Tenax Therapeutics (TENX) Q1 2026 earnings summary

Executive summary

• Achieved full randomization of over 230 patients in the Phase 3 LEVEL trial, with topline data expected in Q3 2026; LEVEL-2 trial enrollment ongoing, anticipated to complete by end of 2027.

• Focused on novel cardiopulmonary therapies, prioritizing levosimendan for pulmonary hypertension and deprioritizing imatinib.

• Strengthened leadership with appointments of new CFO, CCO, and EVP of Clinical Development and Strategy in April and May 2026.

• Raised $25.0 million in March 2025 private placement and approximately $100.0 million in August 2024 to fund clinical programs.

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

Financial highlights

• Net loss of $15.7 million for Q1 2026, up from $10.4 million in Q1 2025, driven by expanded Phase 3 clinical trials.

• Operating expenses increased 46% year-over-year to $16.6 million, with R&D expenses rising 103% to $11.5 million.

• General and administrative expenses decreased 11% to $5.0 million, mainly due to lower stock-based compensation.

• Net cash used in operating activities was $9.3 million, while net cash provided by financing activities was $30.5 million for Q1 2026.

• Cash position strengthened by warrant exercises during the quarter.

Outlook and guidance

• Sufficient capital to fund planned operations through at least the first quarter of 2028, including completion of ongoing Phase 3 trials.

• Topline data from the LEVEL Phase 3 study expected in Q3 2026; LEVEL-2 trial enrollment to complete by end of 2027.

• Future capital needs will depend on clinical trial progress, regulatory outcomes, and potential commercialization efforts.