Tenax Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Core Viewpoint - Tenax Therapeutics is advancing its lead program TNX-103 for treating pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF), with ongoing Phase 3 studies and a strong financial position to support its operations through 2027 [2][3][5]. Corporate Progress - The company is on track to complete enrollment of 230 patients in the Phase 3 LEVEL study by the first half of 2026, which is expected to enhance the statistical power of the study [3][7]. - Tenax plans to initiate a second Phase 3 study, LEVEL-2, in 2025, with the protocol finalized and over 85 new sites in 15 countries prepared for qualification [3][7]. - Recent patent claims covering TNX-103 and related compounds have been allowed by the Canadian Intellectual Property Office, with protections expected to extend to 2040 [7]. Financial Results - As of June 30, 2025, Tenax reported cash and cash equivalents of $105.5 million, which is projected to fund operations through 2027 [5]. - Research and development expenses for Q2 2025 were $6.1 million, a significant increase from $2.3 million in Q2 2024, primarily due to higher clinical development costs [6]. - General and administrative expenses for Q2 2025 were $5.7 million, up from $1.3 million in Q2 2024, largely due to increased non-cash stock-based compensation [9]. - The company reported a net loss of $10.9 million for Q2 2025, compared to a net loss of $3.6 million in Q2 2024 [10].