Tenax’s Third-Quarter 2026 Net Loss Widens to $16.7 Million

The Tip Desk · November 11, 2026 · 3 min read

Tenax reported a third-quarter 2026 net loss of $16.7 million, compared with $15.8 million a year earlier. Cash and cash equivalents stood at $113.7 million as of September 30, with the company now expecting a runway through fiscal 2028.

Tenax Therapeutics, Inc. (TENX), a Phase 3 development-stage pharmaceutical company, reported a net loss of $16.7 million for the quarter ended September 30, 2026, compared with a net loss of $15.8 million a year earlier.

The company said LEVEL, the first Phase 3 trial of oral levosimendan in pulmonary hypertension associated with heart failure with preserved ejection fraction, did not achieve its primary or key secondary objectives. On August 10, 2026, Tenax announced the topline result. In a prespecified analysis, patients with a baseline 6-minute walk distance below the trial median of 333 meters showed a 26.3-meter improvement versus placebo. In the overall population, TNX-103 produced a 49% greater reduction in NT-proBNP and a 3.5 mmHg reduction in right ventricular systolic pressure versus placebo.

On October 8, 2026, the company disclosed a multivariable analysis that identified baseline characteristics as predictors of enhanced treatment response and described a predictive enrichment strategy for LEVEL-2. Enrollment in LEVEL-2 has been temporarily paused while a protocol amendment is implemented at each site. The amendment is intended to enrich for patients with either a baseline 6MWD of 100 to 300 meters, or a baseline 6MWD of 301 to 400 meters and a right atrial volume index of at least 25 mL/m². In LEVEL patients meeting those criteria, TNX-103 showed a 34-meter improvement in 6MWD versus placebo at Week 12.

President and Chief Executive Officer Chris Giordano said the company’s objective in LEVEL-2 is to enroll a population that conforms to the LEVEL subpopulation demonstrating significant treatment benefit, which made up more than 50% of patients in LEVEL. He said the company shared topline LEVEL data with the Food and Drug Administration in mid-August and has been granted a Type C meeting to discuss the overall development of levosimendan in PH-HFpEF.

Cash and cash equivalents were $113.7 million as of September 30, 2026, after $4.3 million of utilization in the third quarter. The company now expects its cash runway to fund operations through fiscal 2028, but said its current operating plan is subject to change pending the outcome of the Type C meeting. Cash was $118.0 million at June 30, 2026.

Research and development expenses were $12.1 million in the third quarter of 2026, compared with $10.3 million in the third quarter of 2025. The company attributed the year-over-year increase primarily to increased preclinical development costs and clinical costs associated with LEVEL and LEVEL-2. Selling, general and administrative expenses were $5.7 million, compared with $6.5 million a year earlier, primarily from a decrease in stock-based compensation, partially offset by higher professional fees and salary and benefit costs.

Net loss per share was $0.31, compared with $0.40 a year earlier, as weighted-average common shares and prefunded warrants outstanding rose to 53.45 million from 39.74 million. Common shares outstanding were 45,536,448 as of September 30, 2026, compared with 9,314,130 as of December 31, 2025.

Tenax expects to publish the LEVEL-2 protocol design paper and to provide further updates on the development of levosimendan in the first quarter of 2027.