TENX Stock — Tenax Therapeutics Inc.: Cash, EV, Pipeline

Share price

$1.90

Market cap

$71.1M

Cash

$118.0M

Enterprise value

-$46.9M

Balance sheet

Cash	$118.0M
Debt	$0.0M
Net cash	$118.0M
Enterprise value	-$46.9M
Basic shares	31.9M shares
Fully diluted shares	54.6M shares
Fully diluted market cap	$103.6M
Cash per share	$3.70

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Aug 11 - Sep 22	TNX-103	Phase 3	Pulmonary Hypertension Associated With HFpEF	—
Apr 12 - May 24	TNX-103	Phase 3	Pulmonary Hypertension Associated With HFpEF	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

levosimendan

Phase 3 · Active Modality: oral small molecule

Aliases TNX-103, levosimendan

Target K-ATP channel

Indications

pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF) (Phase 3)

Catalysts

— August 2026
— end of 2027

Status note Prioritized product candidate. Phase 3 LEVEL trial completed randomization of >230 patients by end of Q1 2026 with high continuation rates. LEVEL-2, a second larger global Phase 3 trial, began Dec 2025. Company plans marketing authorization applications after both Phase 3 trials.

imatinib

Phase 3 · Active

Target tyrosine kinase

Indications

pulmonary hypertension (Phase 3)

Status note Company has deprioritized the Phase 3 clinical trial of imatinib; filing does not state discontinuation.

Per-asset detail extracted from the 10-Q filed 2026-07-31. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	TNX-103
Lead indication	Pulmonary Hypertension Associated With HFpEF
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07288398	Phase 3	Recruiting	Sponsor	TENX	—	Pulmonary Hypertension Associated With HFpEF	—
NCT07436689	Phase 3	Enrolling by invitation	Sponsor	TENX	—	Pulmonary Hypertension Associated With HFpEF	—
NCT05983250	Phase 3	Active, not recruiting	Sponsor	TENX	—	Pulmonary Hypertension	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Tenax Therapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	787,600	-230,000	1.88%	2026-08-14
RTW Investments	696,570	+326,324	0.09%	2026-08-14
Braidwell LP	584,412	+584,412	0.31%	2026-08-14
Logos Global Management	300,000	-325,000	0.19%	2026-08-14
ADAR1 Capital Management	220,462	+7,000	0.15%	2026-08-14
Sphera Biotech	120,200	-15,815	0.25%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

TENX — Tenax Therapeutics Inc.