# Tenax Therapeutics, Inc. (TENX)

> Source: Nexqual · https://nexqual.com/TENX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Tenax Therapeutics, Inc. (TENX), nexqual.com/TENX" · informational, not investment advice.

**Price:** USD 1.72 (-2.27% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 1.76 · day 1.69–1.76 · 52w 1.31–19.4 · market cap $64.4M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $0K, net income -$64.9M (SEC filings).
- Insider open-market purchases, last ~7 months: 7 Form 4 filings, $6.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.30 on a 1–5 scale) (10 analysts), mean target USD 9.63 (range 4–35).
- Total return with dividends: 1Y -76.7% vs S&P 500 +13.4%; 5Y -99.9% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0K | $0K | $0K |
| Operating income | -$32.7M | $11.1M | -$8.2M | -$19.5M | -$56.4M | -$68.6M |
| Net income | -$32.5M | $11.0M | -$7.7M | -$17.6M | -$52.6M | -$64.9M |
| EPS (diluted) | -$2528.00 | — | -$31.04 | -$1.15 | -$1.34 | — |
| Free cash flow | -$10.9M | -$11.4M | — | — | — | — |
| Cash + short-term investments | $5.6M | — | — | $94.9M | $97.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.6x · Earnings yield -100.77%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
7 purchases, $6.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-19…2026-10-21 | Adar1 Capital Management, Llc |  | 922,849 | $1.5M | 1.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Doogan Declan | Director | 53,000 | $102K | 1.92 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11…2026-09-15 | Giordano Christopher Thomas | CEO | 10,850 | $20K | 1.85 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11 | Staab Thomas R Ii | Chief Financial Officer | 5,675 | $11K | 1.94 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Adar1 Capital Management, Llc |  | 900,000 | $1.6M | 1.78 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31…2026-09-02 | Adar1 Capital Management, Llc |  | 770,333 | $1.4M | 1.79 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20…2026-08-24 | Adar1 Capital Management, Llc |  | 1,025,867 | $1.8M | 1.77 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.30 on a 1–5 scale), 10 analysts; mean target USD 9.63 (low 4, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-31 | Guggenheim | Downgrade | Buy → Neutral |  |
| 2026-08-11 | Chardan Capital | Downgrade | Buy → Neutral | $27 → $5 |
| 2026-08-11 | Canaccord Genuity | Target lowered | Buy | $35 → $4 |
| 2026-08-11 | Guggenheim | Target lowered | Buy | $40 → $4 |
| 2026-08-11 | Evercore ISI Group | Downgrade | Outperform → In-Line | $39 → $5 |
| 2026-08-10 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-07-31 | Chardan Capital | Maintained | Buy | $27 |
| 2026-07-29 | Cantor Fitzgerald | Reiterated | Overweight | $35 |
| 2026-07-28 | Canaccord Genuity | Initiated | Buy | $35 |
| 2026-07-22 | Evercore ISI Group | Initiated | Outperform | $39 |
| 2026-07-02 | Chardan Capital | Maintained | Buy | $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -76.7% | -99.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -76.8% | -76.6% |
| Volatility (annualized) | 245.3% | 134.7% |
| Max drawdown | -92.6% (Jul 2026→Oct 2026) | -100.0% (Nov 2021→Oct 2026) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 303.53 -1.39% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.27 -1.79% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.09 -0.35% · PRAX (Praxis Precision Medicines, Inc) USD 252.96 -2.30% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.93 -2.23% · AXSM (Axsome Therapeutics, Inc.) USD 145.04 -7.07%

## More
Full page: https://nexqual.com/TENX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TENX's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/34956/000119312526099393/tennx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Orion Group Holdings Inc (ORN) | "The amendment also (i) increased the Company's obligations to make certain non-refundable commercialization milestone payments to Orion, aggregating to up to $45.0 million, contingent upon achievement of certain cumulati…" |

## Company outlook (8-K filed 2026-07-31)

- "EX-99.1 2 d90330dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Tenax Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update Company expects to report topline data from Phase 3 LEVEL clinical trial in August 2026 CHAPEL HILL, N.C., July 31, 2026 (GLOBE NEWSWIRE) — Tenax Therapeutics, Inc."
- "As we announced at the start of July, we expect to have topline data from the LEVEL clinical trial in August," said Chris Giordano, President and Chief Executive Officer of Tenax Therapeutics. "In parallel, our team continues to activate sites and advance enrollment in LEVEL-2, our second global pivotal trial."
- "We expect to complete LEVEL-2 enrollment by the end of 2027."
- "Proceeds of $13.4 million during the second quarter from exercises of previously issued warrants has enabled Tenax to extend its cash runway, and the Company now expects to fund its operations through the second quarter of 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.36 | $-0.38 | -5.7% | $0 | 7 |
| Next quarter (ends 2026-12-31) | $-0.38 | $-0.37 | +3.6% | $0 | 7 |
| Current fiscal year (ends 2026-12-31) | $-1.45 | $-1.43 | +1.5% | $0 | 9 |
| Next fiscal year (ends 2027-12-31) | $-1.50 | $-1.39 | +7.6% | $0 | 7 |