TENXHIGH SIGNALFINANCIAL10-K

TENX's net loss tripled to $52.6M driven by a 157% surge in R&D spending as they advanced their Phase 3 levosimendan trials, while operating cash burn more than doubled to $35.8M.

The company is in peak cash burn mode as they execute two expensive Phase 3 trials (LEVEL and LEVEL-2) simultaneously, creating significant near-term financial pressure despite recent fundraising. The dramatic increase in losses and cash burn indicates investors should closely monitor the company's funding runway and trial timelines, as any delays could necessitate additional dilutive financing.

Comparing 2026-03-10 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

TENX's financials reflect a company in aggressive Phase 3 execution mode, with R&D expenses surging 157% to $32.7M driving net losses from $17.6M to $52.6M. Operating cash burn more than doubled to $35.8M while current liabilities increased 52.5% to $7.2M, indicating mounting operational and financial pressures. The dramatic deterioration in all key financial metrics signals investors face significant dilution risk if trials extend longer than anticipated or require additional capital beyond current resources.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-198.8%
-$17.6M→-$52.6M

Net income declined 198.8% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-189.2%
-$19.5M→-$56.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

R&D Expense
P&L
+157.1%
$12.7M→$32.7M

R&D investment increased 157.1% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
-141.7%
-$14.8M→-$35.8M

Operating cash flow fell 141.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-55.8%
$5K→$2K

Capex reduced 55.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
+52.5%
$4.7M→$7.2M

Liabilities grew 52.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+52.5%
$4.7M→$7.2M

Current liabilities surged 52.5% — significant near-term obligations; verify ability to meet short-term debt.

SG&A Expense
P&L
+42.8%
$5.3M→$7.6M

SG&A up 42.8% — significant increase in sales or administrative costs, monitor impact on operating leverage.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-25
ADDED
We are conducting two Phase 3 clinical trials, LEVEL and LEVEL-2 for oral levosimendan, which are expensive and time consuming, and the outcomes of the clinical trials are uncertain.
Similarly, discrete observations during clinical trials may not reflect the general response to the products that will be revealed at the conclusion of the clinical trials or in future, widespread use of the product once marketed.
Risks Related to Our Financial Position and Need for Additional Capital We will require substantial additional funding to further develop, file marketing authorization applications, and if approved, commercialize our product candidates, including to complete the open label extension stage of our ongoing Phase 3 LEVEL and LEVEL-2 trials of levosimendan; as well as to initiate or complete any future imatinib Phase 3 trial.
Risks Relating to Our Industry Intense competition might render our product candidates noncompetitive or obsolete.
Our Bylaws contain an exclusive forum provision for certain disputes, which could limit our stockholders ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or agents.
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REMOVED
We are required to conduct additional clinical trials, including the LEVEL and LEVEL-2 trials for oral levosimendan, which are expensive and time consuming, and the outcomes of the clinical trials are uncertain.
Risks Related to Our Financial Position and Need for Additional Capital We will require substantial additional funding to further develop our product candidates, including to complete the open label extension stage of our ongoing Phase 3 LEVEL trial of levosimendan and to complete a second planned global Phase 3 study, LEVEL-2, as well as to initiate or complete an imatinib Phase 3 trial.
Anti-takeover provisions in our corporate charter documents and under Delaware law could make an acquisition of us more difficult, which could discourage takeover attempts and lead to management entrenchment, and the market price of our common stock may be lower as a result.
ITE M 1 BUSINESS Overview Tenax Therapeutics is a clinical-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies.
In August 2024, we closed a private placement financing (the August 2024 Offering ) raising gross proceeds of approximately $100.0 million and in March 2025 we closed a private placement financing (the "March 2025 Offering ) raising gross proceeds of $25.0 million.
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