TENAX THERAPEUTICS, INC. TENX
Tenax Therapeutics is a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies. We employ a clinician-driven drug development approach, led by key opinion leaders and heart failure experts and informed by their clinical insights to precisely target disease pathophysiology. We are currently actively conducting the LEVEL and LEVEL-2 clinical trials to evaluate levosimendan as our prioritized product candidate and have deprioritized a Phase 3 clinical trial of imatinib, two drugs supported by promising evidence that they may significantly improve the lives of patients with pulmonary hypertension. Importantly, both levosimendan and imatinib have already been approved in other indications and prescribed around the world for more than 20 years, and we believe their mechanisms of action are uniquely suitable to target and treat pulmonary hypertension. We believe this derisked approach of using already-approved drugs that provide well-established safety profiles from millions of patients, combined with a development path led by preeminent cardiovascular and pulmonary hypertension experts, puts us in a strong position to deliver breakthrough cardiopulmonary therapies designed to improve patients' functioning and quality of life.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | — | — | — | — | — | — | — | $0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | $0 |
| Gross profit | — | — | — | — | — | — | — | — | — | $0 |
| R&D | $32.7M | $12.7M | $3.2M | $5.4M | $25.1M | $4.6M | $3.5M | $1.2M | $3.5M | $13.1M |
| SG&A | $23.7M | $6.8M | $5.0M | $5.7M | $7.6M | $5.3M | $5.1M | $5.7M | $5.7M | $6.2M |
| Total operating expenses | $56.4M | $19.5M | $8.2M | $11.1M | $32.7M | $9.9M | $8.6M | $6.9M | $9.2M | $52.7M |
| Operating income | -$56.4M | -$19.5M | -$8.2M | $11.1M | -$32.7M | $9.9M | -$8.6M | -$6.9M | -$9.2M | -$52.7M |
| Interest expense | $0 | $23.0K | $24.0K | $4.4K | $949 | $1.6K | $0 | — | — | $0 |
| Pre-tax income | -$52.6M | -$17.6M | -$7.7M | $11.0M | -$32.5M | -$9.9M | -$8.4M | -$14.1M | -$8.8M | -$36.0M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.0M |
| Net income | -$52.6M | -$17.6M | -$7.7M | $11.0M | -$32.5M | -$9.9M | -$8.4M | -$14.1M | -$8.8M | -$43.9M |
| EPS, basic | -1.34 | -1.15 | -31.04 | — | — | — | — | — | — | — |
| EPS, diluted | -1.34 | -1.15 | -31.04 | — | -1.58 | -0.95 | -1.35 | -9.04 | -6.27 | -31.24 |
| Shares, diluted (wtd. avg.) | $39.2M | $15.3M | $248.4K | — | — | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $97.6M | $94.9M | $9.8M | $2.1M | $5.6M | $6.3M | $4.9M | $12.4M | $1.6M | $10.0M |
| Short-term investments | — | — | — | — | $0 | $462.7K | $493.9K | $494.6K | $6.1M | $3.3M |
| Receivables | — | — | — | — | — | — | — | $0 | $50.2K | $72.6K |
| Total current assets | $104.2M | $96.7M | $11.7M | $3.2M | $5.7M | $6.8M | $6.2M | $13.3M | $8.1M | $13.6M |
| Property, plant and equipment | — | — | $0 | $7.2K | $7.1K | $6.0K | $6.6K | $8.5K | $9.9K | $19.1K |
| Goodwill | — | — | — | — | — | — | — | — | — | $0 |
| Other intangibles | — | — | — | — | — | — | — | — | — | $0 |
| Total assets | $104.2M | $96.7M | $11.7M | $3.4M | $6.0M | $6.9M | $6.4M | $13.3M | $9.9M | $23.3M |
| Accounts payable | $6.0M | $3.2M | $2.1M | $448.4K | $859.6K | $757.9K | $1.7M | $749.8K | $611.9K | $727.6K |
| Total current liabilities | $7.2M | $4.7M | $3.6M | $1.8M | $1.6M | $2.1M | $2.5M | $1.6M | $1.0M | $6.2M |
| Total liabilities | $7.2M | $4.7M | $3.6M | $1.9M | $1.7M | $2.2M | $2.6M | $1.6M | $1.0M | $6.2M |
| Retained earnings | -$367.5M | -$314.9M | -$297.3M | -$289.5M | -$278.5M | -$246.0M | -$236.2M | -$227.8M | -$213.5M | -$204.7M |
| Total equity | $97.1M | $92.0M | $8.1M | $1.5M | $4.2M | $4.6M | $3.8M | $11.8M | $8.9M | $17.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35.8M | -$14.8M | -$5.9M | -$11.4M | -$10.9M | -$9.3M | -$7.6M | -$5.5M | -$12.1M | -$15.9M |
| Depreciation and amortisation | — | — | $7.6K | $5.1K | $4.1K | $4.1K | $5.0K | $9.0K | $13.6K | $19.0K |
| Stock-based compensation | $19.2M | $1.1M | $191.0K | — | — | — | $0 | $190.1K | $79.6K | $1.1K |
| Capital expenditure | — | — | — | $2.3K | $5.3K | $3.5K | $3.6K | $7.6K | $4.5K | $2.9K |
| Investing cash flow | — | $0 | $3.0K | -$2.3K | $452.6K | $20.1K | -$1.7K | $7.4M | $3.7M | $22.2M |
| Financing cash flow | $38.5M | $99.9M | $13.6M | $7.9M | $9.7M | $10.6M | $96.5K | $8.9M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-168580.
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