Cardiopulmonary Therapies

Search documents
Tenax Therapeutics Reports First Quarter 2025 Financial Results and Provides Corporate Update
Globenewswireยท 2025-05-14 20:05
Core Insights - Tenax Therapeutics is progressing with its Phase 3 LEVEL study for TNX-103 targeting pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF), with completion of enrollment expected around year-end 2025 and topline data anticipated in mid-2026 [1][3][11] Financial Performance - As of March 31, 2025, Tenax reported cash and cash equivalents of $111.4 million, following a private placement financing that raised approximately $25 million [5] - Research and development expenses for Q1 2025 were $5.7 million, a significant increase from $2.7 million in Q1 2024, primarily due to costs associated with the Phase 3 LEVEL study and increased personnel expenses [6] - General and administrative expenses for Q1 2025 were $5.7 million, up from $1.2 million in Q1 2024, largely due to increased compensation and professional fees [7] - The company reported a net loss of $10.4 million for Q1 2025, compared to a net loss of $3.8 million in Q1 2024 [8] Clinical Development - The Phase 3 LEVEL study is currently enrolling patients, with a target of 230 participants, and is being conducted in Canada and the U.S. [11] - A second Phase 3 study, LEVEL-2, is expected to commence in 2025, expanding the global footprint of the clinical trials [11] - Levosimendan, the active compound in TNX-103, is a first-in-class K-ATP channel activator/calcium sensitizer, previously developed for intravenous use in heart failure patients and authorized in 60 countries, though not available in the U.S. or Canada [9][12]