$118.0 million in cash and cash equivalents sat on Tenax Therapeutics' (Nasdaq: TENX) balance sheet at June 30, 2026, up from $97.6 million at December 31, 2025, with $13.4 million of the gain from warrant exercises during the quarter. Tenax reported a net loss of $17.8 million for Q2 2026, against $10.9 million in Q2 2025, as R&D expenses nearly doubled YoY. The company now guides cash runway through Q2 2028 and expects topline data from its Phase 3 LEVEL trial in August 2026.
R&D nearly doubles as two Phase 3 trials run concurrently
R&D expenses reached $12.9 million in Q2 2026, up from $6.1 million in Q2 2025, a $6.8 million YoY increase. The driver: LEVEL and LEVEL-2, two double-blind, randomized, placebo-controlled Phase 3 trials of TNX-103 (oral levosimendan) in pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF), running in parallel. LEVEL-2 began in December 2025; enrollment is projected to complete by end of 2027.
SG&A was $5.9 million versus $5.7 million a year earlier. Higher legal and professional fees and personnel costs drove the increase, partially offset by lower stock-based compensation. Combined Q2 operating expenses: $18.8 million.
LEVEL readout and ESC Congress, August 28-31
An abstract has been submitted and accepted for a Late-Breaking Clinical Science session at the European Society of Cardiology Congress 2026 in Munich, Germany, scheduled August 28-31. Topline LEVEL data is expected in time for that presentation. Chris Giordano, President and CEO, described Tenax as approaching a moment the company has been preparing for since it began developing a therapy for PH-HFpEF, an indication for which no product has been approved. Levosimendan carries market authorization in 60 countries in an intravenous formulation for hospitalized heart failure patients, though it remains unavailable in the United States or Canada.
Balance sheet snapshot
| Item | June 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Cash and equivalents | $118.0M | $97.6M |
| Total assets | $121.7M | $104.2M |
| Total current liabilities | $8.1M | $7.2M |
| Additional paid-in capital | $514.6M | $464.5M |
| Accumulated deficit | ($401.0M) | ($367.5M) |
| Stockholders' equity | $113.6M | $97.1M |
| Shares outstanding | 31,949,785 | 9,314,130 |
Shares outstanding expanded 3.4x from year-end 2025, with additional paid-in capital rising $50.1 million over the same six months. Accumulated deficit widened $33.5 million in the period, reaching $401.0 million.