sphera Global Healthcare Management LP are beneficially owned as follows:
(1) 219,775 Shares of Common Stock, and 12,600 shares of Common Stock underlying call option contracts exercisable within 60 days, which represent a total of 0.62% of the total Shares of Common Stock outstanding, are held directly by Sphera Global Healthcare Master Fund, which has delegated its investment management authority to Sphera Global Healthcare Management LP (the "Management Company").
(2) 2,315,921 Shares of Common Stock, and 115,000 shares of Common Stock underlying call option contracts exercisable within 60 days, which represent a total of 6.47% of the total Shares of Common Stock outstanding, are held directly by Sphera Biotech Master Fund, L.P., which has delegated its investment management authority to the Management Company.
The Management Company is managed, controlled and operated by its general partner, Sphera Global Healthcare GP Ltd., the shares of which are owned 90% by Sphera Funds Management Ltd.
This Statement shall not be construed as an admission by any of the reporting persons that it is the beneficial owner of any of the securities covered by this statement, and each reporting person disclaims beneficial ownership of any such securities. In addition, the reporting persons and other entities named in this Schedule 13G may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each of the reporting persons and other entities named in this Schedule 13G disclaims the existence of any such group.
(b)
Percent of class:
Incorporated by reference to Item 11 of the cover page for each reporting person.
Percentage reported in Item 11 for each reporting person is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026, (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026), and 127,600 shares of Common Stock underlying call option contracts exercisable within 60 days, beneficially owned by the reporting persons as described above in Item 4(a).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Incorporated by reference to Item 5 of the cover page for each reporting person.
(ii) Shared power to vote or to direct the vote:
Incorporated by reference to Item 6 of the cover page for each reporting person.
(iii) Sole power to dispose or to direct the disposition of:
Incorporated by reference to Item 7 of the cover page for each reporting person.
(iv) Shared power to dispose or to direct the disposition of:
Incorporated by reference to Item 8 of the cover page for each reporting person.
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.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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 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.
Sphera Funds Management Ltd.
Signature:
/s/ Adi Hanetz
Name/Title:
Adi Hanetz / General Counsel
Date:
10/08/2026
Sphera Global Healthcare GP Ltd.
Signature:
/s/ Adi Hanetz
Name/Title:
Adi Hanetz / General Counsel
Date:
10/08/2026
Sphera Global Healthcare Management LP
Signature:
/s/ Adi Hanetz
Name/Title:
Adi Hanetz / General Counsel
Date:
10/08/2026
Exhibit Information
Exhibit 1: Joint Filing Agreement by and among the reporting persons (incorporated herein by reference to Exhibit 1 to the Schedule 13G filed on August 27, 2026)
