TENAX THERAPEUTICS, INC.

Tenax Therapeutics reported a net loss of $(15.7) million for the first quarter of 2026, an increase from $(10.4) million in the prior year, primarily driven by a 103% rise in research and development expenses to $11.5 million. Despite increased operating losses, the company's cash and cash equivalents grew to $118.8 million by March 31, 2026, bolstered by $30.5 million from warrant exercises. The company also announced the appointment of Thomas R. Staab, II as its new CFO and confirmed sufficient liquidity to fund operations through the first quarter of 2028, alongside achieving target enrollment for its Phase 3 LEVEL study.

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.

Tenax Therapeutics announced it has awarded or will award inducement stock options totaling 657,500 shares of common stock to four newly hired non-executive individuals. These awards are for various clinical operations, medical, product development, and commercial roles. The options, with an exercise price equal to the closing price on each employee's start date, will vest over approximately four years, with 25% on the first anniversary and the remainder monthly thereafter. The Board's Compensation Committee approved these awards as material inducements for employment, granted outside the stockholder-approved equity incentive plan.

Tenax Therapeutics, a Phase 3 pharmaceutical company, announced the appointment of Timothy Healey, MBA, as its new Chief Commercial Officer (CCO), effective immediately. Mr. Healey brings extensive experience in leading successful drug launches and developing innovative commercialization models. In his new role, he will be responsible for overseeing Tenax's global commercial strategy and preparing TNX-103 for its commercial launch.

Tenax Therapeutics, Inc. announced the appointment of Thomas R. Staab, II as its new Chief Financial Officer, effective May 11, 2026. Mr. Staab brings over 25 years of leadership experience in management and corporate finance roles within the healthcare industry, having previously served as CFO for LENSAR, BioCryst Pharmaceuticals, and Inspire Pharmaceuticals. He will replace Thomas McGauley, who served as interim CFO since December 2024. The company also announced inducement equity awards for Mr. Staab, including 10,000 restricted stock units and options to purchase 450,000 shares of common stock.