Monitor for topline data from the Phase 3 LEVEL study in Q3 2026, which represents the primary catalyst. The strong cash position reduces near-term dilution risk, but watch for any financing announcements to support the LEVEL-2 trial.
Price Chart
Executive Summary
Tenax Therapeutics reported Q1 2026 EPS of -$0.35, beating consensus of -$0.40 by 12.5%, though net loss widened to $15.7M from $10.4M YoY. The key catalyst is the completion of randomization in the Phase 3 LEVEL study with topline data expected in Q3 2026, supported by a cash runway through Q1 2028.
Key Financial Metrics
Key Facts
- Q1 2026 EPS -$0.35 vs consensus -$0.40 (12.5% beat)
- Net loss of $15.7M in Q1 2026 vs $10.4M in Q1 2025
- Cash and cash equivalents of $118.8M as of March 31, 2026, sufficient through Q1 2028
- Phase 3 LEVEL study fully randomized (>230 patients); topline data expected Q3 2026
- R&D expenses increased to $11.5M from $5.7M YoY due to clinical trial costs
Financial Impact
Net loss increased $5.3M YoY to $15.7M; cash burn reflects ongoing Phase 3 trials
Risk Factors
- Clinical trial failure or negative topline data
- Need for additional capital if trials extend beyond cash runway
- Potential stock dilution from warrant exercises or new offerings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218224 |
| Document: d91737d8k.htm | 0001193125-26-218224 |
| Document: 0001193125-26-218224-index-headers.html | 0001193125-26-218224 |
| Document: 0001193125-26-218224-index.html | 0001193125-26-218224 |
| Document: 0001193125-26-218224.txt | 0001193125-26-218224 |
| 8-K Data (Synthetic) | 0001193125-26-218224 |
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
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