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

Core Insights - Tenax Therapeutics is advancing its lead program, TNX-103, for treating pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF), with enrollment of 230 patients expected to complete in the first half of 2026 and a second Phase 3 study, LEVEL-2, set to initiate in 2025 [2][6] Corporate Progress - The company reported a cash position of $99.4 million as of September 30, 2025, which is expected to fund operations through 2027 [8] - Tenax is conducting a virtual KOL call on November 13, 2025, to discuss the treatment landscape for PH-HFpEF and the ongoing development of TNX-103 [4] Clinical Development - The ongoing Phase 3 LEVEL study is progressing well, with high rates of study and therapy continuation, and is being conducted in the United States and Canada [6] - The European Patent Office has indicated its intention to grant a patent for levosimendan for treating PH-HFpEF, which will provide IP protection until December 2040 [6] Financial Results - For Q3 2025, Tenax reported R&D expenses of $10.3 million, up from $3.1 million in Q3 2024, primarily due to increased clinical development costs [9] - General and administrative expenses for Q3 2025 were $6.5 million, compared to $1.5 million in Q3 2024, largely due to increased non-cash stock-based compensation [10] - The net loss for Q3 2025 was $15.8 million, compared to a net loss of $4.0 million in Q3 2024 [11]