Quarterly ResultMay 12, 2026, 08:02 AM
Tenax Therapeutics Q1 Net Loss $15.7M; Phase 3 LEVEL Study on Track
AI Summary
Tenax Therapeutics reported a net loss of $15.7 million for the first quarter of 2026, compared to a net loss of $10.4 million in Q1 2025. The company announced significant progress in its clinical trials, with randomization completed for the Phase 3 LEVEL study of TNX-103, and topline data expected in Q3 2026. The global Phase 3 LEVEL-2 trial is ongoing, with enrollment anticipated by the end of 2027. Additionally, Tenax strengthened its leadership team with new appointments for Chief Financial Officer, Chief Commercial Officer, and Executive Vice President of Clinical Development and Strategy, and extended its cash runway through at least Q1 2028.
Key Highlights
- Net loss for Q1 2026 was $15.7 million, compared to $10.4 million in Q1 2025.
- Cash and cash equivalents stood at $118.8 million as of March 31, 2026.
- Cash runway extended through at least the first quarter of 2028.
- R&D expenses increased to $11.5 million in Q1 2026 from $5.7 million in Q1 2025.
- G&A expenses decreased to $5.0 million in Q1 2026 from $5.7 million in Q1 2025.
- Phase 3 LEVEL study randomization completed; topline data expected in Q3 2026.
- Global Phase 3 LEVEL-2 clinical trial enrollment anticipated by end of 2027.
- Appointed Thomas Staab as CFO, Timothy Healey as CCO, and So-Young Kim as EVP of Clinical Development.