---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-071382"
form_type: "8-K"
ticker: "TENX"
cik: "0000034956"
company_name: "TENAX THERAPEUTICS, INC."
filed_at: "2025-05-14T23:59:59+00:00"
generated_at: "2026-05-21T11:17:30.636614+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-071382
- form_type: 8-K
- ticker: TENX
- cik: 0000034956
- company_name: TENAX THERAPEUTICS, INC.
- filed_at: 2025-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/34956/000095017025071382/0000950170-25-071382-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/34956/000095017025071382/tennx-20250514.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-071382
- JSON: https://secwatch.observer/filing/0000950170-25-071382.json
- Plain text: https://secwatch.observer/filing/0000950170-25-071382.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.