Tenax Therapeutics reported a Schedule 13G/A showing Stonepine entities and Jon M. Plexico jointly hold 975,200 shares of Common Stock, representing 3.7% of the class. The filing states the percentage is calculated based on 26,525,159 shares outstanding as of May 8, 2026.
The reporting persons disclose shared voting and dispositive power over the 975,200 shares and disclaim sole voting or dispositive power. The statement is signed by Jon M. Plexico on behalf of the reporting persons.
Positive
None.
Negative
None.
Insights
Stonepine reports a passive, sub-5% stake with shared control noted.
The filing lists 975,200 shares (3.7%) held by Stonepine entities and Mr. Plexico, citing shared voting and dispositive power. This aligns with a disclosure of beneficial ownership below the 5% threshold, typical for investment advisers and funds.
Key dependencies: the 26,525,159 shares outstanding as of May 8, 2026 basis and the reporting persons' joint filing status. Subsequent filings could show changes in position; timing of any sales or additional acquisitions is not stated in the excerpt.
Schedule 13G/A format and disclaimers are standard; ownership reported as shared.
The cover details the reporting persons, addresses, and CUSIP 88032L605. Itemized fields show zero sole power and 975,200 shared voting and dispositive power across Stonepine, the Partnership, the GP, and Mr. Plexico.
Preserved qualifiers: the filing includes a joint filing agreement and disclaimers about beneficial ownership under Rule 13d-3. Cash‑flow treatment or intent (active vs passive) is not specified in the provided excerpt.
Key Figures
Shares beneficially owned:975,200 sharesPercent of class:3.7%Shares outstanding basis:26,525,159 shares+1 more
4 metrics
Shares beneficially owned975,200 sharesReported by Stonepine entities and Jon M. Plexico
Percent of class3.7%Calculated on 26,525,159 shares outstanding as of May 8, 2026
Shares outstanding basis26,525,159 sharesOutstanding shares used to calculate percentage, as of May 8, 2026
CUSIP88032L605Tenax Therapeutics Common Stock identifier
"Amendment No. 2 ) Tenax Therapeutics, Inc. Common Stock"
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.
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.
shared dispositive powerregulatory
"Shared Dispositive Power 975,200.00"
joint filing agreementlegal
"Exhibit 99 - Agreement Regarding Joint Filing of Statement"
What stake does Stonepine report in Tenax Therapeutics (TENX)?
Stonepine reports beneficial ownership of 975,200 shares, equal to 3.7% of the class. The percentage uses 26,525,159 shares outstanding as of May 8, 2026, per the filing's stated basis.
Who is listed as the reporting person on the Schedule 13G/A for TENX?
The filing lists Stonepine Capital Management, LLC; Stonepine Capital, L.P.; Stonepine GP, LLC; and Jon M. Plexico. Mr. Plexico signed the statement on behalf of the reporting persons on 05/15/2026.
What voting and dispositive powers are disclosed by Stonepine in the TENX filing?
The filing discloses 0 sole voting/dispositive power and 975,200 shared voting and dispositive power for each reporting person. These rights are presented as shared, not sole, control over the shares.
Does the Schedule 13G/A indicate Stonepine is above the 5% reporting threshold for TENX?
No; the filing states ownership is 3.7%, which is below the 5% threshold. The form is therefore consistent with a sub-5% disclosure using the outstanding share basis provided.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Tenax Therapeutics, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
88032L605
(CUSIP Number)
03/31/2026
(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
Stonepine Capital Management, LLC
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
975,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
975,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
975,200.00
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)
3.7 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Percentage calculated based on 26,525,159 shares of Common Stock outstanding as of May 8, 2026, as reported in the Form 10-Q filed by the Issuer for the quarter ended March 31, 2026.
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Stonepine Capital, L.P.
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
975,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
975,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
975,200.00
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)
3.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Percentage calculated based on 26,525,159 shares of Common Stock outstanding as of May 8, 2026, as reported in the Form 10-Q filed by the Issuer for the quarter ended March 31, 2026.
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Stonepine GP, LLC
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
975,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
975,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
975,200.00
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)
3.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Percentage calculated based on 26,525,159 shares of Common Stock outstanding as of May 8, 2026, as reported in the Form 10-Q filed by the Issuer for the quarter ended March 31, 2026.
SCHEDULE 13G
CUSIP Number(s):
88032L605
1
Names of Reporting Persons
Jon M. Plexico
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
975,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
975,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
975,200.00
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)
3.7 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Percentage calculated based on 26,525,159 shares of Common Stock outstanding as of May 8, 2026, as reported in the Form 10-Q filed by the Issuer for the quarter ended March 31, 2026.
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, NC 27517
Item 2.
(a)
Name of person filing:
Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")
Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership")
Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")
Jon M. Plexico
Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
2900 NW Clearwater Drive, Suite 100-11, Bend, OR 97703
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person.
(d)
Title of class of securities:
Common Stock
(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:
Stonepine: 975,200
Partnership: 975,200
General Partner: 975,200
Jon M. Plexico: 975,200
(b)
Percent of class:
Stonepine: 3.7%
Partnership: 3.7%
General Partner: 3.7%
Jon M. Plexico: 3.7%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Stonepine: 0
Partnership: 0
General Partner: 0
Jon M. Plexico: 0
(ii) Shared power to vote or to direct the vote:
Stonepine: 975,200
Partnership: 975,200
General Partner: 975,200
Jon M. Plexico: 975,200
(iii) Sole power to dispose or to direct the disposition of:
Stonepine: 0
Partnership: 0
General Partner: 0
Jon M. Plexico: 0
(iv) Shared power to dispose or to direct the disposition of:
Stonepine: 975,200
Partnership: 975,200
General Partner: 975,200
Jon M. Plexico: 975,200
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.
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 Partnership holds Common Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock.
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.
Stonepine Capital Management, LLC
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member
Date:
05/15/2026
Stonepine Capital, L.P.
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member of the General Partner, Stonepine GP, LLC
Date:
05/15/2026
Stonepine GP, LLC
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member
Date:
05/15/2026
Jon M. Plexico
Signature:
/s/ Jon M. Plexico
Name/Title:
Reporting person
Date:
05/15/2026
Exhibit Information
Exhibit 99 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
