Tenax Therapeutics Reports $10.8 Million Net Loss and Increased Operating Expenses in Latest 10-Q Filing

Tenax Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $10.8 million for the quarter, compared to a loss of $3.6 million in the same period last year, marking a 203% increase in losses. For the first half of 2025, the net loss totaled $21.3 million, up from $7.4 million in the prior year, reflecting a 188% increase. Operating expenses surged to $11.8 million for the quarter, a 221% increase from $3.7 million in the previous year, driven primarily by a 163% rise in research and development costs and a 322% increase in general and administrative expenses.

The company’s financial position improved, with total current assets rising to $105.9 million as of June 30, 2025, compared to $96.7 million at the end of 2024. This increase was largely attributed to successful capital raises, including a private placement in March 2025 that generated approximately $25 million in gross proceeds. The company’s cash and cash equivalents also increased to $105.5 million, up from $94.9 million at the end of 2024, providing a stronger liquidity position to support ongoing clinical trials.

Operationally, Tenax is focused on advancing its Phase 3 clinical trial for levosimendan, a drug aimed at treating pulmonary hypertension. The company has reported high rates of patient enrollment and therapy continuation in the ongoing LEVEL study, with plans to complete enrollment of 230 patients by mid-2026. Additionally, Tenax is preparing to initiate a second global Phase 3 study, LEVEL-2, later this year. The company has deprioritized its Phase 3 trial for imatinib, redirecting resources to the levosimendan program, which is seen as a more promising candidate.

The increase in operating expenses is attributed to heightened clinical trial activities and an expanded workforce, with the company reporting a significant rise in employee-related costs. As of June 30, 2025, Tenax had a total of 4,148,495 shares of common stock outstanding, up from 3,420,906 shares at the end of 2024, reflecting ongoing equity financing efforts. The company anticipates continued losses as it invests in the development of its product candidates, with expectations to maintain operations through at least 2027 based on current cash reserves.

Looking ahead, Tenax Therapeutics remains committed to its clinical development strategy, focusing on leveraging its existing cash position to advance its product candidates. The company acknowledges the need for additional capital to support its long-term goals, including potential commercialization efforts for levosimendan and imatinib. The management's outlook emphasizes the importance of successful clinical trial outcomes and the potential for future revenue generation as key factors influencing the company's financial trajectory.