TENAX THERAPEUTICS, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $0 | $0 | — | — | — |
| Selling, general & administrative | — | — | — | — | $7.6M |
| Research and development | $32.7M | $12.7M | $3.2M | $5.4M | $25.1M |
| Operating expenses | $56.4M | $19.5M | $8.2M | $11.1M | $32.7M |
| Operating income | -$56.4M | -$19.5M | -$8.2M | $11.1M | -$32.7M |
| Interest expense | $0 | $23,000 | $24,000 | $4,443 | $949 |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$52.6M | -$17.6M | -$7.7M | $11.0M | -$32.5M |
| Balance Sheet | |||||
| Cash and equivalents | $97.6M | $94.9M | $9.8M | $2.1M | $5.6M |
| Current assets | $104.2M | $96.7M | $11.7M | $3.2M | $5.7M |
| Total assets | $104.2M | $96.7M | $11.7M | $3.4M | $6.0M |
| Current liabilities | $7.2M | $4.7M | $3.6M | $1.8M | $1.6M |
| Total liabilities | $7.2M | $4.7M | $3.6M | $1.9M | $1.7M |
| Stockholders' equity | $97.1M | $92.0M | $8.1M | $1.5M | $4.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$35.8M | -$14.8M | -$5.9M | -$11.4M | -$10.9M |
| Depreciation and amortization | — | $0 | $7,570 | $5,143 | $4,116 |
| Stock-based compensation | $19.2M | $1.1M | $191,000 | — | — |
| Capital expenditure | — | — | — | $2,323 | $5,252 |
| Free cash flow | — | — | — | -$11.4M | -$10.9M |
Shares outstanding 26.5M · Free float 87.3%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.