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Tenax Therapeutics

TENX Rare disease Lead: Phase 3 8 Biotech Distilled articles ↓ 26 filings & releases ↓ Cash $114M (Sep 30, 2026) ↓ 8 verdicts ↓ 2 timing quotes ↓
Cardiovascular Small Molecule

Market cap $77.0M 45.5M shares (10-Q, Oct 31, 2026) × $1.69 close Nov 6, 2026

Most recent annual filing: 2026-03-10

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. TNX-103 enrollment doneend of 2027TNX-103 enrollment done, end of 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Discontinued (1)

Capital (as filed)

Cash
$114M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$12.5M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$114M cash, runway through fiscal 2028 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Tenax Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-02 Watch Tenax Therapeutics (TENX) — Scientific Deep Dive for TNX-103 and Pipeline Products The LEVEL binary is a coin-flip at a fully-diluted valuation already embedding meaningful success, making it watchable but not ownable on fundamentals.
  2. 2026-07-02 Watch UPDATE: Tenax Therapeutics (TENX) - The Clock Just Got a Date on It Catalyst timing tightened to August and ESC late-breaker slot confirmed, but science, capital structure, and valuation asymmetry are unchanged — still a coin-flip binary not worth new capital at this price.
  3. 2026-07-08 Watch UPDATE: Tenax Therapeutics (TENX) - Fidelity Shows Up at 14.9% Fidelity's 14.9% stake alongside T. Rowe's 17.2% is a modestly constructive ownership signal, but valuation asymmetry has narrowed further and the science is unchanged — still a coin-flip binary.
  4. 2026-07-31 Watch UPDATE: Tenax Therapeutics (TENX) - The 2030 Cliff Just Moved to 2035 The Orion license deadline extension to 2035 removes the timeline trap bear-case pillar, but clinical risk is unchanged and the fully-diluted valuation still embeds meaningful success — remains a coin-flip binary.
  5. 2026-08-11 Avoid UPDATE: Tenax Therapeutics (TENX) - The Coin Landed Tails LEVEL failed its primary endpoint decisively (3.5m, p=0.63), the financing lever is gone with warrants underwater, and the remaining case is a subgroup hypothesis that does not yet warrant capital.
  6. 2026-08-31 Watch UPDATE: Tenax Therapeutics (TENX) - Munich Answered the Question I Asked The ESC dataset added KCCQ corroboration, multiplicity-adjusted echo data, and a regression-to-the-mean rebuttal to the low-walk subgroup, making the hypothesis materially stronger — but the pivotal still failed and FDA has not spoken, so only a speculative watch is warranted.
  7. 2026-09-09 Watch UPDATE: Tenax Therapeutics (TENX) - Fidelity Left, ADAR1 Arrived Fidelity exited and specialist financing capital ADAR1 arrived at 14.0%, signaling a probable dilutive raise ahead; science and FDA timing are unchanged — lottery-ticket sizing near cash value.
  8. 2026-11-06 Watch UPDATE: Tenax Therapeutics (TENX) - Grading Its Own Homework LEVEL-2 enrichment criteria derived post hoc from the failed trial inflate the reported 34m effect; enrollment is paused, FDA has not yet spoken, and the stock trades below cash — lottery-ticket sizing pending Q1 2027 FDA readout.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (26)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 31, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

43 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)