Tenax Therapeutics Q1 net loss $10.4M; Phase 3 LEVEL enrollment on track for year-end 2025

TENAX THERAPEUTICS, INC.

2025-Q1 EPS reported -$0.28

Net loss $10.4M in Q1 2025 vs $3.8M in Q1 2024; company is a development-stage biotech with no revenue.
Cash and equivalents $111.4M as of March 31, 2025; raised ~$25M gross proceeds from private placement in March 2025.
Phase 3 LEVEL study enrollment of 230 patients in PH-HFpEF targeted for completion around year-end 2025; topline data mid-2026.
Initiation of second registrational Phase 3 study (LEVEL-2) for TNX-103 expected in 2025.
R&D expense $5.7M (up from $2.7M) and G&A $5.7M (up from $1.2M) due to trial costs and stock-based compensation.

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