The imminent Phase 3 LEVEL data readout in August 2026 is the primary catalyst. Traders should position for binary event risk — positive data could drive significant upside given the $393M market cap and lack of approved PH-HFpEF therapies. Monitor for data release and ESC presentation. Cash runway through Q2 2028 reduces near-term dilution risk.
Price Chart
Executive Summary
Tenax Therapeutics reported Q2 2026 results with a net loss of $17.8M ($0.35/share), slightly beating consensus of -$0.38. Cash and equivalents stood at $118.0M, extended to Q2 2028 via $13.4M in warrant exercises. The key catalyst is the expected topline Phase 3 LEVEL data in August 2026, with an abstract accepted for the ESC Congress.
Key Financial Metrics
Key Facts
- Cash and cash equivalents: $118.0M as of June 30, 2026, up from $97.6M at Dec 31, 2025
- Net loss Q2 2026: $17.8M ($0.35/share) vs $10.9M ($0.27/share) in Q2 2025
- R&D expenses: $12.9M (up from $6.1M) driven by Phase 3 LEVEL and LEVEL-2 trials
- Topline data from Phase 3 LEVEL trial expected in August 2026
- Abstract accepted for Late-Breaking Clinical Science at ESC Congress 2026 (Aug 28-31)
- LEVEL-2 enrollment completion expected by end of 2027
- Cash runway extended to Q2 2028
Financial Impact
Net loss increased 64% YoY to $17.8M; cash burn rate ~$6M/month; warrant exercises added $13.4M in Q2
Risk Factors
- Phase 3 LEVEL trial failure or mixed results
- Regulatory delays or safety issues with levosimendan
- Competition from other PH-HFpEF candidates
- Dilution from warrant exercises and future capital raises
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-326784 |
| Document: d90330d8k.htm | 0001193125-26-326784 |
| Document: 0001193125-26-326784-index-headers.html | 0001193125-26-326784 |
| Document: 0001193125-26-326784-index.html | 0001193125-26-326784 |
| Document: 0001193125-26-326784.txt | 0001193125-26-326784 |
| 8-K Data (Synthetic) | 0001193125-26-326784 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $1.62 | awaiting T+5 | — | $1.72 (+6.17%) |
Oct 15, 2026 12d ago | SC 13G/A | $1.36 $1.72 | ▲ +26.47% | ▲ +26.90% | $1.72 (+26.47%) |
Oct 13, 2026 14d ago | SC 13G/A | $1.60 $1.63 | ▲ +1.88% | ▲ +3.03% | $1.72 (+7.50%) |
Oct 9, 2026 18d ago | SC 13G/A | $1.83 $1.52 | ▼ −16.94% | ▼ −15.45% | $1.72 (−6.01%) |
Oct 8, 2026 19d ago | 8-K | $1.87 $1.36 | ▼ −27.27% | ▼ −25.30% | $1.72 (−8.02%) |
Sep 17, 2026 5w ago | Insider Cluster | $1.90 $1.81 | ▼ −4.74% | ▼ −6.01% | $1.72 (−9.47%) |
Sep 9, 2026 6w ago | 8-K | $2.13 $1.82 | ▼ −14.55% | ▼ −13.90% | $1.72 (−19.25%) |
Aug 29, 2026 8w ago | Press Release | $1.84 $2.05 | ▲ +11.20% | ▲ +11.34% | $1.72 (−6.52%) |
Aug 10, 2026 11w ago | 8-K | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.72 (+25.09%) |
Aug 10, 2026 11w ago | Press Release | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.72 (+25.09%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers