Last updated
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R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $1.3152W HIGH $19.40
Volume
931.64 K
Value Traded
101.17 M
Short % Float
16.25%
-7.32%Week
-13.85%1 Month
-89.54%3 Month
-87.28%6 Month
-99.61%5 Year
-100%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
69.05 M
EPS (TTM)
-1.73
P/E Ratio
-
Ent. Value
-48.93 M
Total Shares
37.42 M
Float Shares
33.88 M
Insiders
9.48%
Institutions
98.66%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
TENX Catalyst Timeline
Dated clinical, regulatory and corporate events for Tenax Therapeutics, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for Tenax Therapeutics, Inc.
270Total events
11Upcoming
35Tier-1 (high impact)
2009 to 2028Coverage
Upcoming catalysts 2
Event history 50
▲Oral PresentationLevosimendan (TNX-103)FiledPresentation
Presentation of additional Phase 3 LEVEL results in Late-Breaking Clinical Science session at ESC Congress 2026
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▼Primary Endpoint MissedLevosimendan (TNX-103)FiledClinical Data
Primary endpoint of change in 6MWD at Week 12 did not achieve statistical significance
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▼Secondary Endpoint DataLevosimendan (TNX-103)FiledClinical Data
Key secondary endpoint of change in KCCQ-TSS did not achieve statistical significance
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Subgroup AnalysisLevosimendan (TNX-103)FiledClinical Data
Prespecified subgroup analysis in patients with baseline 6MWD below median of 333 meters showed significant improvements
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Full ResultsLevosimendan (TNX-103)FiledClinical Data
Full statistics analysis of LEVEL trial completed
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▼Primary Endpoint MissedLevosimendan (TNX-103)FiledClinical Data
Phase 3 LEVEL trial did not reach primary endpoint
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▼Topline ReadoutLevosimendan (TNX-103)FiledClinical Data
Topline results from Phase 3 LEVEL trial of TNX-103
PH-HFpEFsource ↗
▼Primary Endpoint MissedLevosimendan (TNX-103)FiledClinical Data
LEVEL trial misses primary endpoint of 6MWD improvement
PH-HFpEFsource ↗
◆Topline ReadoutLevosimendan (TNX-103)FiledClinical Data
Topline data from Phase 3 LEVEL trial expected in August 2026
PH-HFpEFsource ↗
◆Oral PresentationLevosimendan (TNX-103)FiledPresentation
Full results presented at ESC Congress 2026
PH-HFpEFsource ↗
▲Full ResultsLevosimendan (TNX-103)FiledClinical Data
Full set of prespecified analyses completed
pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)source ↗
◆Topline ReadoutLevosimendan (TNX-103)FiledClinical Data
Topline data expected middle of 2026 from LEVEL study
PH-HFpEFsource ↗
▲Management ChangeCorporate
Appointments of Thomas Staab as CFO and Timothy Healey as Chief Commercial Officer
◆Topline ReadoutLevosimendan (TNX-103)FiledClinical Data
Topline data from LEVEL study expected mid-2026
PH-HFpEFsource ↗
▲Enrollment CompleteLevosimendan (TNX-103)FiledTrial
Completed randomization of more than 230 patients in Phase 3 LEVEL study
PH-HFpEFsource ↗
◆Oral PresentationPresentation
Fireside chat at 2026 Leerink Partners Global Healthcare Conference
▲Enrollment CompleteLevosimendan (TNX-103)FiledTrial
Enrollment completed for LEVEL trial
pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF)source ↗
◆Oral PresentationPresentation
Fireside chat at Guggenheim Emerging Outlook Biotech Summit 2026
▲Patent GrantedLevosimendan (TNX-103)FiledIP / Competition
USPTO issued Notice of Allowance for subcutaneous levosimendan formulation covering broad indications
pulmonary hypertension, HFpEF, etc.source ↗
◆Enrollment CompleteLevosimendan (TNX-103)FiledTrial
LEVEL enrollment expected to complete in first half of 2026
pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Enrollment MilestoneLevosimendan (TNX-103)FiledTrial
Prespecified Blinded Sample Size Re-estimation (BSSR) of LEVEL confirms target enrollment unchanged
pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Trial InitiationLevosimendan (TNX-103)FiledTrial
Global Phase 3 LEVEL-2 study initiated
pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲OLE InitiatedLevosimendan (TNX-103)FiledTrial
Global, multi-center, long-term, open-label extension (OLE) study to be initiated
pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF)source ↗
◆Enrollment CompleteLevosimendan (TNX-103)FiledTrial
Full enrollment of expanded LEVEL study expected around year end 2025
PH-HFpEFsource ↗
●Trial InitiationLevosimendan (TNX-103)FiledTrial
LEVEL-2 trial began in December 2025
PH-HFpEFsource ↗
▲OLE InitiatedLevosimendan (TNX-103)FiledTrial
Initiated global open-label extension study for patients to remain on drug
PH-HFpEFsource ↗
◆Oral PresentationLevosimendan (TNX-103)FiledPresentation
Virtual KOL call to discuss TNX-103 for PH-HFpEF
PH-HFpEFsource ↗
◆Oral PresentationPresentation
Tenax Therapeutics to present at Guggenheim 2nd Annual Healthcare Innovation Conference
▲Patent GrantedLevosimendan (TNX-103)FiledIP / Competition
EPO intention to grant patent covering use of levosimendan in PH-HFpEF
pulmonary hypertension resulting from heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Patent GrantedLevosimendan (TNX-103)FiledIP / Competition
Canadian patent allowed for levosimendan use in PH-HFpEF, extending to 2040
PH-HFpEFsource ↗
◆Oral PresentationPresentation
Corporate presentation at 24th Annual Needham Virtual Healthcare Conference
◆Topline ReadoutLevosimendan (TNX-103)FiledClinical Data
Topline LEVEL data expected
Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)source ↗
◆Oral PresentationPresentation
Fireside chat at Leerink Partners 2025 Global Healthcare Conference
▼Equity OfferingCorporate
Tenax Therapeutics announces $25 million private placement with RTW Investments
Past FDA Catalysts and PDUFA Decisions
How TENX actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-08-29 | TNX-103 (oral levosimendan) | Phase 3 topline data readout | Phase 3 |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
D35 / 100
Pipeline Score
$12M
Pipeline Value
Overvalued
Valuation Signal
1
Drugs Scored
0.2x
rNPV / MCap
Top 55%
Micro Cap(rank 362 of 658)
Percentile Rank
Tenax Therapeutics, Inc. faces pipeline headwinds (35/100), with $167M risk-adjusted pipeline value, led by Levosimendan (TNX-103) in Hypertension Pulmonary Secondary Heart Failure (Phase 2).
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Levosimendan (TNX-103) Small moleculeNCT05983250 | Pulmonary Hypertension | Phase 3 | ACTIVE NOT_RECRUITING | 230 | Oct 30, 2028 |
Clinical Trial Results
Readouts, endpoints and source filings for every TENX program
| Drug Name | Indication | Phase | Date | Trial Results Summary | Title | Source |
|---|---|---|---|---|---|---|
| TNX-103 | pulmonary hypertension due to heart failure with preserved ejection fraction | Phase 3 | 2026-08-29 | 26.3-meter improvement compared to placebo (p = 0.0112); 47% reduction in NT-proBNP (p < 0.0001); 4.9 mmHg reduction in RVSP (p = 0.009)Read More | Tenax Therapeutics Announces Presentation of Phase 3 LEVEL Results in Late-Breaking Scientific Sessions at ESC Congress 2026Read More |
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| Doogan DeclanDirector | Buy | 53,000 55,274 held | $1.92 | 09/16/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in TENX
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| Vivo Capital, LLC | 3.3 % (1,000 %) | 36.38 M | 2.50 M | 1,100% ( 2.29 M) |
TENX Institutional Ownership Trends
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027-01-15 | ||||||||||||
Real-Time Option Chain
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How TENX ranks across every disease it competes in
Competitive Position is a premium feature
See how TENX ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialTENX News
TENXTenax Therapeutics to Participate in the 2026 Cantor Global Healthcare Conference
Tenax Therapeutics announced its participation in the 2026 Cantor Global Healthcare Conference, where CEO Chris Giordano will present. The event is scheduled for September 9, 2026, at 8:35 a.m. ET. The presentation will be available via a live and archived webcast on the company's investor relations webpage.
Read more →TENX▼ -13.6%on this newsshared move
Tenax Therapeutics Announces Presentation of Phase 3 LEVEL Results in Late-Breaking Scientific Sessions at ESC Congress 2026
Tenax Therapeutics presented additional results from the Phase 3 LEVEL trial of TNX-103 at the ESC Congress 2026. The data indicated significant improvements in patients with lower baseline 6-minute walk distance, including reductions in NT-proBNP and pulmonary artery pressure. While primary endpoints did not achieve significance, exploratory endpoints showed promising biological effects, suggesting potential therapeutic benefits for patients with pulmonary hypertension due to heart failure with preserved ejection fraction.
Read more →TENX▼ -89.8%on this news
Orion’s license partner Tenax Therapeutics’ Phase 3 LEVEL trial of oral levosimendan in pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF) did not reach its primary endpoint
Tenax Therapeutics' Phase 3 LEVEL trial of oral levosimendan for pulmonary hypertension due to heart failure with preserved ejection fraction failed to meet its primary endpoint of improving the 6-minute walk distance. Although subgroup analyses indicated some positive effects in patients with higher disease burden, the overall results were disappointing. Tenax plans to engage with the FDA to discuss potential revisions to the drug's development.
Read more →TENX▼ -89.8%on this newsshared move
Tenax Therapeutics Announces Topline Results from Phase 3 LEVEL Clinical Trial of TNX-103 in Patients with PH-HFpEF
Tenax Therapeutics announced topline results from the Phase 3 LEVEL trial of TNX-103 in patients with pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF). While the trial did not meet its primary endpoint, subgroup analyses indicated a significant treatment effect in patients with greater disease burden. The company plans to discuss these findings with the FDA to refine its development strategy for TNX-103.
Read more →TENX▼ -9.3%on this news
Tenax Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update
Tenax Therapeutics reported its financial results for Q2 2026, highlighting an upcoming topline data release from the Phase 3 LEVEL trial expected in August. The company has a solid cash position of $118 million, allowing operations to continue through mid-2028. However, they reported a net loss of $17.8 million, reflecting increased R&D expenses associated with their clinical trials.
Read more →TENX▲ +5.2%on this news· ran to +18% by day 3
Tenax Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Tenax Therapeutics announced the granting of inducement stock options to three newly hired employees as part of their employment agreements. This move is aimed at enhancing the company's capabilities in developing cardiopulmonary therapies. The stock options will vest over time, contingent on continued employment. The company is also focused on the development of levosimendan for treating pulmonary hypertension.
Read more →TENX▲ +16.3%on this news· ran to +33% by day 3
Tenax Therapeutics Announces Late-Breaking Presentation of LEVEL Clinical Trial Data at ESC Congress 2026
Tenax Therapeutics announced that results from its Phase 3 LEVEL clinical trial will be presented at the ESC Congress 2026. The company expects to report topline results in August 2026, following a successful enrollment of over 230 patients. The trial evaluates TNX-103 in patients with pulmonary hypertension due to heart failure with preserved ejection fraction.
Read more →TENXTenax Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Update
Tenax Therapeutics, Inc. reported its financial results for Q1 2026, highlighting progress in its Phase 3 LEVEL study of TNX-103, with topline data expected to be released in Q3 2026. The company is enhancing its leadership team and reports a strong cash position of $118.8 million, expected to fund operations through the first quarter of 2028. Despite an increased net loss and rising R&D expenses, Tenax remains committed to advancing its cardiopulmonary therapies.
Read more →TENXTenax Therapeutics Appoints Timothy Healey, MBA as Chief Commercial Officer
Tenax Therapeutics has appointed Timothy Healey as Chief Commercial Officer, effective immediately. Healey brings a wealth of experience in drug launches and commercialization strategies, aiming to prepare Tenax and its product TNX-103 for market success. His previous roles include leadership positions at Eversana and Lantheus, emphasizing his capability in the pharmaceutical sector.
Read more →TENXTenax Therapeutics Appoints Thomas R. Staab, II as Chief Financial Officer
Tenax Therapeutics has appointed Thomas R. Staab, II as the new Chief Financial Officer, effective May 11, 2026. Mr. Staab brings over 25 years of experience in financial leadership within the healthcare industry and succeeds Thomas McGauley, who served as interim CFO since December 2024. His appointment comes at a pivotal time for Tenax as the company expands its global registrational program and advances its development of levosimendan for treating PH-HFpEF patients.
Read more →TENX▲ +31.7%on this news
Tenax Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update
Tenax Therapeutics reported its financial results for Q4 and the full year of 2025, highlighting that it has reached its target of randomizing 230 patients in the Phase 3 LEVEL study. The company also initiated the global Phase 3 LEVEL-2 trial for its drug TNX-103, which aims to address pulmonary hypertension in heart failure with preserved ejection fraction. Despite significant progress, the company reported a net loss of $52.6 million for 2025, alongside rising expenses in research and development.
Read more →TENXTenax Therapeutics to Participate in the 2026 Leerink Partners Global Healthcare Conference
Tenax Therapeutics will participate in the 2026 Leerink Partners Global Healthcare Conference from March 8-11, 2026, in Miami, FL. The company's executives, including the CEO and CMO, will engage in a fireside chat on March 10, 2026. This event aims to showcase Tenax's advancements in cardiopulmonary therapies, particularly for pulmonary hypertension.
Read more →TENXTenax Therapeutics to Participate in the Guggenheim Emerging Outlook Biotech Summit 2026
Tenax Therapeutics will participate in the Guggenheim Emerging Outlook: Biotech Summit 2026, scheduled for February 11-12, 2026, in New York. The company's President and Chief Executive Officer, Chris Giordano, along with Chief Business Officer Douglas Randall, will engage in a fireside chat. This event presents an opportunity for Tenax to highlight its development-stage cardiopulmonary therapies.
Read more →TENX▲ +8.7%on this news
Tenax Therapeutics Announces Result of Prespecifed Blinded Sample Size Assessment
Tenax Therapeutics announced that the prespecified Blinded Sample Size Re-estimation for its LEVEL study shows it is adequately powered to detect significant changes in the primary endpoint. The company confirmed that enrollment is on track to complete in the first half of 2026, with topline data expected later that year. Additionally, Tenax has initiated the LEVEL-2 study, further advancing its clinical program for TNX-103 in treating pulmonary hypertension.
Read more →TENXTenax Therapeutics to Participate in Upcoming Investor Conferences
Tenax Therapeutics, a development-stage pharmaceutical company, will present at two investor conferences in December 2025. The conferences include the 8th Annual Evercore Healthcare Conference and the Piper Sandler 37th Annual Healthcare Conference, where key executives will participate in fireside chats. The company is focused on developing novel therapies for cardiopulmonary conditions and holds global rights to the drug levosimendan, targeting pulmonary hypertension with no approved treatments currently available.
Read more →TENXTenax Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update
Tenax Therapeutics reported its financial results for Q3 2025 alongside updates on its clinical programs. The company is advancing the Phase 3 LEVEL study for its lead product TNX-103 in patients suffering from pulmonary hypertension with preserved ejection fraction (PH-HFpEF), with plans to complete enrollment of 230 patients in the first half of 2026. Additionally, Tenax is preparing to initiate a second Phase 3 study, LEVEL-2, later this year. Financially, Tenax reported a net loss of $15.8 million for the quarter, significantly higher than in the same period in the previous year.
Read more →TENXTenax Therapeutics to Host Virtual KOL Call to Discuss TNX-103 (Oral Levosimendan) for the Treatment of PH-HFpEF
Tenax Therapeutics is set to host a virtual KOL call on November 13, 2025, to discuss TNX-103, an oral formulation of levosimendan, aimed at treating pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF). The call will feature notable experts in cardiovascular medicine and will provide insights into the treatment landscape and the ongoing Phase 3 studies: LEVEL and LEVEL-2. The company is optimistic about the outcomes as enrollment continues in the North American LEVEL study, with the global LEVEL-2 study expected to initiate in 2025.
Read more →TENXTenax Therapeutics to Participate in the Guggenheim 2nd Annual Healthcare Innovation Conference
Tenax Therapeutics, a Phase 3 development-stage pharmaceutical company, announced its participation in the Guggenheim 2nd Annual Healthcare Innovation Conference, scheduled for November 10-12, 2025, in Boston. The presentation will feature CEO Chris Giordano and CMO Stuart Rich in a fireside chat format. This event highlights Tenax's focus on developing cardiopulmonary therapies, particularly its work on levosimendan for treating pulmonary hypertension.
Read more →About Tenax Therapeutics, Inc.
Headquarters101 GLEN LENNOX DRIVE, CHAPEL HILL, NC, 27517
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