TENAX THERAPEUTICS, INC.
TENX · Pharmaceutical Preparations · 26.5M shares · +6047%/yr ↑ dilution · EDGAR filings ↗
Reference price $10.22 · est. market cap ~$271M — last insider purchase, 2025-12-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Pre-revenue clinical biotech wholly dependent on oral levosimendan, a candidate with a poor trial track record.
Strengths
- Solid liquidity buffer: $97.6M cash (54th pct) and current ratio 14.6 (89.5th) funding ongoing Phase 3 work
- No debt service burden; losses narrowing
Risks
- Deeply negative returns (ROA -50%, ROE -54%) with no marketable product and ongoing cash burn
- Binary clinical risk: levosimendan repeatedly missed primaries (HELP PH-HFpEF p=0.65; LEVO-CTS cardiac-surgery composite failed)
Notable findings
- Chronic dilutionShare count +6047%/yr over 1y (dilution, book value/share -98%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- New fund positionNotable fund(s) opened this quarter: STATE STREET CORP
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Trial readout soonUpcoming trial readout ~2026-10 — PHASE3 · Pulmonary Hypertension
- Notable holderHeld by 5 notable fund(s): FMR LLC, RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 6→7 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-54.2%
Return on assets
-50.5%
Current ratio
14.6×
Tangible book value
$97M
Cash & investments
$98M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | STAAB THOMAS R II | Grant | 10K | — |
| 2025-12-09 | Rich Stuart | Buy | 2.5K | $10.22 |
| 2025-12-08 | Rich Stuart | Buy | 2.5K | $10.10 |
| 2025-12-04 | Rich Stuart | Buy | 2.5K | $9.20 |
| 2025-12-03 | Rich Stuart | Buy | 1.5K | $9.08 |
| 2025-12-02 | Rich Stuart | Buy | 1.0K | $9.01 |
| 2025-11-20 | Giordano Christopher Thomas | Buy | 538 | $7.59 |
| 2025-11-19 | Giordano Christopher Thomas | Buy | 455 | $7.51 |
| 2025-11-18 | Giordano Christopher Thomas | Buy | 1.6K | $7.75 |
| 2025-11-18 | Almenoff June Sherie | Buy | 1.9K | $7.52 |
| 2025-11-18 | Almenoff June Sherie | Buy | 1.9K | $7.52 |
| 2025-11-17 | MCGAULEY THOMAS | Buy | 2.0K | $7.34 |
| 2025-11-17 | MCGAULEY THOMAS | Buy | 1.0K | $7.35 |
| 2025-11-17 | MCGAULEY THOMAS | Buy | 5.0K | $7.23 |
| 2025-11-17 | Almenoff June Sherie | Buy | 93 | $7.15 |
| 2025-11-17 | Almenoff June Sherie | Buy | 93 | $7.15 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07436689 ↗ | Long-Term Open-Label Extension Study of Oral Levosimendan Pulmonary Hypertension Associated With HFpEF | PHASE3 | Enrolling By Invitation | 2029-03-01 |
| NCT07288398 ↗ | LEVEL-2: LEVosimendan to Improve Exercise Limitation in Patients With PH-HFpEF-2 Pulmonary Hypertension Associated With HFpEF | PHASE3 | Recruiting | 2028-06-30 |
| NCT05983250 ↗ | LEVosimendan to Improve Exercise Limitation in Patients With PH-HFpEF Pulmonary Hypertension | PHASE3 | Recruiting | 2026-10-01 |
| NCT03624010 ↗ | Open-Label Rollover Study of Levosimendan in PH-HFpEF Patients Hypertension Pulmonary Secondary Heart Failure, Right Sided Heart Failure With Normal Ejection Fraction | PHASE2 | Completed | 2023-04-25 |
| NCT03541603 ↗ | Hemodynamic Evaluation of Levosimendan in Patients With PH-HFpEF Hypertension Pulmonary Secondary, Heart Failure, Right Sided | PHASE2 | Completed | 2020-04-07 |
| NCT02025621 ↗ | Levosimendan in Patients With Left Ventricular Systolic Dysfunction Undergoing Cardiac Surgery On Cardiopulmonary Bypass Coronary Artery Bypass Grafting, Mitral Valve Surgery | PHASE3 | Completed | 2016-11-01 |
| NCT00908063 ↗ | Safety and Tolerability of Oxycyte in Patients With Traumatic Brain Injury (TBI) Traumatic Brain Injury | PHASE2 | Terminated | 2014-09-01 |
| NCT00174980 ↗ | Study of Oxycyte in Severe Closed Head Injury Traumatic Brain Injury | PHASE2 | Terminated | 2008-03-01 |
| NCT02973620 ↗ | Levosimendan Compassionate Use in Pediatric Patients With Advanced Decompensated Heart Failure Heart Decompensation | — | No Longer Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-04-22 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
| 2026-01-09 | Exec/director changeExhibits | filing ↗ |
| 2025-12-17 | OtherExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-09-16 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-02 | 0001193125-26-257400 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219383 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-218224 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001193125-26-168521 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001654954-26-002072 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001193125-26-099393 ↗ |
| 8-K | 2026-01-09 | 2026-01-06 | 0001654954-26-000232 ↗ |
| 8-K | 2025-12-17 | 2025-12-17 | 0001654954-25-014059 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001654954-25-012921 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-277793 ↗ |
| 8-K | 2025-09-16 | 2025-09-16 | 0001654954-25-010792 ↗ |
| 8-K | 2025-09-09 | 2025-09-03 | 0001654954-25-010510 ↗ |