TENX · Tenax Therapeutics, Inc.

Tenax Therapeutics' Q1 2026 results reflect intensified investment in its Phase 3 programs for TNX-103, an oral levosimendan formulation targeting PH-HFpEF, driving R&D expenses to $11.5 million from $5.7 million year-over-year due to clinical and preclinical costs for the ongoing LEVEL and newly commenced LEVEL-2 trials, plus higher salaries for new hires. G&A expenses dipped slightly to $5.0 million from $5.7 million, mainly from lower stock-based compensation timing, partially offset by new employee costs. This resulted in a net loss of $15.7 million, or $(0.35) per share, compared to $10.4 million, or $(0.28) per share, in Q1 2025. Balance sheet strengthened with cash at $118.8 million, up from $97.6 million at year-end 2025, bolstered by warrant exercise proceeds, providing runway through at least Q1 2028 to support trial milestones. CEO Chris Giordano highlighted completion of randomization for over 230 patients in the pivotal LEVEL study, positioning for Q3 2026 topline data, while LEVEL-2 site activations continue toward 2027 enrollment completion. Leadership enhancements include Thomas Staab as CFO with extensive pharma finance experience from LENSAR and BioCryst; Timothy Healey as CCO from Eversana; and So-Young Kim as EVP Clinical Development from Bayer, signaling execution focus for potential first-in-class PH-HFpEF therapy.