Tenax Therapeutics
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Tenax Therapeutics (TENX) investor relations material

Tenax Therapeutics Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary12 May, 2026

Executive summary

  • Completed randomization of over 230 patients in the Phase 3 LEVEL study, with topline data expected in Q3 2026.

  • LEVEL-2 global Phase 3 trial enrollment ongoing, completion anticipated by end of 2027.

  • Strengthened leadership with new CFO, CCO, and EVP of Clinical Development and Strategy appointments.

Financial highlights

  • Cash and cash equivalents totaled $118.8 million as of March 31, 2026, expected to fund operations through at least Q1 2028.

  • R&D expenses rose to $11.5 million, up from $5.7 million year-over-year, driven by increased clinical development costs.

  • G&A expenses decreased to $5.0 million from $5.7 million year-over-year, mainly due to lower stock-based compensation.

  • Net loss widened to $15.7 million from $10.4 million year-over-year.

Outlook and guidance

  • Topline data from the LEVEL Phase 3 study expected in Q3 2026.

  • LEVEL-2 trial enrollment to complete by end of 2027.

  • Cash runway projected through at least Q1 2028.

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Q2 202612 Aug, 2026
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