The stock will trade on Phase 3 LEVEL topline data expected in Q3 2026 — a binary event. Monitor for any data readouts or regulatory updates. The cash runway through Q1 2028 removes near-term financing risk.
Price Chart
Executive Summary
Tenax Therapeutics reported Q1 2026 EPS of -$0.35, beating consensus of -$0.40 by 12.5%, but net loss widened to $15.7M from $10.4M a year ago due to increased R&D spending on Phase 3 trials. The key catalyst is the upcoming Phase 3 LEVEL topline data in Q3 2026, with cash runway extended through Q1 2028.
Key Financial Metrics
Key Facts
- EPS of -$0.35 beat consensus of -$0.40 by 12.5%
- Net loss of $15.7M vs $10.4M in Q1 2025
- Cash and equivalents of $118.8M, up from $97.6M at year-end 2025
- Phase 3 LEVEL study fully randomized (>230 patients); topline data expected Q3 2026
- Phase 3 LEVEL-2 trial ongoing; enrollment completion expected by end of 2027
- Appointed new CFO, CCO, and EVP of Clinical Development
- Cash runway extended through at least Q1 2028
Financial Impact
Net loss of $15.7M in Q1 2026 vs $10.4M in Q1 2025; cash position $118.8M
Risk Factors
- Phase 3 LEVEL trial failure would be devastating for a single-asset company
- Widening net loss and increasing R&D spend without revenue
- Dilution risk from warrant exercises (shares outstanding more than doubled from Dec 2025 to Mar 2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292681 |
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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