Tenax Therapeutics(US:TENX)2025-11-12 21:40Financing and Capital - Tenax Therapeutics raised approximately $25.0 million in a private placement financing in March 2025 to advance its Phase 3 oral levosimendan program[78]. - The company raised gross proceeds of $25.0 million from the March 2025 Offering, with net proceeds of $23.2 million after expenses[93]. - The company received $3.7 million from the exercise of warrants and pre-funded warrants during the nine months ended September 30, 2025[100]. - The company has sufficient capital on hand to fund operations through 2027 based on working capital as of September 30, 2025[101]. Clinical Development - The company expects to enroll 230 patients in the ongoing Phase 3 LEVEL study in the first half of 2026, which is being conducted in the United States and Canada[79]. - The company plans to recruit patients for the LEVEL trial, concluding in approximately the first half of 2026[92]. - Clinical and preclinical development costs increased by $5.7 million for the three months ended September 30, 2025, primarily due to expenses associated with the ongoing Phase 3 LEVEL trial[82]. - The company is focused on developing two product candidates, levosimendan and imatinib, with a priority on levosimendan[90]. Financial Performance - The net loss for the three months ended September 30, 2025, was $15.8 million, a 299% increase from a net loss of $4.0 million in the same period in 2024[81]. - Research and development expenses for the three months ended September 30, 2025, increased by 232% to $10.3 million compared to $3.1 million in the same period in 2024[81]. - General and administrative expenses for the three months ended September 30, 2025, increased by 330% to $6.5 million compared to $1.5 million in the same period in 2024[81]. - Interest income increased by 53% to $1.0 million for the three months ended September 30, 2025, compared to $0.7 million in the same period in 2024[81]. - Net cash used in operating activities increased to $22.4 million for the nine months ended September 30, 2025, compared to $11.3 million for the same period in 2024[97]. - Net cash provided by financing activities was $26.9 million for the nine months ended September 30, 2025, a decrease of $72.9 million from $99.8 million in the same period of 2024[100]. - The accumulated deficit as of September 30, 2025, was $351.9 million, with expectations of continued net losses for several years[89]. Expenses and Costs - Non-cash stock-based compensation expense increased by $1.1 million for the three months ended September 30, 2025, compared to the same period in 2024[83]. - Legal and professional fees increased by $0.2 million for the three months ended September 30, 2025, primarily due to increased capital market and consulting expenses[86]. - Total current assets as of September 30, 2025, were $102.8 million, with working capital of $96.2 million[91]. - The company reported no net cash provided or consumed by investing activities for the nine months ended September 30, 2025[98]. - The company has not engaged in any off-balance sheet arrangements since inception[103].