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TENX

Tenax Therapeutics, Inc.

TENX

Tenax Therapeutics, Inc. • NASDAQ
$9.43 ▼ -0.42% (-0.04)
Market Cap $43.02 M
52w High $9.70
52w Low $4.63
Dividend Yield 0%
P/E -12.74
Volume 41.99K
Outstanding Shares 4.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $16.806M ▲ $-15.804M ▼ 0% $-0.4 ▼ $-15.804M ▼
Q2-2025 $0 $11.792M ▲ $-10.847M ▼ 0% $-0.27 ▲ $-10.847M ▼
Q1-2025 $0 $11.338M ▲ $-10.408M ▼ 0% $-0.28 ▼ $-10.408M ▼
Q4-2024 $0 $7.295M ▲ $-6.267M ▼ 0% $-0.18 ▲ $-6.267M ▼
Q3-2024 $0 $-4.619M $-3.96M 0% $-0.19 $-3.954M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $99.369M ▼ $102.81M ▼ $6.599M ▲ $96.211M ▼
Q2-2025 $105.462M ▼ $105.857M ▼ $2.527M ▼ $103.33M ▼
Q1-2025 $111.447M ▲ $112.059M ▲ $2.768M ▼ $109.291M ▲
Q4-2024 $94.851M ▼ $96.686M ▼ $4.693M ▲ $91.993M ▼
Q3-2024 $98.311M $99.785M $2.562M $97.223M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.804M ▼ $-9.155M ▼ $0 $3.062M ▲ $-6.093M ▼ $-9.155M ▼
Q2-2025 $-10.847M ▼ $-6.263M ▲ $0 $278K ▼ $-5.985M ▼ $-6.263M ▲
Q1-2025 $-10.408M ▼ $-6.967M ▼ $0 $23.563M ▲ $16.596M ▲ $-6.967M ▼
Q4-2024 $-6.267M ▼ $-3.527M ▼ $0 $67.245K ▼ $-3.46M ▼ $-3.527M ▼
Q3-2024 $-3.96M $-3.087M $0 $92.014M $88.927M $-3.087M

Revenue by Products

Product Q4-2012
United States
United States
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Tenax has been a pure research company for years, with essentially no product revenue and recurring operating losses. The losses themselves are relatively small in absolute dollar terms, but when spread over a shrinking share base they show up as very large losses per share, amplified by repeated reverse stock splits. Overall, the income statement reflects a typical early‑stage biotech profile: ongoing R&D and corporate costs with no commercial income yet to offset them, and results that will remain heavily dependent on clinical and regulatory milestones rather than current business operations.

Balance Sheet

Balance Sheet The balance sheet is very lean. Assets are modest and largely made up of cash, with little in the way of physical assets or working capital. On the positive side, the company reports no financial debt, so it is not burdened by interest payments. Equity is thin and has been rebuilt over time mainly through new share issuances rather than retained profits. The history of multiple reverse stock splits signals ongoing pressure on the share count and capitalization structure, and highlights that the company’s financial strength rests primarily on its ability to keep raising fresh capital.

Cash Flow

Cash Flow Cash flows show a steady cash burn from operations, reflecting spending on research, development, and overhead without any offsetting product revenue. Investment in physical assets is negligible, so almost all cash usage is tied directly to running trials and the corporate platform. Free cash flow has been consistently negative, meaning the business is not self‑funding and depends on external financing. Management and investors will be focused on how long the current cash can support the planned clinical program and whether future funding can be obtained on acceptable terms.

Competitive Edge

Competitive Edge Tenax operates in a narrow but important niche within cardiopulmonary disease, aiming at conditions with very limited or no approved treatment options. This focus on high unmet medical need can create meaningful competitive advantages if its drugs succeed, because being first with an effective therapy in these areas often brings strong physician and patient interest. The company also benefits from regulatory tools such as orphan drug designation and an expanding patent estate, which can provide periods of exclusivity and help defend against copycats. However, as a small biotech, Tenax faces much larger pharmaceutical and biotech players, and its competitive strength will ultimately depend on the quality of its Phase 3 data and its ability to execute on partnerships or commercialization against better‑funded rivals.

Innovation and R&D

Innovation and R&D The company’s strategy centers on re‑engineering known drugs—levosimendan and imatinib—for new uses in severe heart and lung conditions. This can lower scientific risk somewhat because the underlying molecules already have extensive safety histories, while the new formulations and indications are where Tenax aims to create value. Its lead program, an oral version of levosimendan for a form of pulmonary hypertension in heart‑failure patients, targets a large group with no approved therapies today. The modified‑release imatinib program seeks to turn a cancer drug into a disease‑modifying treatment for pulmonary arterial hypertension by improving tolerability. Both programs are in late‑stage development, which raises the potential payoff but also concentrates risk: trial setbacks, safety concerns, or regulatory pushback would directly hit the company’s core thesis, as it does not have a broad pipeline to fall back on.

Summary

Tenax is a classic high‑risk, high‑uncertainty clinical‑stage biotech: no revenue, ongoing cash burn, a slim but mostly debt‑free balance sheet, and heavy dependence on external financing and shareholder dilution. Its investment case rests almost entirely on two late‑stage drug candidates aimed at serious cardiopulmonary diseases with few or no current treatments, backed by orphan status and patent protection that could support future exclusivity if they reach the market. The upside scenario is meaningful if Phase 3 trials confirm strong efficacy and safety; the downside is significant if those trials disappoint, given the company’s narrow focus and limited financial cushion. Anyone evaluating TENX would likely pay close attention to trial timelines and readouts, regulatory interactions, financing developments, and dilution trends, as these will drive the company’s fundamental trajectory far more than current financial results.

NEWS

November 25, 2025 · 7:00 AM UTC

Tenax Therapeutics to Participate in Upcoming Investor Conferences

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November 12, 2025 · 4:05 PM UTC

Tenax Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 6, 2025 · 7:00 AM UTC

Tenax Therapeutics to Host Virtual KOL Call to Discuss TNX-103 (Oral Levosimendan) for the Treatment of PH-HFpEF

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November 3, 2025 · 7:00 AM UTC

Tenax Therapeutics to Participate in the Guggenheim 2nd Annual Healthcare Innovation Conference

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September 16, 2025 · 7:00 AM UTC

Tenax Therapeutics Announces European Patent Office Intention to Grant Patent Covering Use of Levosimendan in PH-HFpEF

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