TENAX THERAPEUTICS, INC.
TENX evidence brief
What we can confirm
- BioSniper Score:
- 8.9 / 10
- Market Cap:
- $69.2M
- Lead Asset:
- imatinib (Preclinical)
What it means
What to watch
Prepared research question
What matters most for TENX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TENX
TENAX THERAPEUTICS is a development-stage pharmaceutical company focused on cardiopulmonary therapies, currently prioritizing levosimendan for pulmonary hypertension with ongoing Phase 3 trials while deprioritizing imatinib.
Key risk: Limited product portfolio
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 5 clinical trials for TENAX THERAPEUTICS, INC..
TENAX THERAPEUTICS is a development-stage pharmaceutical company focused on cardiopulmonary therapies, currently prioritizing levosimendan for pulmonary hypertension with ongoing Phase 3 trials while deprioritizing imatinib.
- TENAX is a development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies [sec · filed 2026-03-10].
- The company is actively conducting the LEVEL and LEVEL-2 clinical trials for levosimendan, its prioritized product candidate for pulmonary hypertension [sec · filed 2026-03-10].
- Levosimendan and imatinib have already been approved in other indications and prescribed for more than 20 years [sec · filed 2026-03-10].
- As of June 30, 2026, TENAX reported cash & equivalents of $118.0M, net income of -$17.8M, and shareholders' equity of $113.6M [sec].
- The company believes its existing cash as of December 31, 2025 will be sufficient to fund planned operations through at least the end of 2027 [sec · filed 2026-03-10].
What works
- TENAX employs a clinician-driven drug development approach led by key opinion leaders and heart failure experts, which may enhance targeting of disease pathophysiology [sec · filed 2026-03-10].
- Both levosimendan and imatinib have established safety profiles from over 20 years of use in other indications, potentially reducing development risk [sec · filed 2026-03-10].
- The company achieved target enrollment of 230 patients in the LEVEL study in March 2026, with high rates of study and therapy continuation [sec · filed 2026-03-10].
What to weigh
- TENAX is limited to a small number of product opportunities, and its survival depends on success with levosimendan and imatinib [sec · filed 2026-03-10].
- The company will require substantial additional capital to complete development, file marketing applications, and commercialize its product candidates [sec · filed 2026-03-10].
- Collaborations with partners may be terminated or allowed to expire, which could delay development and increase costs [sec · filed 2026-03-10].
From the filings
Quoted directly from source documents.
TENAX is a development-stage pharmaceutical company focused on cardiopulmonary therapies.
“development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies.”
SEC filings · March 10, 2026
Levosimendan and imatinib have been approved in other indications for over 20 years.
“both levosimendan and imatinib have already been approved in other indications and prescribed around the world for more than 20 years”
SEC filings · March 10, 2026
TENAX achieved target enrollment of 230 patients in the LEVEL study in March 2026.
“We achieved our target enrollment of 230 patients in March of 2026.”
SEC filings · March 10, 2026
The company will need substantial additional funding for development and commercialization.
“We will require substantial additional funding to further develop, file marketing authorization applications, and if approved, commercialize our product candidates”
SEC filings · March 10, 2026
Risks & what to watch (3)›
Key risks
- Limited product portfolio — Survival depends on success with a small number of product opportunities, primarily levosimendan [sec · filed 2026-03-10].
- Substantial capital needs — Requires additional funding to complete development and commercialization; failure to obtain capital could delay programs [sec · filed 2026-03-10].
- Partner collaboration risk — Collaborations may be terminated or expire, delaying development and increasing costs [sec · filed 2026-03-10].
What to watch
- Progress and results of the ongoing Phase 3 LEVEL and LEVEL-2 trials for levosimendan [sec · filed 2026-03-10].
- Ability to secure additional capital to fund development and commercialization beyond 2027 [sec · filed 2026-03-10].
- Any updates on the deprioritized imatinib program and potential future Phase 3 trial [sec · filed 2026-03-10].
- Regulatory decisions and marketing authorization applications following trial completion [sec · filed 2026-03-10].
Sources: SEC filings · Generated September 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.07 · 0% dilution
Lead: Phase 3
4 candidates
No upcoming catalysts tracked
4 buys · 0 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
80
Total value held
$298.0M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 1,815,474 | $29.1M |
| venrock adviser, llc | 1,675,262 | $26.8M |
| perceptive advisors llc | 1,447,782 | $23.2M |
| ikarian capital, llc | 1,017,600 | $16.3M |
| stonepine capital management, llc | 975,200 | $15.6M |
| logos global management lp | 625,000 | $10.0M |
| morgan stanley | 596,564 | $9.5M |
| velan capital investment management lp | 583,333 | $9.3M |
| adage capital partners gp, l.l.c. | 540,126 | $8.6M |
| point72 asset management, l.p. | 533,965 | $8.5M |
Showing top 10 of 80 institutional holders of TENAX THERAPEUTICS, INC.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 2.9%
- Days to cover
- 1.3
- Shares short
- 730,696
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TENX short interestGovernance
Frequently asked questions
What is the AI investment thesis for TENAX THERAPEUTICS, INC.?
TENAX THERAPEUTICS is a development-stage pharmaceutical company focused on cardiopulmonary therapies, currently prioritizing levosimendan for pulmonary hypertension with ongoing Phase 3 trials while deprioritizing imatinib.
What is TENAX THERAPEUTICS, INC.'s lead drug candidate?
TENAX THERAPEUTICS, INC.'s most advanced tracked candidate is imatinib (Preclinical) for pulmonary arterial hypertension ("PAH").
Who is the CEO of TENAX THERAPEUTICS, INC.?
Mr. Christopher T. Giordano is the chief executive officer of TENAX THERAPEUTICS, INC. (TENX).
Where is TENAX THERAPEUTICS, INC. headquartered?
TENAX THERAPEUTICS, INC. (TENX) is headquartered in Chapel Hill, NC, United States.
What therapeutic areas does TENAX THERAPEUTICS, INC. focus on?
TENAX THERAPEUTICS, INC. develops therapies across Neurology, Cardiovascular, Respiratory.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.