Tenax公布2026年二季度财报，现金可支撑至2028年二季度但亏损扩大

Second Quarter 2026 Financial Results
Cash position:
Tenax Therapeutics reported cash and cash equivalents of $118.0 million as of June 30, 2026. Proceeds of $13.4 million during the second quarter from exercises of previously issued warrants has enabled Tenax to extend its cash runway, and the Company now expects to fund its operations through the second quarter of 2028.
Research and development (R&D):
R&D expenses for the second quarter of 2026 were $12.9 million, compared to $6.1 million for the second quarter of 2025. The increase is primarily attributable to increased clinical and preclinical development costs associated with our ongoing Phase 3 LEVEL trial and our second global Phase 3 clinical trial, LEVEL-2, which began in December 2025.
Selling, general and administrative (SG&A):
SG&A expenses for the second quarter of 2026 were $5.9 million, compared to $5.7 million for the second quarter of 2025. The increase is primarily attributable to an increase in legal and professional fees as well as salary and benefit costs related to an increase in personnel, all partially offset by a decrease in stock-based compensation expense.
Net loss:
Tenax Therapeutics reported a net loss of $17.8 million for the second quarter of 2026, compared to a net loss of $10.9 million for the second quarter of 2025.
About Levosimendan
Levosimendan is a novel, first-in-class K-ATP channel activator/calcium sensitizer currently being evaluated to treat pulmonary hypertension (PH) associated with heart failure with preserved ejection fraction (PH-HFpEF). Levosimendan was first developed for intravenous use in hospitalized patients with acutely decompensated heart failure, and it has received market authorization in 60 countries in this indication; although, it is not available in the United States or Canada. Tenax’s Phase 2 HELP clinical trial, including its open-label extension stage, demonstrated the potential of IV (TNX-101) and oral (TNX-103) levosimendan to bring durable improvements in exercise capacity and quality of life, as well as other clinical assessments, in patients with PH-HFpEF. TNX-103 (oral levosimendan) is currently being evaluated in LEVEL and LEVEL-2, two Phase 3, double-blind, randomized, placebo-controlled clinical trials in patients with PH-HFpEF.
About Tenax Therapeutics
Tenax Therapeutics, Inc. is a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies. The Company owns global rights to develop and commercialize levosimendan, which it is developing for the treatment of PH-HFpEF, the most prevalent form of pulmonary hypertension globally, for which no product has been approved to date. For more information, visit
www.tenaxthera.com
. Tenax Therapeutics’ common stock is listed on The Nasdaq Stock Market LLC under the symbol “TENX”.
Caution Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this press release are forward-looking statements. These forward-looking statements may include information concerning our clinical trials and our possible or projected future business operations. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: risks of our clinical trials, including, but not limited to, the timing, delays, costs, design, location, initiation, enrollment, and results of such trials; any delays in regulatory review and approval of product candidates in development; our estimates regarding the potential market opportunity for our product candidates; reliance on third parties, including Orion Corporation, our manufacturers and CROs; risks regarding the formulation, production, marketing, customer acceptance and clinical utility of our product candidates; the potential advantages of our product candidates; risks related to our business strategy, including the prioritization and development of product candidates; our competitive position; our ability to maintain our culture and recruit, integrate and retain qualified personnel and advisors, including our executives and members of our Board of Directors; intellectual property risks; volatility and uncertainty in the global economy and financial markets in light of unexpected changes in tariffs and the possibility of pandemics, global financial and geopolitical uncertainties, including in the Middle East and the Russian invasion of and war against the country of Ukraine; risks associated with our cash needs; changes in legal, regulatory and legislative environments in the markets in which we operate, and the impact of these changes on our ability to obtain regulatory approval for our products; and other risks and uncertainties set forth from time to time in our SEC filings. Tenax Therapeutics assumes no obligation and does not intend to update these forward-looking statements except as required by law.
Contact:
Argot Partners
tenax@argotpartners.com
Tenax Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
June 30, 2026
December 31, 2025
ASSETS
(unaudited)
Current assets:
Cash and cash equivalents
$
117,976
$
97,565
Prepaid expenses
3,415
5,643
Other current assets
272
1,019
Total current assets
121,663
104,227
Total assets
$
121,663
$
104,227
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
6,795
$
6,041
Accrued liabilities
1,278
1,115
Total current liabilities
8,073
7,156
Total liabilities
8,073
7,156
Stockholders' equity:
Preferred stock, undesignated, authorized 4,818,654 shares
Series A Preferred stock, par value $0.0001, authorized 5,181,346 shares; issued and outstanding 210, as of June 30, 2026 and December 31, 2025
-
-
Common stock, par value $0.0001 per share; authorized 400,000,000 shares; issued and outstanding 31,949,785 as of June 30, 2026 and 9,314,130 as of December 31, 2025, respectively
3
1
Additional paid-in capital
514,560
464,524
Accumulated deficit
(400,973
)
(367,454
)
Total stockholders’ equity
113,590
97,071
Total liabilities and stockholders' equity
$
121,663
$
104,227
Tenax Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except share and per share data)
For the three months
ended June 30,
For the six months
ended June 30,
2026
2025
2026
2025
Operating expenses
Research and development
$
12,850
$
6,121
$
24,389
$
11,804
Selling, general and administrative
5,934
5,671
10,968
11,326
Total operating expenses
18,784
11,792
35,357
23,130
Net operating loss
(18,784
)
(11,792
)
(35,357
)
(23,130
)
Interest income
981
954
1,842
1,884
Other income (expense), net
-
(9
)
(4
)
(9
)
Net loss
$
(17,803
)
$
(10,847
)
$
(33,519
)
$
(21,255
)
Net loss per share, basic and diluted
$
(0.35
)
$
(0.27
)
$
(0.70
)
$
(0.56
)
Weighted average number of common shares and prefunded warrants outstanding, basic and diluted
50,869,259
39,572,177
48,064,151
38,086,800