Tenax Q1 net loss $15.7M; cash $118.8M; Phase 3 topline data expected Q3 2026

TENAX THERAPEUTICS, INC.

• Net loss of $15.7M for Q1 2026 vs $10.4M in Q1 2025; R&D expense rose to $11.5M from $5.7M.
• Cash and equivalents $118.8M as of March 31, 2026; expected to fund operations through at least Q1 2028.
• Phase 3 LEVEL study fully randomized (>230 patients); topline data anticipated in Q3 2026.
• Appointed Thomas Staab as CFO, Timothy Healey as CCO, and So-Young Kim as EVP Clinical Development.
• Phase 3 LEVEL-2 trial ongoing; enrollment completion expected by end of 2027.

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