Tenax Therapeutics Reports $17.8 Million Net Loss and Advances Phase 3 Trials for Levosimendan

Tenax Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of $17.8 million for the quarter, compared to a loss of $10.8 million in the same period last year, marking a 64% increase in losses. For the first half of 2026, the net loss totaled $33.5 million, up from $21.3 million in the first half of 2025, reflecting a 58% increase. Operating expenses for the second quarter reached $18.8 million, a 59% increase from $11.8 million in the prior year, driven primarily by a 110% rise in research and development costs, which totaled $12.9 million.

The company’s total assets increased to $121.7 million as of June 30, 2026, up from $104.2 million at the end of 2025. This growth was largely attributed to a rise in cash and cash equivalents, which reached $118.0 million, compared to $97.6 million at the end of the previous fiscal year. The increase in cash was bolstered by proceeds from the exercise of warrants and pre-funded warrants, which provided $43.9 million in financing during the first half of 2026, compared to $23.8 million in the same period of 2025.

In terms of strategic developments, Tenax is actively advancing its Phase 3 clinical trials for levosimendan, a drug aimed at treating pulmonary hypertension. The company has deprioritized its Phase 3 trial for imatinib, focusing resources on levosimendan, which has shown promise in improving patient outcomes. The LEVEL trial has completed randomization for over 230 patients, with topline data expected to be reported in August 2026. Additionally, the company has initiated a second global Phase 3 trial, LEVEL-2, which began in December 2025.

Operationally, Tenax has expanded its workforce to support its clinical development efforts, resulting in increased salary and benefits expenses. The company reported a total of 31.9 million shares of common stock outstanding as of June 30, 2026, a significant increase from 9.3 million shares at the end of 2025. This increase reflects the exercise of warrants and the issuance of new shares as part of its financing activities. The company anticipates that its existing cash reserves, along with additional funds from warrant exercises, will be sufficient to support operations through at least the second quarter of 2028.

Looking ahead, Tenax Therapeutics remains focused on advancing its clinical programs and is preparing for potential commercialization of levosimendan. The company acknowledges the need for substantial additional capital to finalize development and potentially reinitiate imatinib trials. Management believes that the current financial resources will allow the company to continue its operations and clinical development plans, although future financing will be necessary to sustain long-term growth and operational stability.