The continued accumulation by a dedicated healthcare fund suggests conviction in Tenax's pipeline or upcoming catalysts. Monitor for any conversion to a Schedule 13D (activist filing) or further stake increases, which would signal a more active engagement strategy.
Price Chart
Executive Summary
Sphera Funds Management Ltd. and related entities filed an amended Schedule 13G disclosing a 7.09% passive beneficial ownership stake in Tenax Therapeutics as of September 30, 2026, up from 6.4% in the prior filing. The increase reflects growing conviction by a healthcare-focused fund group, though the filing reaffirms passive intent with no activist plans.
Key Financial Metrics
Key Facts
- Sphera Funds Management Ltd. and related entities reported beneficial ownership of 2,663,296 shares of Tenax Therapeutics common stock, representing 7.09% of shares outstanding as of September 30, 2026.
- The stake includes 2,535,696 shares of common stock and 127,600 shares underlying call option contracts exercisable within 60 days.
- The percentage is based on 37,423,917 shares outstanding as of July 28, 2026, per the issuer's Form 10-Q filed July 31, 2026.
- The filing is an amendment to a Schedule 13G, confirming passive intent under Rule 13d-1(c).
- Sphera Biotech Master Fund, L.P. holds 2,430,921 shares (including call options), representing 6.47% of outstanding shares.
- Sphera Global Healthcare Master Fund holds 232,375 shares (including call options), representing 0.62% of outstanding shares.
Financial Impact
Stake increase from 6.4% to 7.09% — approximately $2.5M-$3.5M in additional shares at current prices (estimated based on market cap).
Risk Factors
- Passive filing limits activist pressure; fund may exit without notice if thesis changes.
- Biotech pipeline risk — Tenax is a clinical-stage company with no approved products, making it highly dependent on trial outcomes.
- Stake includes call options, which could be exercised or expire, altering the effective ownership percentage.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G/A Filing (Primary) | 0001178913-26-004757 |
| Document: 0001178913-26-004757-index.html | 0001178913-26-004757 |
| Document: 0001178913-26-004757.txt | 0001178913-26-004757 |
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% | $1.65 (+21.69%) |
Oct 13, 2026 14d ago | SC 13G/A | $1.60 $1.63 | ▲ +1.88% | ▲ +3.03% | $1.65 (+3.44%) |
Oct 9, 2026 17d ago | SC 13G/A | $1.83 $1.52 | ▼ −16.94% | ▼ −15.45% | $1.65 (−9.56%) |
Oct 8, 2026 18d ago | 8-K | $1.87 $1.36 | ▼ −27.27% | ▼ −25.30% | $1.65 (−11.50%) |
Sep 17, 2026 5w ago | Insider Cluster | $1.90 $1.81 | ▼ −4.74% | ▼ −6.01% | $1.65 (−12.89%) |
Sep 9, 2026 6w ago | 8-K | $2.13 $1.82 | ▼ −14.55% | ▼ −13.90% | $1.65 (−22.30%) |
Aug 29, 2026 8w ago | Press Release | $1.84 $2.05 | ▲ +11.20% | ▲ +11.34% | $1.65 (−10.05%) |
Aug 10, 2026 11w ago | 8-K | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.65 (+20.36%) |
Aug 10, 2026 11w ago | Press Release | $1.38 $1.71 | ▲ +24.36% | ▲ +24.41% | $1.65 (+20.36%) |
Jul 31, 2026 12w ago | 8-K | $13.70 $13.44 | ▼ −1.90% | ▼ −5.41% | $1.65 (−87.92%) |
US Market Status
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