Tenax Therapeutics(US:TENX)2025-11-12 21:38Financial Performance - Tenax Therapeutics reported cash and cash equivalents of $99.4 million as of September 30, 2025, expected to fund operations through 2027[7]. - Tenax reported a net loss of $15.8 million for Q3 2025, compared to a net loss of $4.0 million for Q3 2024[10]. - Tenax's net loss per share for Q3 2025 was $0.40, compared to $0.19 for Q3 2024[17]. - Total operating expenses for Q3 2025 were $16.8 million, compared to $4.6 million in Q3 2024[17]. - The total stockholders' equity as of September 30, 2025, was $96.2 million, an increase from $92.0 million at the end of 2024[21]. Research and Development - Research and development (R&D) expenses for Q3 2025 were $10.3 million, a significant increase from $3.1 million in Q3 2024, primarily due to clinical development costs[8]. - The ongoing Phase 3 LEVEL study is on track to enroll 230 patients by the first half of 2026, with a second Phase 3 study, LEVEL-2, expected to initiate this year[2][5]. - The company has qualified over 160 investigative sites across 15 countries for the LEVEL-2 study[5]. General and Administrative Expenses - General and administrative (G&A) expenses for Q3 2025 were $6.5 million, up from $1.5 million in Q3 2024, largely due to increased non-cash stock-based compensation[9]. Intellectual Property - The European Patent Office intends to grant a patent for levosimendan treatment in PH-HFpEF, providing protection until December 2040[3].