[SCHEDULE 13G/A] TENAX THERAPEUTICS, INC. Amended Passive Investment Disclosure
Tenax Therapeutics: Dellora reports 6.4% stake
The ownership percentages use 37,423,917 TENX shares outstanding as of July 28, 2026; Dellora Investments LP and Kevin Pyun disclaim beneficial ownership.
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Amendment No. 5 concerning Tenax Therapeutics, Inc. common stock lists Dellora Investments Master Fund LP with beneficial ownership of 2,061,000 shares (5.5%), and Dellora Investments LP and Kevin Pyun each with 2,400,000 shares (6.4%). Each reporting person lists zero sole voting and sole dispositive power; shared voting and dispositive power are 2,061,000 shares for the Master Fund and 2,400,000 shares for Dellora Investments LP and Pyun.
The percentages use 37,423,917 shares outstanding as of July 28, 2026. Dellora Investments LP, an investment adviser to private funds, and Pyun, its principal, may be deemed beneficial owners of fund-held shares, but both disclaim beneficial ownership. The Funds have the right to receive or direct dividends and sale proceeds from the shares.
Key Figures
Beneficial ownership, Dellora Investments Master Fund LP:2,061,000 sharesBeneficial ownership, Dellora Investments LP:2,400,000 sharesBeneficial ownership, Kevin Pyun:2,400,000 shares+1 more
4 metrics
Beneficial ownership, Dellora Investments Master Fund LP2,061,000 shares5.5% of the class
Beneficial ownership, Dellora Investments LP2,400,000 shares6.4% of the class
Beneficial ownership, Kevin Pyun2,400,000 shares6.4% of the class
Common shares outstanding37,423,917 sharesAs of July 28, 2026
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerregulatory
"Shared voting power: 2,061,000"
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: 2,061,000"
Rule 13d-4regulatory
"Pursuant to Rule 13d-4"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many TENX shares did the reporting persons list?
Dellora Investments Master Fund LP listed 2,061,000 shares, or 5.5%; Dellora Investments LP and Kevin Pyun each listed 2,400,000 shares, or 6.4%. The percentages are based on 37,423,917 shares outstanding as of July 28, 2026.
Who has voting and dispositive power over the reported TENX shares?
Each reporting person listed zero sole voting and sole dispositive power. Shared voting and dispositive power were listed as 2,061,000 shares for Dellora Investments Master Fund LP and 2,400,000 shares for Dellora Investments LP and Kevin Pyun.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
TENAX THERAPEUTICS, INC.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
88032L605
(CUSIP Number)
10/02/2026
(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
2,061,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,061,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,061,000.00
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)
5.5 %
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
2,400,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,400,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,400,000.00
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 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
2,400,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,400,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,400,000.00
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
c/o Dellora Investments LP
41 W Putnam Ave, Suite 204
Greenwich, CT 06830
Dellora Investments LP
41 W Putnam Ave, Suite 204
Greenwich, CT 06830
Kevin Pyun
c/o Dellora Investments LP
41 W Putnam Ave, Suite 204
Greenwich, CT 06830
(c)
Citizenship:
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 - 2,061,000
Dellora Investments LP - 2,400,000
Kevin Pyun - 2,400,000
(b)
Percent of class:
Ownership percentage is based on 37,423,917 shares of common stock outstanding as of July 28, 2026, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on July 31, 2026.
Dellora Investments Master Fund LP - 5.5%
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 - 2,061,000
Dellora Investments LP - 2,400,000
Kevin Pyun - 2,400,000
(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 - 2,061,000
Dellora Investments LP - 2,400,000
Kevin Pyun - 2,400,000
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 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:
10/09/2026
Dellora Investments LP
Signature:
/s/ Kevin Pyun
Name/Title:
Principal, Dellora Investments GP LLC, its General Partner
