The binary event is the Phase 3 LEVEL topline data in August 2026. Traders should position for volatility around the ESC Congress presentation (Aug 28-31). The cash runway through Q2 2028 provides downside protection if data disappoints.
Price Chart
Executive Summary
Tenax Therapeutics reported Q2 2026 net loss of $17.8M ($0.35/share), slightly beating consensus of -$0.36. Cash position strengthened to $118.0M, extending runway through Q2 2028. The key catalyst is the expected topline Phase 3 LEVEL data in August 2026, with an abstract accepted for ESC Congress presentation.
Key Financial Metrics
Key Facts
- Net loss of $17.8M ($0.35/share) vs consensus -$0.36 (3.2% beat)
- Cash and equivalents $118.0M as of June 30, 2026, up from $97.6M at Dec 31, 2025
- Cash runway extended to Q2 2028 via $13.4M in warrant exercises
- Topline Phase 3 LEVEL data expected in August 2026, abstract accepted for ESC Congress
- R&D expenses $12.9M vs $6.1M in Q2 2025, driven by LEVEL and LEVEL-2 trials
- SG&A expenses $5.9M vs $5.7M in Q2 2025
Financial Impact
Net loss of $17.8M, cash position $118.0M
Risk Factors
- Phase 3 LEVEL trial failure would be catastrophic for the stock
- Net loss widening year-over-year ($17.8M vs $10.9M) shows increasing cash burn
- No approved product or revenue stream — binary pipeline risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3336713 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | SC 13G/A | $1.36 $1.72 | ▲ +26.47% | ▲ +26.90% | $1.73 (+27.21%) |
Oct 13, 2026 14d ago | SC 13G/A | $1.60 $1.63 | ▲ +1.88% | ▲ +3.03% | $1.73 (+8.13%) |
Oct 9, 2026 17d ago | SC 13G/A | $1.83 $1.52 | ▼ −16.94% | ▼ −15.45% | $1.73 (−5.46%) |
Oct 8, 2026 18d ago | 8-K | $1.87 $1.36 | ▼ −27.27% | ▼ −25.30% | $1.73 (−7.49%) |
Sep 17, 2026 5w ago | Insider Cluster | $1.90 $1.81 | ▼ −4.74% | ▼ −6.01% | $1.73 (−8.95%) |
Sep 9, 2026 6w ago | 8-K | $2.13 $1.82 | ▼ −14.55% | ▼ −13.90% | $1.73 (−18.78%) |
Aug 29, 2026 8w ago | Press Release | $1.84 $2.05 | ▲ +11.20% | ▲ +11.34% | $1.73 (−5.98%) |
Aug 10, 2026 11w ago | 8-K | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.73 (+25.82%) |
Aug 10, 2026 11w ago | Press Release | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.73 (+25.82%) |
Jul 31, 2026 12w ago | 8-K | $13.70 $13.44 | ▼ −1.90% | ▼ −5.41% | $1.73 (−87.37%) |
US Market Status
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