Tenax Therapeutics

TENX

Market cap $100M

Tenax Therapeutics is a speculative BUY, driven by the commercial potential of levosimendan for PH-HFpEF and a favorable risk/reward profile. Levosimendan's Phase III trial remains well powered, but the main end-point risk persists, with a realistic 60–70% chance of success. The risk-adjusted conservative revenue estimate for TENX's lead asset well supports the company's current $450M market cap with substantial upside optionality.

Tenax Therapeutics (TENX) initiated with a Buy rating and a $25 price target, implying 127% upside based on DCF analysis. TNX-103, targeting PH-HFpEF, shows a high probability of Phase 3 success with a 65% PoS and strong Phase 2 efficacy signals. Valuation assumes $500M peak sales by 2035, conservative market penetration, and robust cash position minimizing near-term dilution risk.

Planned Review of Standard Deviation Demonstrates No Need to Increase Size of Ongoing LEVEL Study LEVEL On Track to Complete Enrollment in First Half of 2026; Topline Data Expected in Second Half of 2026 Global Phase 3 LEVEL-2 Study Initiated; Company Estimates Completion of Enrollment by End of 2027 CHAPEL HILL, N.C., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or “Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, announced today that the prespecified Blinded Sample Size Re-estimation (BSSR) of LEVEL demonstrated the trial is powered at well over 90% to detect a 25 meter change in 6-minute walk distance (6MWD), the primary endpoint.

CHAPEL HILL, N.C., Nov. 25, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today announced that the Company will present at the following investor conferences:

Tenax Therapeutics, Inc. ( TENX ) Discusses Scientific Rationale and Development Strategy for TNX-103 in PH-HFpEF November 13, 2025 4:30 PM EST Company Participants Christopher Giordano - CEO, President & Director Stuart Rich - Chief Medical Officer & Director Sanjiv Shah Barry Borlaug Conference Call Participants David Risinger - Leerink Partners LLC, Research Division Yasmeen Rahimi - Piper Sandler & Co., Research Division Matthew Phipps - William Blair & Company L.L.C., Research Division Presentation Operator Good afternoon, and welcome to the Tenax Therapeutics Virtual KOL Call.

Phase 3 LEVEL Study Ongoing, Enrollment Completion (230 Patients) Expected in First Half of 2026, with Topline Data Expected in Second Half of 2026

CHAPEL HILL, N.C., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today announced that the Company will host a conference call and webcast on Thursday, November 13, 2025, at 4:30 p.m.

CHAPEL HILL, N.C., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today announced that the Company will present at the Guggenheim 2nd Annual Healthcare Innovation Conference, which is taking place from November 10-12, 2025, in Boston, MA.

Provides Patent Protection in Europe Through at Least December 2040 Further IP Protection for TNX-103 (Oral Levosimendan) and Other Drug Formulations, and its Active Metabolites, in PH-HFpEF Also Provides Patent Protection for Wide Range of Levosimendan Doses, and its Use in Combination with Various Cardiovascular Drugs in PH-HFpEF CHAPEL HILL, N.C., Sept. 16, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax” or “Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today announced that the European Patent Office (EPO) has notified Tenax of its Intention to Grant a patent that will provide intellectual property (IP) protection for TNX-103 (oral levosimendan), and other formulations of levosimendan, as well as its active metabolites, for use in pulmonary hypertension resulting from heart failure with preserved ejection fraction (PH-HFpEF).

CHAPEL HILL, N.C., Aug. 28, 2025 (GLOBE NEWSWIRE) -- Tenax Therapeutics, Inc. (Nasdaq: TENX) (“Tenax Therapeutics” or the “Company”), a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies, today announced that the Company will participate in a fireside chat at the Cantor Global Healthcare Conference 2025, which is taking place from September 3-5, 2025, in New York, NY.