TENAX THERAPEUTICS, INC. reports beneficial ownership disclosures by Dellora Investments Master Fund LP, Dellora Investments LP and Kevin Pyun under an amended Schedule 13G/A. The filing lists 345,257 shares held by Dellora Investments Master Fund LP and 394,665 shares held by Dellora Investments LP and Mr. Pyun, representing 2.0% and 2.3% of the class, respectively, based on 17,197,613 shares outstanding as of March 6, 2026.
The filing notes shared voting and dispositive power for the reported holdings and includes an express disclaimer of beneficial ownership by Dellora Investments LP and Mr. Pyun pursuant to Rule 13d-4.
Positive
None.
Negative
None.
Insights
Disclosure shows passive ownership below 5% with shared voting/dispositive power.
The filing documents that Dellora Investments Master Fund LP holds 345,257 shares and Dellora Investments LP and Kevin Pyun each report 394,665 shares, tied to shared voting and dispositive authority. The percentages are calculated from 17,197,613 shares outstanding as of March 6, 2026.
Because the filing is a Schedule 13G/A with an express disclaimer under Rule 13d-4, it indicates a passive reporting context; subsequent filings would disclose any change in status or percent exceeding 5%.
Statement includes formal disclaimers and standard adviser attribution language.
The disclosure explains that Dellora Investments LP acts as an investment adviser to funds and that Mr. Pyun may be deemed to have voting and dispositive power, while expressly disclaiming beneficial ownership under Rule 13d-4. Signatures are provided by Kevin Pyun as Principal.
Filing-type implications: this is a disclosure filing; it does not report transactions or changes in ownership methodology. Future Form 13 filings would be required if passive/active status changes.
Key Figures
Shares outstanding:17,197,613 sharesDellora Investments Master Fund holdings:345,257 sharesDellora Investments LP holdings:394,665 shares+3 more
6 metrics
Shares outstanding17,197,613 sharesas of March 6, 2026
Dellora Investments Master Fund holdings345,257 sharesreported in Schedule 13G/A
Dellora Investments LP holdings394,665 sharesreported in Schedule 13G/A
Kevin Pyun reported holdings394,665 sharesreported in Schedule 13G/A
Percent of class (Master Fund)2.0%based on 17,197,613 shares outstanding as of March 6, 2026
Percent of class (LP/Pyun)2.3%based on 17,197,613 shares outstanding as of March 6, 2026
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Rule 13d-4regulatory
"expressly disclaim beneficial ownership under Rule 13d-4"
shared dispositive powerfinancial
"Shared Dispositive Power 394,665.00 reported for Dellora Investments LP"
beneficially ownedregulatory
"Amount beneficially owned: Dellora Investments LP may be deemed to be the beneficial owner"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
What stake does Dellora Investments report in TENX?
Dellora Investments Master Fund LP reports 345,257 shares while Dellora Investments LP reports 394,665 shares, representing 2.0% and 2.3% of the class respectively, per the filing.
How many TENX shares were outstanding for the percent calculation?
The percent figures use a base of 17,197,613 shares outstanding as of March 6, 2026, as represented in the issuer's Form 10-K referenced in the filing.
Does Kevin Pyun personally own the reported shares?
Kevin Pyun is reported with 394,665 shares and shared voting/dispositive power, but the filing includes an express disclaimer of beneficial ownership under Rule 13d-4 by Dellora Investments LP and Mr. Pyun.
Does this Schedule 13G/A indicate active trading or control?
No. The Schedule 13G/A format and the express Rule 13d-4 disclaimer indicate a passive reporting posture rather than an assertion of control or active intent to acquire control.
Who signed the filing for these entities?
The filing is signed by /s/ Kevin Pyun in his capacities as Principal of Dellora Investments Fund GP LLC and Dellora Investments GP LLC and as an individual, dated 05/15/2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
TENAX THERAPEUTICS, INC.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
88032L605
(CUSIP Number)
3/31/2026
(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
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
345,257.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
345,257.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
345,257.00
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)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
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
394,665.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
394,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
394,665.00
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)
2.3 %
12
Type of Reporting Person (See Instructions)
IA, HC
SCHEDULE 13G
CUSIP Number(s):
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
394,665.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
394,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
394,665.00
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)
2.3 %
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 - 345,257
Dellora Investments LP - 394,665
Kevin Pyun - 394,665
(b)
Percent of class:
Ownership percentage is based on 17,197,613 shares of common stock outstanding as of March 6, 2026, as represented by the Issuer in the Form 10-K filed with the Securities and Exchange Commission on March 10, 2026.
Dellora Investments Master Fund LP - 2.0%
Dellora Investments LP - 2.3%
Kevin Pyun - 2.3%
(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 - 345,257
Dellora Investments LP - 394,665
Kevin Pyun - 394,665
(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 - 345,257
Dellora Investments LP - 394,665
Kevin Pyun - 394,665
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
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 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:
05/15/2026
Dellora Investments LP
Signature:
/s/ Kevin Pyun
Name/Title:
Principal, Dellora Investments GP LLC, its General Partner
