Tenax Therapeutics Q3 net loss $15.8M; Phase 3 LEVEL enrollment on track

TENAX THERAPEUTICS, INC.

2025-Q3 EPS reported -$0.96 vs consensus -$0.32 ▼ miss (-201.1%)

Net loss of $15.8M for Q3 2025 vs $4.0M in Q3 2024; R&D expenses $10.3M (up from $3.1M).
Cash and cash equivalents $99.4M as of Sept 30, 2025; expected to fund operations through 2027.
Phase 3 LEVEL study (TNX-103) targeting 230 patients; enrollment completion expected H1 2026, topline data H2 2026.
On track to initiate second Phase 3 study LEVEL-2 in 2025; 160+ global sites qualified.
European Patent Office intends to grant patent for levosimendan in PH-HFpEF, extending IP to Dec 2040.

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