Tenax Therapeutics Q3 net loss widens to $16.7 million; LEVEL-2 enrollment paused
Tenax Therapeutics reported a third-quarter 2026 net loss of $16.7 million, up from $15.8 million a year earlier, and no revenue was reported. The company paused enrollment in its ongoing LEVEL-2 Phase 3 trial while it amends the protocol to target a narrower patient group, and it has a Type C meeting with the FDA pending. Shareholders face a larger loss and a trial whose future plan depends on that FDA meeting.
Key points
- Net loss for the quarter ended September 30, 2026 was $16.7 million, compared with $15.8 million for the same quarter of 2025.
- Research and development expenses rose to $12.1 million from $10.3 million; SG&A fell to $5.7 million from $6.5 million.
- Cash and cash equivalents were $113.7 million at September 30, 2026; the company expects cash to fund operations through fiscal 2028, subject to the FDA Type C meeting outcome.
- LEVEL-2 enrollment is temporarily paused after the LEVEL trial did not meet its primary endpoint, announced August 10, 2026.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 05, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.