Tenax Therapeutics (TENX)
Develops oral levosimendan in Phase 3 trials for PH-HFpEF.
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Develops oral levosimendan for pulmonary hypertension associated with heart failure with preserved ejection fraction through the LEVEL and LEVEL-2 trials. The pipeline also retains modified-release imatinib TNX-201; the development-stage model depends on trial completion, regulatory filings, funding, and third-party partners.
Develops oral levosimendan for pulmonary hypertension in heart failure with preserved ejection fraction through the Phase 3 LEVEL and LEVEL-2 trials. The development-stage pharmaceutical business focuses on cardiopulmonary therapies, holds global rights to oral and subcutaneous levosimendan formulations, and retains modified-release imatinib TNX-201 as a later program.
Clinical work is clinician-focused and informed by key opinion leaders and heart-failure experts. Further development and commercialization depend on completing the trials, subsequent regulatory filings, funding, and relationships with Orion, manufacturers, and clinical research organizations. Its corporate lineage reaches a public-company predecessor formed in 1967, while the Tenax name was adopted in 2014.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Roth Capital | Initiate | Buy | |||
| Aug 31, 2026 | UBS | Upgrade | Neutral | Buy | ||
| Aug 31, 2026 | Evercore ISI | Initiate | Outperform | |||
| Aug 31, 2026 | Citigroup | Downgrade | Neutral | |||
| Aug 31, 2026 | H.C. Wainwright | Initiate | Buy |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $118.0M · Total debt $0 · Total assets $121.7M · Shareholders' equity $113.6M
- Revenue
- $0
- Operating income
- −$18.8M
- Net income
- −$17.8M
No dividends on record.
| Institutions81 holders · as of Mar 31, 2026 | 80.02% | 21.23M shares | |
| Insiders6 holders · as of Jul 14, 2026 | 0.17% | 45.6K shares | |
| Strategic holders1 holder · as of Jan 10, 2025 | 1.32% | 351.1K shares | |
| Otherremainder | 18.49% | 4.90M shares |
26.53M company shares as of Aug 21, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Price T Rowe Associates Inc /MD/Institution | 11.13% | 2.95M | 13Fas of Mar 31, 2026 |
Janus Henderson Group PLCInstitution | 6.84% | 1.82M | 13Fas of Mar 31, 2026 |
VR Adviser, LLCInstitution | 6.32% | 1.68M | 13Fas of Mar 31, 2026 |
Perceptive Advisors LLCInstitution | 5.46% | 1.45M | 13Fas of Mar 31, 2026 |
Ikarian Capital, LLCInstitution | 3.84% | 1.02M | 13Fas of Mar 31, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 2, 2026 | ADAR1 Capital Management, LLC | 10 percent owner | +187,704 | $1.80 |
| Sep 1, 2026 | ADAR1 Capital Management, LLC | 10 percent owner | +179,058 | $1.80 |
| Aug 31, 2026 | ADAR1 Capital Management, LLC | 10 percent owner | +403,571 | $1.79 |
| Aug 24, 2026 | ADAR1 Capital Management, LLC | 10 percent owner | +107,374 | $1.75 |
| Aug 21, 2026 | ADAR1 Capital Management, LLC | 10 percent owner | +716,369 | $1.77 |
- Merck
Sotatercept program in Cpc-PH due to HFpEF
- AstraZeneca (ADR)
AZD3427 program in Group 2 PH due to left heart disease
- Eli Lilly
Tirzepatide program for obesity-related HFpEF
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tenax Therapeutics | $1.92 | +4.07% | $49.1M | — | — | — | — |
| Merck | $151.14 | −0.33% | $374.52B | 121.3 | 17.6 | 5.6 | +5.1% |
| AstraZeneca (ADR) | $163.48 | +1.13% | $250.67B | 24.3 | 15.2 | 4.1 | +6.4% |
| Eli Lilly | $1,165.91 | +0.56% | $1.09T | 38.9 | 28.4 | 13.7 | +47.7% |
| Median | 38.9 | 17.6 | 5.6 | +6.4% |