Tenax Therapeutics Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow because the company hinges on a single event: whether TNX-103 works will only be decided by the amended LEVEL-2 trial, after LEVEL missed its primary endpoint. A threat to the company’s substance in the sense of red is not documented as of 06/30/2026 — cash of $118.0 million lasts into the second quarter of 2028 per Tenax, there is hardly any debt, and the Orion license only becomes terminable from September 20, 2030. It gets tight if LEVEL-2 is delayed further or fails to find funding. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
After the failed Phase 3 LEVEL trial, Tenax has a drug with clear biological signals but no proof of efficacy, and a well-stocked bank account that lasts into the second quarter of 2028. Completion of the second trial is not funded, the license becomes terminable from September 2030 without U.S. approval, and the market value roughly equals the cash. Not investment advice.
Clinical evidence
Phase 3 LEVEL missed its primary and key secondary endpoints on 08/10/2026 (+3.5 m, p = 0.63). The sub-333 m subgroup (+26.3 m) is prespecified but unadjusted; Tenax itself says it does not establish efficacy.
Biology and safety
NT-proBNP −49% and right-ventricular pressure −3.5 mmHg versus placebo; serious adverse events equally common (10.8% vs. 10.7%), but discontinuations due to adverse events 8.3% vs. 1.7%.
Cash
$118.0M as of 06/30/2026 plus $8.1M afterwards, hardly any liabilities, runway into Q2 2028 per Tenax; operating cash outflow H1 2026 $23.5M.
Funding of LEVEL-2
Per the 10-Q as of 06/30/2026, completing LEVEL-2 depends on license income, warrants or new money; the $4.50 warrants expired in September 2026, and new shares are likely.
License dependence
One compound, one licensor and supplier (Orion); without U.S. approval by 09/20/2030, the license can be terminated. LEVEL-2 enrollment has been paused since October 2026.
Worth Noting
Edition of October 10, 2026, based on the quarterly report 10-Q as of June 30, 2026, and the current reports 8-K through October 8, 2026; the other filings through October 10, 2026 (Schedule 13G/13G/A, Form 3/4) are reflected in the valuation. The quarterly report as of September 30, 2026, was not yet available. The hook is the wallstreet-online hot-discussion list, where Tenax has appeared since August 11, 2026 — an attention signal, not a data source.
Do not confuse: Tenax Therapeutics (TENX) has nothing to do with 10x Genomics (ticker TXG), even though the names sound alike.
Market value including pre-funded warrants, cash per share and estimated cash as of September 30, 2026, are our own calculations from the sources named. The expiry date of September 22, 2026, is derived from the contractual rule (30 trading days after August 10, 2026). All share prices before 2024 are not comparable with today’s prices because of the 1-for-20 (January 2023) and 1-for-80 (January 2024) reverse stock splits.
Stock Watch
This analysis is as of October 10, 2026. Stock Watch will tell you what's changed at TENX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.40 $ to 18.30 $ · Last price: 1.60 $ (As of: November 13, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/14/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Tenax Therapeutics Inc TENX | 0.1 | – | -0.1 | – | 0.0 | – | -75.8 |
| Vertex Pharmaceuticals Inc VRTX | 136.2 | 32.1 | 27.5 | 54.8 | 38.1 | 9.6 | 24.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.3 | 24.1 | 14.1 | 46.7 | 20.7 | 1.0 | 38.2 |
| Moderna Inc MRNA | 88.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 794.9 |
| argenx NV ARGX | 59.7 | 36.7 | 27.6 | 59.8 | 32.0 | 89.6 | 7.7 |
| BeiGene, Ltd. ONC | 47.1 | 74.4 | 29.5 | 89.4 | 19.1 | 40.2 | 10.2 |
| Royalty Pharma Plc RPRX | 38.2 | 37.5 | 24.0 | 99.8 | 100.3 | 5.1 | 78.4 |
| Revolution Medicines Inc RVMD | 35.8 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 167.6 |
| Genmab AS GMAB | 32.0 | 40.4 | 28.6 | 92.7 | 35.2 | -82.7 | 69.9 |
| Median of companies shown | 47.1 | 37.1 | 24.0 | 57.3 | 20.7 | 3.0 | 38.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -53 | -44 | – | -16 | 17 | 23 |
| 2017 | 0 | -9 | -9 | – | -12 | 9 | 10 |
| 2018 | 0 | -7 | -7 | – | -6 | 12 | 13 |
| 2019 | 0 | -9 | -8 | -2,167.97 | -8 | 4 | 6 |
| 2020 | 0 | -10 | -10 | -2,125.44 | -9 | 5 | 7 |
| 2021 | 0 | -33 | -32 | -2,525.22 | -11 | 4 | 6 |
| 2022 | 0 | -11 | -11 | -600.72 | -12 | 1 | 3 |
| 2023 | 0 | -8 | -8 | -31.04 | -6 | 8 | 12 |
| 2024 | 0 | -19 | -18 | -1.15 | -15 | 92 | 97 |
| 2025 | 0 | -56 | -53 | -1.34 | -36 | 97 | 104 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.19 | 97.00 | 0 | – | – | -3 | -3 |
| 2024: Q4 | -0.18 | 98.60 | 0 | -65.50 | -313,350.90 | -4 | -4 |
| 2025: Q1 | -0.28 | 91.00 | 0 | – | – | -7 | -7 |
| 2025: Q2 | -0.27 | 85.20 | 0 | – | – | -6 | -6 |
| 2025: Q3 | -0.40 | -110.50 | 0 | – | – | -9 | -9 |
| 2025: Q4 | -0.38 | -111.10 | 0 | -100.00 | – | -13 | -13 |
| 2026: Q1 | -0.35 | -25.00 | 0 | – | – | -9 | -9 |
| 2026: Q2 | -0.35 | -29.60 | 0 | – | – | -14 | -14 |
| 2026: Q3 | -0.31 | 22.50 | 0 | – | – | -13 | -13 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.39 | -1.70 – -1.08 | 0 | -3.7% | 9 |
| 12/31/2027 | -1.31 | -1.64 – -0.60 | 0 | 5.9% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Tenax Therapeutics ist ein Arzneimittelentwickler im Entwicklungsstadium ohne Umsatz (einziger Wirkstoff: orales Levosimendan TNX-103 gegen PH-HFpEF, lizenziert von Orion). In keinem der sechs ausgewerteten Berichte — Geschäftsberichte 10-K für 2025 und 2024, Quartalsberichte 10-Q zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025 — gibt es einen Treffer zu „artificial intelligence“, „machine learning“, „generative“, „large language“ oder „AI“. KI ist weder Produkt noch Umsatzquelle, kein Bericht beschreibt einen operativen KI-Einsatz (etwa in der Studienauswertung) und keine konkrete KI-Bedrohung des Geschäftsmodells. Werttreiber und Risiken sind die klinischen Studien (LEVEL verfehlte am 10.08.2026 das Hauptziel, LEVEL-2 läuft), die Finanzierung und die Orion-Lizenz. Negativ-Befund dokumentiert — nach dem Kriterienkatalog „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q zum 30.06.2026 — jüngster Periodenbericht, keine KI-Fundstelle 2026-07-31 · 10-Q zum 31.03.2026 — keine KI-Fundstelle 2026-05-12 · 10-K für 2025 — keine KI-Fundstelle 2026-03-10 · 10-Q zum 30.09.2025 — keine KI-Fundstelle 2025-11-12 · 10-Q zum 30.06.2025 — keine KI-Fundstelle 2025-08-13 · 10-K für 2024 — keine KI-Fundstelle 2025-03-25
Rated on October 10, 2026 · How the Rating Is Built
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -54.2%
- ROCE > 15% -58.1%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 331,979 | 1.66 | 550,687 |
| Oct 20, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 254,342 | 1.60 | 405,726 |
| Oct 19, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 336,528 | 1.51 | 507,013 |
| Sep 16, 2026 | Doogan Declan | Director | Buy | 53,000 | 1.92 | 101,760 |
| Sep 15, 2026 | Giordano Christopher Thomas | CEO | Buy | 4,850 | 1.82 | 8,837 |
| Sep 11, 2026 | Giordano Christopher Thomas | CEO | Buy | 6,000 | 1.88 | 11,250 |
| Sep 11, 2026 | Staab Thomas R Ii | Chief Financial Officer | Buy | 5,675 | 1.94 | 10,981 |
| Sep 3, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 900,000 | 1.78 | 1,604,160 |
| Sep 2, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 187,704 | 1.80 | 337,586 |
| Sep 1, 2026 | ADAR1 Capital Management, LLC | 10% Owner | Buy | 179,058 | 1.80 | 321,570 |
The company
About the Company
Tenax Therapeutics, Inc., ein Pharmaunternehmen im Entwicklungsstadium, entwickelt neuartige kardiopulmonale Therapien in den Vereinigten Staaten. Es entwickelt TNX-101, TNX-102 und TNX-103 (Levosimendan), die Phase-II-Studien zur Behandlung von Patienten mit pulmonaler Hypertonie bei Herzinsuffizienz mit erhaltener Auswurffraktion und begleitender pulmonaler Hypertonie abgeschlossen haben; sowie TNX-201 (Imatinib), einen Tyrosinkinase-Hemmer zur Behandlung der chronischen myeloischen Leukämie. Das Unternehmen firmierte früher als Oxygen Biotherapeutics, Inc. und änderte im September 2014 seinen Namen zu Tenax Therapeutics, Inc. Tenax Therapeutics, Inc. wurde 1967 gegründet und hat seinen Hauptsitz in Chapel Hill, North Carolina.
- Employees
- 14
- Headquarters
- Chapel Hill, NC
- Address
- 101 Glen Lennox Drive, 27517 Chapel Hill, United States
- Phone
- 919 855 2100
- Website
- tenaxthera.com
- IPO Date
- 01/02/1997
- ISIN
- US88032L6056
- Stock Split
- 1:80 on 01/03/2024
- Stock Split
- 1:20 on 01/05/2023
- Stock Split
- 1:20 on 02/26/2018
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher T. Giordano | CEO, President & Director | 1975 |
| Thomas A. McGauley | Principal Financial Officer & Principal Accounting Officer | 1973 |
| Stuart Rich M.D. | Chief Medical Officer & Director | 1950 |
| Thomas R. Staab II, CPA | Chief Financial Officer | 1968 |
| Doug Randall | Chief Business Officer | – |
| Douglas Hay Ph.D. | Executive Vice President of Regulatory Affairs | – |
| Timothy G. Healey M.B.A. | Chief Commercial Officer | 1966 |
| So-Young Kim M.D. | Executive Vice President of Clinical Development & Strategy | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/05/2026 TENAX THERAPEUTICS, INC. (TENX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 10/08/2026 TENAX THERAPEUTICS, INC. (TENX): Other Events; Financial Statements and Exhibits SEC ↗
- 09/09/2026 TENAX THERAPEUTICS, INC. (TENX): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.