T
TENAX THERAPEUTICS, INC.
TENXCIK 0000034956NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-52.60M
Total Assets
$104.23M
Equity
$97.07M
Shares Out
17.20M
Op. Cash Flow
$-35.80M
Business
TENAX THERAPEUTICS, INC. is a clinical-stage pharmaceutical company developing cardiopulmonary therapies guided by clinician insights and key opinion leaders. Its main product candidates are levosimendan in multiple formulations (oral, IV, subcutaneous) for PH‑HFpEF and a modified‑release imatinib formulation for pulmonary arterial hypertension. The company organizes its operations around clinical development programs, intellectual property/licensing arrangements (notably with Orion), and collaboration with third‑party research, manufacturing and regulatory partners. It pursues development and potential commercialization on a worldwide basis through clinical trials and partner channels.
Summary from filing dated 2025-03-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 33 | 13 | 3 | 5 | 25 | |
| General and administrative | 24 | 7 | 5 | 6 | 8 | |
| Total operating expenses | 56 | 19 | 8 | 11 | 33 | |
| Net operating loss | −56 | −19 | 8 | 11 | 33 | |
| Interest income | 4 | 2 | −484,000 | — | — | |
| Interest expense | 0 | −23,000 | 24,000 | 4,443 | 949 | |
| Other (expense) income, net | −33,000 | 1,000 | −63,000 | −9,191 | — | |
| Net loss | −53 | −18 | 8 | 11 | 32 | |
| Net loss per share, basic | −1.34 | −1.15 | −31.04 | — | — | |
| Net loss per share, diluted | −1.34 | −1.15 | −31.04 | — | — | |
| Weighted average number of common shares and prefunded warrants outstanding, basic | 39 | 15 | 248,447 | — | — | |
| Weighted average number of common shares and prefunded warrants outstanding, diluted | 39 | 15 | 248,447 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 98 | 95 | 10 | 2 | 6 | |
| Prepaid expenses | 6 | 2 | 2 | 738,927 | 105,078 | |
| Other current assets | 1 | 64,000 | 252,000 | 345,856 | 0 | |
| Total current assets | 104 | 97 | 12 | 3 | 6 | |
| Total assets | 104 | 97 | 12 | 3 | 6 | |
| Accounts payable | 6 | 3 | 2 | 448,425 | 859,638 | |
| Accrued liabilities | 1 | 2 | 1 | 775,045 | 704,340 | |
| Total current liabilities | 7 | 5 | 4 | 2 | 2 | |
| Total liabilities | 7 | 5 | 4 | 2 | 2 | |
| Commitments and contingencies; see Note 5 | — | — | — | — | — | |
| Preferred stock, undesignated, authorized 4,818,654 shares Series A Preferred stock, par value $0.0001, issued 5,181,346 shares; outstanding 210, as of December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, par value $0.0001 per share; authorized 400,000,000 shares; issued and outstanding 9,314,130 as of December 31, 2025 and 3,420,906 as of December 31, 2024, respectively | 1,000 | 0 | 0 | 3 | 2,521 | |
| Additional paid-in capital | 465 | 407 | 305 | 291 | 283 | |
| Accumulated deficit | −367 | −315 | −297 | −290 | −278 | |
| Total stockholders' equity | 97 | 92 | 8 | 1 | 4 | |
| Total liabilities and stockholders' equity | 104 | 97 | 12 | 3 | 6 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net Loss | −53 | −18 | −8 | −11 | −32 | |
| Interest on debt instrument | 0 | 23,000 | 24,000 | 4,443 | 949 | |
| Stock-based compensation | 19 | 1 | 191,000 | — | — | |
| Prepaid expenses and other current assets | −5 | 58,000 | — | −980,822 | −22,500 | |
| Accounts payable | 3 | 1 | 2 | — | — | |
| Accrued liabilities | −421,000 | 523,000 | 237,000 | — | — | |
| Net cash used in operating activities | −36 | −15 | −6 | −11 | −11 | |
| Proceeds from issuance of common stock, warrants and pre-funded warrants, net of issuance costs | 23 | 100 | 14 | 8 | — | |
| Proceeds from the exercise of warrants | 15 | 68,000 | 1,000 | 2,063 | 544,651 | |
| Payments on short-term note | 0 | −501,000 | −624,000 | 0 | — | |
| Net cash provided by financing activities | 39 | 100 | 14 | 8 | 10 | |
| Net change in cash and cash equivalents | 3 | 85 | 8 | −3 | −666,319 | |
| Cash paid for interest | 0 | 23,000 | 24,000 | — | — |
Filings
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