TENAX THERAPEUTICS, INC. (TENX): Results of Operations and Financial Condition
TENAX THERAPEUTICS, INC. (TENX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Tenax Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update Company expects to report topline data from Phase 3 LEVEL clinical trial in August 2026 CHAPEL HILL, N.C., July 31, 2026 (GLOBE NEWSWIRE) — Tenax Therapeutics, Inc. (Nasdaq
How this was made
The 30-second read
Why it matters
This 8-K updates financial condition (cash runway) and reiterates a specific near-term clinical milestone for Phase 3 LEVEL topline data in August 2026, with an ESC Congress 2026 late-breaking presentation planned.
Market read
Event-driven traders can use the August topline timing and updated cash runway to adjust position sizing and hedging ahead of the next major binary catalyst.
What to watch
The cash runway extension is helpful, but the article does not provide interim efficacy or safety results, so the market may still discount the probability of a clean Phase 3 outcome until data are released.
Tenax Therapeutics reported a second-quarter net loss of $17.8 million as Phase 3 development spending increased, while cash and cash equivalents were $118.0 million and the Company expects to fund operations through the second quarter of 2028.
The Company extended its stated cash runway through the second quarter of 2028 following $13.4 million of warrant-exercise proceeds, but second-quarter net loss increased to $17.8 million as R&D expense rose to $12.9 million to advance the LEVEL and LEVEL-2 Phase 3 trials.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expensesGAAP | $12.9 million | – | – |
| Selling, general and administrative expensesGAAP | $5.9 million | – | – |
| Total operating expensesGAAP | $ 18,784 (Amounts in thousands) | – | – |
| Net operating lossGAAP | $ (18,784 ) (Amounts in thousands) | – | – |
| Interest incomeGAAP | $ 981 (Amounts in thousands) | – | – |
| Other income (expense), netGAAP | — | – | – |
| Net lossGAAP | $17.8 million | – | – |
| Net loss per share, basic and dilutedGAAP | $ (0.35 ) | – | – |
| Weighted average number of common shares and prefunded warrants outstanding, basic and dilutedGAAP | 50,869,259 | – | – |
| Six-month research and development expensesGAAP | $ 24,389 (Amounts in thousands) | – | – |
| Six-month selling, general and administrative expensesGAAP | $ 10,968 (Amounts in thousands) | – | – |
| Six-month total operating expensesGAAP | $ 35,357 (Amounts in thousands) | – | – |
| Six-month net operating lossGAAP | $ (35,357 ) (Amounts in thousands) | – | – |
| Six-month interest incomeGAAP | $ 1,842 (Amounts in thousands) | – | – |
| Six-month other income (expense), netGAAP | $ (4 ) (Amounts in thousands) | – | – |
| Six-month net lossGAAP | $ (33,519 ) (Amounts in thousands) | – | – |
| Six-month net loss per share, basic and dilutedGAAP | $ (0.70 ) | – | – |
| Six-month weighted average number of common shares and prefunded warrants outstanding, basic and dilutedGAAP | 48,064,151 | – | – |
Through the second quarter of 2028 outlook
- NoteThe Company now expects to fund its operations through the second quarter of 2028.
- NoteThe Company expects to report topline data from the Phase 3 LEVEL clinical trial in August 2026.
- NoteThe Company expects to complete LEVEL-2 enrollment by the end of 2027.
What drove it
- The increase in R&D expense is primarily attributable to increased clinical and preclinical development costs associated with the ongoing Phase 3 LEVEL trial and the second global Phase 3 clinical trial, LEVEL-2.
- LEVEL-2 began in December 2025.
- The increase in SG&A expense is primarily attributable to increased legal and professional fees and salary and benefit costs related to an increase in personnel, partially offset by decreased stock-based compensation expense.
- The Company plans to present Phase 3 LEVEL results in a Late-Breaking Clinical Science session at the European Society of Cardiology Congress 2026, being held August 28-31 in Munich, Germany.
Concerns
- Net loss was $17.8 million for the second quarter of 2026, compared to $10.9 million for the second quarter of 2025.
- R&D expenses were $12.9 million for the second quarter of 2026, compared to $6.1 million for the second quarter of 2025.
- The Company identified risks relating to clinical-trial timing, delays, costs, design, enrollment and results, as well as regulatory review and approval.
- The Company identified risks associated with its cash needs and reliance on third parties, including Orion Corporation, manufacturers and CROs.
What to watch
- Topline data from the Phase 3 LEVEL clinical trial in August 2026.
- Presentation of the Phase 3 LEVEL results at the European Society of Cardiology Congress 2026, being held August 28-31 in Munich, Germany.
- Activation of sites and enrollment progress in LEVEL-2.
- Completion of LEVEL-2 enrollment by the end of 2027.
- Execution against the stated expectation to fund operations through the second quarter of 2028.
Balance sheet and cash flow
- Cash and cash equivalents were $118.0 million as of June 30, 2026.
- Proceeds of $13.4 million during the second quarter from exercises of previously issued warrants.
- Cash and cash equivalents were $ 117,976 (Amounts in thousands) as of June 30, 2026, compared with $ 97,565 (Amounts in thousands) as of December 31, 2025.
- Total assets were $ 121,663 (Amounts in thousands) as of June 30, 2026, compared with $ 104,227 (Amounts in thousands) as of December 31, 2025.
- Total liabilities were $ 8,073 (Amounts in thousands) as of June 30, 2026, compared with $ 7,156 (Amounts in thousands) as of December 31, 2025.
- Total stockholders’ equity was $ 113,590 (Amounts in thousands) as of June 30, 2026, compared with $ 97,071 (Amounts in thousands) as of December 31, 2025.
Analysis
Tenax remains a development-stage pharmaceutical company and did not report revenue in the filing. The reported quarter was defined by investment in the Phase 3 LEVEL trial and the LEVEL-2 global Phase 3 trial. R&D expense was $12.9 million, compared with $6.1 million in the second quarter of 2025, with the Company attributing the increase primarily to clinical and preclinical development costs for these programs.
The higher development spend contributed to a net loss of $17.8 million, compared with a net loss of $10.9 million in the second quarter of 2025. SG&A expense was $5.9 million, compared with $5.7 million, as higher legal and professional fees and personnel-related salary and benefits costs were partially offset by lower stock-based compensation expense. Net loss per share, basic and diluted, was $ (0.35 ), compared with $ (0.27 ).
Liquidity improved during the period. Cash and cash equivalents were $118.0 million as of June 30, 2026, and the Company cited $13.4 million of second-quarter proceeds from exercises of previously issued warrants. The Company now expects to fund operations through the second quarter of 2028. The balance sheet reported cash and cash equivalents of $ 117,976 (Amounts in thousands), total liabilities of $ 8,073 (Amounts in thousands), and total stockholders’ equity of $ 113,590 (Amounts in thousands) at June 30, 2026.
The central near-term catalyst is planned topline data from the Phase 3 LEVEL clinical trial in August 2026. Tenax also plans to present results in a Late-Breaking Clinical Science session at the European Society of Cardiology Congress 2026, being held August 28-31 in Munich, Germany. Operationally, the Company continues site activation and enrollment in LEVEL-2 and expects to complete enrollment by the end of 2027.
The quarter therefore combines increased clinical spending and a larger reported loss with an extended stated funding runway. The key figures to monitor are the Phase 3 LEVEL readout, progress toward LEVEL-2 enrollment completion, and whether cash resources continue to support the stated runway through the second quarter of 2028.
Management, verbatim
We are approaching an exciting moment, one for which we have been preparing since we began developing a therapy uniquely suited for PH-HFpEF. As we announced at the start of July, we expect to have topline data from the LEVEL clinical trial in August.
Chris Giordano, President and Chief Executive Officer of Tenax Therapeutics
In parallel, our team continues to activate sites and advance enrollment in LEVEL-2, our second global pivotal trial. We expect to complete LEVEL-2 enrollment by the end of 2027.
Chris Giordano, President and Chief Executive Officer of Tenax Therapeutics
Not in the filing
stated, not guessed- Revenue and revenue comparisons
- Gross profit and gross margin
- Operating income
- Non-GAAP financial measures
- Prior-quarter comparisons for reported operating expenses, operating loss, interest income, net loss, EPS, and weighted average shares
- Operating cash flow
- Free cash flow
- Debt balance
- Capital-return activity, including share repurchases and dividends
- Financial revenue, gross-margin, operating-expense, or tax-rate guidance
- Segment revenue and segment performance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Tenax is a development-stage pharma company advancing oral and IV levosimendan (TNX-103 and TNX-101) for pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).
Ticker impact
Tenax reported Q2 2026 cash of $118.0M, higher R&D, and reiterated it expects Phase 3 LEVEL topline data in August 2026.
Moderate upside bias into August as traders price the probability-weighted outcome of LEVEL topline, tempered by ongoing cash burn and higher R&D spend.
The article is a primary disclosure (SEC 8-K) with concrete timing guidance for topline data and a quantified cash runway extension to Q2 2028, both directly relevant to valuation and event-driven positioning.
Market effects
Reinforces investor focus on PH-HFpEF and K-ATP channel activator programs, but does not introduce a sector-wide regulatory or competitive shock.
Limited, as the disclosure is company-specific and tied to a European conference timeline.
Global relevance is mainly through the ESC Congress 2026 timing and the international nature of the pivotal trials.
Counterpoint
Higher R&D expense and a still-large net loss highlight continued dilution and financing risk, which can cap upside even with an August topline target.
Key entities
- companyTenax Therapeutics, Inc.
Nasdaq-listed developer of levosimendan-based therapies for PH-HFpEF, reporting Q2 2026 results and clinical progress.
- clinical_programPhase 3 LEVEL trial
Global pivotal Phase 3 study expected to report topline data in August 2026 and present at ESC Congress 2026.
- clinical_programLEVEL-2 trial
Second global pivotal Phase 3 trial, with enrollment expected to complete by end of 2027.
