Free cash flow has deteriorated significantly, moving from a $1.2 million quarterly outflow in 2023Q4 to a $9.3 million outflow in 2026Q1, reflecting an intensifying cash burn trajectory.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Cash from Operations | -38.14M | -35.8M | -14.81M | -5.9M | -12.01M | -10.86M | -9.27M | -7.56M | -5.5M | -12.14M | -15.87M | -9.75M | -9.26M | -4.92M | -8.28M | -8.4M | -8.59M | -4.06M | -2.28M | -1.14M | -2.15M | -1.99M | -1.77M | -2.09M | -1.9M | -1.54M | -913.3K | -800K | -575.69K | -872.15K | -1.53M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | -19780.05% | -18791.48% | -1704.48% | -670.84% | -2024.69% | -2663.97% | -8562.94% | - | 4714.51% | 8381.22% | 7771.06% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -617.13% | -141.71% | -150.86% | 50.85% | -10.65% | -17.08% | -22.72% | -37.4% | 54.7% | 23.51% | -62.8% | -5.26% | -88.19% | 40.55% | 1.48% | 2.14% | -111.63% | -78.26% | -100.08% | 47.05% | -7.85% | -12.32% | 15.3% | -10.32% | -23.43% | -68.36% | -14.16% | -38.96% | 33.99% | 43.01% | - |
| Net Income | -57.91M | -52.6M | -17.6M | -7.71M | -11.05M | -32.47M | -9.85M | -8.39M | -14.14M | -8.84M | -43.92M | -14.08M | -19.54M | -9.42M | -15.71M | -10.45M | -10.51M | -33.22M | -6.72M | -3.33M | -4.07M | -2.67M | -2.25M | -2.23M | -3.49M | -1.67M | -911.34K | -800K | -1.28M | -1.91M | -2.35M |
| Depreciation & Amortization | 0 | 0 | 0 | 8K | 113.33K | 108.98K | 114.75K | 107.28K | 9.02K | 13.62K | 18.95K | 148.14K | 150.49K | 148.8K | 206.68K | 311.03K | 110.63K | 20.48K | 102.45K | 152.12K | 263.25K | 265.8K | 141.71K | 137.05K | 110.26K | 71.63K | 53.99K | 100K | 71.11K | 83.07K | 87.46K |
| Stock-Based Compensation | -1.3M | 0 | 1.13M | 191K | 0 | 0 | 0 | 0 | 190.08K | 79.59K | 1.06K | 975 | 117.3K | 8.69K | 270 | 193 | 0 | 336.75K | 0 | 12.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 407.77K | -4.83K | -7.96M | 1.7M | 724.36K | 35.67K | 23.11M | 0 | -70.34K | 0 | -12.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -33.44M | 19.16M | 23K | 25K | 366.86K | 22.12M | 361.34K | 270.51K | 7.43M | 498.49K | 34.08M | 433.08K | 10.22M | 4.32M | -15.52M | 660.24K | 1.31M | 29.07M | 4.59M | 1.69M | 1.69M | 353.5K | 100.89K | 38.92K | 1.55M | 209.5K | 63.89K | -5.99M | 525.1K | 1.15M | 60K |
| Working Capital Changes | 1.91M | -2.36M | 1.64M | 1.58M | -1.45M | -610.09K | 102.44K | 460.4K | 606.75K | -3.89M | 1.92M | 1.93M | -1.47M | -195.82K | -486.41K | 1.07M | 234.7K | 72.65K | -243.26K | 354.92K | -39.99K | 61.54K | 233.15K | -42.4K | -69.37K | -146.5K | -119.84K | 5.89M | 109.14K | -190.04K | 668.54K |
| Change in Receivables | 0 | 0 | 58K | -306K | 0 | -22.5K | 698.37K | 0 | -122.61K | 1.11M | 23.8K | -793.15K | 519.25K | -245.75K | -74.76K | -75 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -729.36K | 5M | -2.72M | -2.72M | 99.2K | -20.23K | -7.28K | 238.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.51M | 2.88M | 1.06M | 1.65M | -344.95K | 0 | 0 | 883.04K | 729.36K | -5M | 2.72M | 2.72M | -2.09M | 70.15K | -404.37K | -404.37K | 1.55M | 1.55M | -354.13K | -354.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 3K | -2.32K | 452.61K | 20.11K | -1.65K | 7.35M | 3.75M | 22.21M | -40.93M | -147.04K | -147.99K | -261.15K | -463.94K | -541.72K | -367.33K | -102.1K | -19.28K | -56.18K | -106.92K | -104.9K | -64.61K | -376.5K | -317.46K | -52.04K | -100K | -50.4K | -42.14K | -54.11K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -2.32K | -5.25K | -3.49K | -3.57K | -7.59K | -4.54K | -2.88K | -109.66K | -147.04K | -152.05K | -265.39K | -463.94K | -541.72K | -99.69K | -102.1K | -83.95K | -21.79K | -69.67K | -80.42K | -37.87K | -376.5K | -240.25K | -17.66K | 0 | -762 | -2.13K | -33.7K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 222.49% | 298.34% | 52.66% | 21.51% | 111.78% | 168.05% | 210.38% | - | -347.88% | -85% | -271.82% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 105.42K | 6.5K | 0 | 0 | 0 | 0 | -267.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 7.36K | 3.75K | 75K | -98.92K | -98.92K | 4.06K | 4.24K | -243 | -463.94K | -1.29M | 0 | -19.28K | -34.39K | -37.25K | -24.48K | -26.74K | 0 | -77.21K | -34.38K | -100K | -49.64K | -40.01K | -20.41K |
| Cash from Financing | 45.45M | 38.51M | 99.87M | 13.57M | 8.55M | 9.74M | 10.6M | 96.5K | 8.91M | 498.49K | 280.59K | 280.59K | 66.95M | 3.97M | 9.47M | 9.19M | 7.21M | 2.1M | 7.24M | 1.17M | 1.62M | 2.39M | 2M | -105.2K | 465.49K | 639.58K | 6.24M | 400K | 1.31M | 891.83K | 892.82K |
| Debt Issued (Net) | 0 | 0 | -501K | -624K | 624.3K | 0 | 244.66K | 0 | 0 | 0 | 0 | 0 | -263.41K | 6.03K | 1.78K | -2.77M | 4.28M | 12.32K | 2.07K | 7.02M | 1.17M | 1.29M | 0 | 0 | -105.57K | -71.79K | 132.82K | -140.86K | -100K | 14.43K | -17.72K |
| Equity Issued (Net) | 45.45M | 38.51M | 0 | 0 | 7.93M | 9.19M | 8.66M | 96.5K | 0 | 0 | 0 | 0 | 544K | 66.94M | 4.35M | 8.73M | 4.9M | 10.03M | 2.1M | 221.1K | 0 | 321.9K | 2.39M | 2M | 367 | 537.28K | 506.76K | 6.38M | 400K | 1.26M | 600K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 100.37M | 14.19M | 0 | 544.65K | 1.69M | 0 | 16.24M | -498.49K | -489.32K | 280.59K | 0 | 0 | -380K | 3.5M | -1.98M | -2.84M | 5.14M | -6.07M | 0 | 0 | -383.11K | -2.11M | 0 | 174.09K | 5.6M | -5.84M | 1.01M | -382.6K | 309.55K |
| Net Change in Cash | 7.31M | 2.71M | 85.06M | 7.67M | -3.46M | -666.32K | 1.34M | -7.46M | 10.76M | -8.39M | 6.34M | -50.39M | 57.54M | -1.1M | 927.93K | 319.24K | -1.92M | -2.32M | 4.86M | 15.85K | -588.38K | 286.45K | 123.87K | -2.26M | -1.81M | -1.22M | 5.27M | -500K | 686.36K | -22.45K | -691.51K |
| Free Cash Flow | -38.14M | -35.8M | -14.81M | -5.9M | -12.02M | -10.86M | -9.28M | -7.56M | -5.51M | -12.15M | -15.87M | -9.86M | -9.41M | -5.07M | -8.54M | -8.87M | -9.13M | -4.16M | -2.38M | -1.22M | -2.17M | -2.06M | -1.85M | -2.13M | -2.27M | -1.78M | -930.97K | -800K | -576.45K | -874.27K | -1.56M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | -20002.54% | -19089.82% | -1757.14% | -692.34% | -2136.47% | -2832.02% | -8773.32% | - | 5062.39% | 8466.21% | 8042.88% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -129.6% | -141.71% | -150.86% | 50.86% | -10.62% | -17.09% | -22.71% | -37.27% | 54.66% | 23.49% | -61.02% | -4.78% | -85.45% | 40.62% | 3.65% | 2.87% | -119.59% | -74.8% | -94.69% | 43.71% | -5.26% | -11.21% | 13.03% | 6.28% | -27.93% | -90.97% | -16.37% | -38.78% | 34.07% | 44.1% | - |
| FCF per Share | -0.84 | -0.91 | -0.97 | -23.76 | -653.32 | -844.59 | -2001.37 | -1952.41 | -6018.64 | -13273.28 | -18064.61 | -11218.71 | -10715.96 | -17340.97 | -155427.11 | -204484.48 | -253583.17 | -125979.52 | -79277.00 | -76350.31 | -155010.29 | -150865.36 | -142605.92 | -193784.91 | -252707.89 | -197540.33 | -116370.63 | -160000.00 | -115290.40 | -174855.00 | -312784.40 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.68x | 0.84x | 0.77x | 1.09x | 0.33x | 0.94x | 0.90x | 0.81x | 1.37x | 0.36x | 0.69x | 0.66x | 0.25x | 0.88x | 0.53x | 0.82x | 0.39x | 0.34x | 0.34x | 0.64x | 0.75x | 0.79x | 0.94x | 0.54x | 0.92x | 0.55x | 0.88x | 0.72x | 0.46x | 0.65x |
| Interest Paid | 0 | 0 | 23K | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial enrollment delays
As reported in financial statements, Tenax's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.36 and 1.36 over the last ten quarters, suggesting that non-cash adjustments and working capital swings significantly distort the company's true underlying cash burn profile.
The persistent gap between net income and operating cash flow indicates that reported losses are not fully representative of the actual cash depletion occurring within the business. Investors should monitor these accrual-heavy periods, as they often obscure the true velocity of capital consumption required to sustain clinical development.
Based on Tenax's reported figures, free cash flow has deteriorated from a $1.2 million quarterly outflow in 2023Q4 to a $9.3 million outflow in 2026Q1, reflecting an intensifying cash burn as the company accelerates its late-stage clinical trial activities for its primary therapeutic candidates.
The widening negative free cash flow trajectory confirms that the company is in a high-intensity capital phase with no offsetting revenue streams. This trend warrants close investigation, as the current burn rate appears to be scaling in direct proportion to the complexity of the ongoing Phase III LEVEL study.
According to recent SEC filings, Tenax's working capital changes have shown significant quarterly volatility, ranging from a $3.6 million inflow in 2026Q1 to a $2.7 million outflow in 2025Q4, which suggests that timing differences in vendor payments and clinical site accruals are driving short-term cash fluctuations.
These erratic swings in working capital appear to be a byproduct of the company's reliance on external clinical research organizations and the timing of milestone-based payments. Analysts should look past these temporary shifts to focus on the structural cash burn, which remains the primary determinant of the company's financial runway.
Based on the provided data, stock-based compensation adjustments have reached as high as $5.6 million in a single quarter, which, as noted in financial disclosures, frequently obscures the actual cash impact of operational expenses by creating non-cash accounting entries that do not reflect the firm's liquidity position.
The reliance on stock-based compensation as a significant component of the income statement suggests that the company is managing its cash burn by shifting compensation costs to equity. Investors should be wary of these adjustments, as they may artificially improve the appearance of cash flow metrics while diluting existing shareholders.
Quick answers to the most common questions about buying TENX stock.
Tenax Therapeutics, Inc. (TENX) generated $-35.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tenax Therapeutics, Inc. (TENX) reported negative free cash flow of $35.8M in 2025, indicating capital requirements exceeded cash from operations.
Tenax Therapeutics, Inc. (TENX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.