Tenax Therapeutics (TENX) Q4 2025 earnings summary

Executive summary

• Achieved randomization target of 230 patients in the Phase 3 LEVEL study; topline data expected Q3 2026.

• Initiated global Phase 3 LEVEL-2 trial and opened a long-term open-label extension (OLE) study.

• Expanded patent protection for subcutaneous levosimendan across multiple indications in January 2026.

Financial highlights

• Cash and cash equivalents were $97.6 million as of December 31, 2025, expected to fund operations through 2027.

• R&D expenses rose to $10.5 million in Q4 2025 (from $4.6 million in Q4 2024) and $32.7 million for FY 2025 (from $12.7 million in FY 2024), mainly due to LEVEL and LEVEL-2 trials.

• G&A expenses increased to $5.9 million in Q4 2025 (from $2.7 million in Q4 2024) and $23.7 million for FY 2025 (from $6.8 million in FY 2024), driven by stock-based compensation and professional fees.

• Net loss was $15.5 million for Q4 2025 (vs. $6.3 million Q4 2024) and $52.6 million for FY 2025 (vs. $17.6 million FY 2024).

• Interest income for FY 2025 was $3.8 million, up from $1.9 million in FY 2024.

Outlook and guidance

• Cash reserves are expected to support operations through 2027.

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

• Topline data from LEVEL study expected in Q3 2026.