Tenax Therapeutics (TENX) Q2 2026 earnings summary

Executive summary

• Focused on Phase 3 development of oral levosimendan for pulmonary hypertension, with LEVEL and LEVEL-2 trials ongoing; topline data from LEVEL expected August 2026 and to be presented at ESC Congress.

• LEVEL-2 trial enrollment is advancing, targeted for completion by end of 2027.

• Imatinib deprioritized for now.

• Raised $125 million in private placements in 2024 and 2025 to fund clinical programs.

• Cash and cash equivalents of $118.0 million as of June 30, 2026, sufficient to fund operations through Q2 2028.

Financial highlights

• Net loss for Q2 2026 was $17.8 million, up 64% year-over-year, driven by a 110% rise in R&D expenses as Phase 3 trials advanced.

• Total operating expenses for Q2 2026 were $18.8 million, a 59% increase year-over-year, driven by R&D spending.

• R&D expenses increased to $12.9 million in Q2 2026 from $6.1 million in Q2 2025.

• SG&A expenses were $5.9 million in Q2 2026, up slightly from $5.7 million in Q2 2025.

• Cash used in operating activities for the first half of 2026 was $23.5 million, up from $13.2 million in 2025.

Outlook and guidance

• Sufficient capital to fund planned operations through Q2 2028, including completion of LEVEL and LEVEL-2 trials.

• LEVEL-2 trial enrollment expected to complete by end of 2027.

• Additional capital may be needed for commercialization and further development beyond current trials.