TENX

MKT CAP:$247M

Tenax Therapeutics, Inc.

Market Cap

$247M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$13.97+$2.92 (+26.43%)

Apr 23, 2026

Company Details

Tenax Therapeutics, Inc., a specialty pharmaceutical company, engages in identifying, developing, and commercializing products for cardiovascular and pulmonary diseases in the United States and Canada. It develops TNX-103 and TNX-102 (levos...

CEO

Christopher T. Giordano

IPO Date

Apr 4, 1994

Website

www.tenaxthera.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$43M

EPS (Diluted)

-$1.13

Free Cash Flow

-$26M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 10, 2026

$0EPS -$1.34

Q3 2025

Nov 12, 2025

$0EPS -$0.40

Q2 2025

Aug 13, 2025

$0EPS -$0.27

Q1 2025

May 14, 2025

$0EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$3M
Q1 22	$0	$0	$3M
Q2 22	$0	$0	$3M
Q3 22	$0	$0	$3M
Q4 22	$0	$0	-$20M
Q1 23	$0	$0	-$2M
Q2 23	$0	$0	$1M
Q3 23	$0	$0	$2M
Q4 23	$0	-$4.7K	-$3M
Q1 24	$0	$0	-$4M
Q2 24	$0	$0	-$4M
Q3 24	$0	$0	$5M
Q4 24	$0	$0	-$7M
Q1 25	$0	$0	-$11M
Q2 25	$0	$0	-$12M
Q3 25	$0	$0	-$17M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$3M	-$3M
Q1 22	-$3M	-$3M
Q2 22	-$3M	-$3M
Q3 22	-$3M	-$3M
Q4 22	-$2M	-$2M
Q1 23	-$2M	-$2M
Q2 23	-$923.0K	-$923.0K
Q3 23	-$2M	-$2M
Q4 23	-$1M	-$1M
Q1 24	-$5M	-$5M
Q2 24	-$3M	-$3M
Q3 24	-$3M	-$3M
Q4 24	-$4M	-$4M
Q1 25	-$7M	-$7M
Q2 25	-$6M	-$6M
Q3 25	-$9M	-$9M

Capital Expenditures

Quarter	CapEx
Q4 21	$1.7K
Q1 22	$6.3K
Q2 22	$0
Q3 22	$0
Q4 22	$4.0K
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$2
Q4 24	$3
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+13.4%
Q1 22	—	+88.6%
Q2 22	—	-45.7%
Q3 22	—	+23.3%
Q4 22	—	+508.7%
Q1 23	—	+156.6%
Q2 23	—	+56.8%
Q3 23	—	+27.4%
Q4 23	—	-82.9%
Q1 24	—	+153.9%
Q2 24	—	+397.0%
Q3 24	—	-118.1%
Q4 24	—	+118.3%
Q1 25	—	+190.0%
Q2 25	—	+221.2%
Q3 25	—	+463.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$216.6K	—
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$119.0K	—
Q2 24	$22.0K	—
Q3 24	$0	—
Q4 24	$0	—
Q1 25	$4M	—
Q2 25	$5M	—
Q3 25	$6M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$915.6K	$1M	—
Q1 22	$1M	$2M	—
Q2 22	$2M	$1M	—
Q3 22	$2M	$1M	—
Q4 22	$1M	$1M	—
Q1 23	$265.7K	$1M	—
Q2 23	$197.9K	$1M	—
Q3 23	$1M	$1M	—
Q4 23	$2M	—	$2M
Q1 24	$3M	$1M	—
Q2 24	$2M	$1M	—
Q3 24	$3M	$2M	—
Q4 24	$5M	—	$3M
Q1 25	$6M	$6M	—
Q2 25	$6M	$6M	—
Q3 25	$10M	—	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$0	$3M
Q2 22	$7M	$0	$7M
Q3 22	$4M	$0	$4M
Q4 22	$2M	$0	$2M
Q1 23	$14M	$0	$14M
Q2 23	$13M	$0	$13M
Q3 23	$11M	$0	$11M
Q4 23	$10M	$0	$10M
Q1 24	$13M	$0	$13M
Q2 24	$9M	$0	$9M
Q3 24	$98M	$0	$98M
Q4 24	$95M	$0	$95M
Q1 25	$111M	$0	$111M
Q2 25	$105M	$0	$105M
Q3 25	$99M	$0	$99M
Q4 25	$98M	$0	$98M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	13K	-18.3%	+177.5%
Q1 22	16K	+22.5%	+46.4%
Q2 22	16K	0.0%	+46.4%
Q3 22	16K	+4.5%	+4.5%
Q4 22	18K	+11.8%	+43.0%
Q1 23	116K	+532.2%	+638.0%
Q2 23	276K	+137.8%	+1654.8%
Q3 23	298K	+7.9%	+1712.6%
Q4 23	248K	-16.7%	+1250.9%
Q1 24	1M	+390.7%	+948.6%
Q2 24	2M	+60.6%	+608.3%
Q3 24	21M	+980.6%	+6994.4%
Q4 24	15M	-27.8%	+6046.9%
Q1 25	37M	+139.6%	+2900.9%
Q2 25	40M	+8.2%	+1920.8%
Q3 25	40M	+0.4%	+87.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	8
Q1 22	$0	8
Q2 22	$0	8
Q3 22	$0	8
Q4 22	$0	7
Q1 23	$0	7
Q2 23	$0	7
Q3 23	$0	7
Q4 23	$0	5
Q1 24	$0	5
Q2 24	$0	5
Q3 24	$0	5
Q4 24	$0	4
Q1 25	$0	4
Q2 25	$0	4
Q3 25	$0	4

Revenue / Employee