The company remains pre-revenue with operating losses widening to $16.6 million in 2026Q1, driven by a surge in R&D expenditures from $2.3 million in 2024Q2 to $11.5 million in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.29K | 49.29K | 288.73K | 1.23M | 415.03K | 322.35K | 47.39K | 0 | -24.13K | -25.63K | -25.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | -100% | 0% | -82.93% | -76.6% | 197.33% | 28.75% | 580.26% | - | 100% | 5.86% | 0% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 114.75K | 0 | 9.02K | 13.62K | 18.95K | 9.73K | 0 | 129.8K | 197.09K | 51.25K | 530.21K | 39.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.63K | -71.63K | -53.99K | -100K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 19.74% | - | 44.96% | 15.97% | 12.35% | 164.48% | 82.37% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -114.75K | 0 | -9.02K | -13.62K | -18.95K | 39.56K | 49.29K | 158.93K | 1.04M | 363.78K | -207.86K | 8.35K | 0 | -24.13K | -25.63K | -25.63K | 0 | 0 | 0 | 71.63K | 71.63K | 53.99K | 100K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | 80.26% | 100% | 55.04% | 84.03% | 87.65% | -64.48% | 17.63% | - | 100% | 100% | 100% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | - | 100% | 33.82% | 28.13% | -147.91% | -19.74% | -68.99% | -84.67% | 185.05% | 275.01% | -2588.44% | - | 100% | 5.86% | 0% | - | - | - | -100% | 0% | 32.66% | -46.01% | - | - | - |
| Operating Expenses | 61.62M | 56.38M | 19.49M | 8.23M | 11.05M | 32.73M | 9.75M | 8.56M | 6.89M | 9.21M | 52.65M | 13.83M | 14.87M | 16.77M | 5.98M | 8.58M | 10.67M | 10.21M | 2.93M | 1.77M | 2.48M | 2.68M | 2.27M | 2.27M | 3.6M | 2.07M | 2.07M | 965.59K | 1M | 1.9M | 2.35M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 28063.07% | 30162.78% | 5808.29% | 484.42% | 2068.26% | 3308.79% | 21546.13% | - | -7344.95% | -9669.53% | -10473.26% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.09M | 23.71M | 6.79M | 5M | 5.68M | 7.58M | 5.19M | 5.08M | 5.65M | 5.68M | 6.25M | 7.17M | 7.17M | 13.77M | 3.68K | 6.09M | 7.68M | 7.24M | 1.99M | 1.02M | 1.27M | 1.41M | 990.98K | 840.35K | 2.29M | 1.22M | 687.58K | 687.58K | 700K | 1.44M | 1.42M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 14549.32% | 14549.32% | 4770.38% | 0.3% | 1467.78% | 2383.16% | 15268.52% | - | -4226.08% | -4970.21% | -5490.92% | - | - | - | - | - | - | - | - | - |
| Research & Development | 38.53M | 32.67M | 12.71M | 3.23M | 5.38M | 25.15M | 4.56M | 3.47M | 1.24M | 3.53M | 35.14M | 6.66M | 6.66M | 3M | 2.41M | 2.46M | 2.68M | 2.97M | 940K | 752.61K | 1.2M | 1.28M | 1.28M | 1.43M | 1.31M | 782.34K | 224.02K | 224.02K | 200K | 460.98K | 924.09K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 13513.75% | 13513.75% | 1037.91% | 195.52% | 593.36% | 831.93% | 6277.61% | - | -3118.87% | -4699.32% | -4982.35% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.27M | -9.68M | 1.03M | 0 | 247.99K | 29.53K | 302.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.63K | 1.16M | 53.99K | 100K | 0 | 0 |
| Operating Income | -61.62M | -56.38M | -19.49M | -8.23M | -11.05M | -32.73M | -9.87M | -8.56M | -6.89M | -9.21M | -52.65M | -15.64M | -13.69M | -16.87M | -5.19M | -8.22M | -10.56M | -10.2M | -2.93M | -1.77M | -2.48M | -2.48M | -2.27M | -2.27M | -3.6M | -2M | -2M | -911.6K | -900K | -1.9M | -2.34M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | -31729.59% | -27775.19% | -5844.34% | -420.49% | -1980.61% | -3276.78% | -21528.5% | - | 7344.95% | 9669.53% | 9669.53% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -189.24% | -136.75% | 25.5% | 66.23% | -231.66% | -15.34% | -24.11% | 25.12% | 82.52% | -236.68% | -14.24% | 18.87% | -225.19% | 36.87% | 22.18% | -3.54% | -247.86% | -65.46% | 28.49% | 0% | -9.32% | 0.27% | 36.93% | -80.03% | 0% | -119.64% | -1.29% | 52.57% | 18.95% | - |
| EBITDA | -58.76M | -56.38M | -17.58M | -8.23M | -10.94M | -32.62M | -9.75M | -8.55M | -6.88M | -9.19M | -52.63M | -15.59M | -13.54M | -16.73M | -5.04M | -8.01M | -10.25M | -10.09M | -2.91M | -1.67M | -2.34M | -2.31M | -2.13M | -2.13M | -3.49M | -1.93M | -1.93M | -857.61K | -800K | -1.81M | -2.25M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | -31634.56% | -27474.62% | -5792.8% | -408.43% | -1930.81% | -3180.3% | -21295.03% | - | 6920.37% | 9137.83% | 9008.92% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -142.87% | -220.75% | -113.7% | 24.8% | 66.46% | -234.45% | -14.07% | -24.2% | 25.11% | 82.53% | -237.57% | -15.14% | 19.04% | -231.84% | 37.1% | 21.83% | -1.59% | -246.5% | -74.39% | 28.7% | -1.43% | -8.44% | 0.1% | 38.99% | -81% | 0% | -125.11% | -7.2% | 55.91% | 19.49% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 8K | 113.33K | 108.98K | 114.75K | 5.02K | 9.02K | 13.62K | 18.95K | 46.84K | 148.14K | 148.8K | 148.8K | 206.68K | 311.03K | 110.63K | 20.48K | 102.45K | 136.29K | 169.34K | 137.72K | 141.71K | 110.26K | 71.63K | 71.63K | 53.99K | 100K | 83.07K | 87.46K |
| EBIT | -58.76M | -56.38M | -17.58M | -7.69M | -11.04M | -32.47M | -9.85M | -8.56M | -6.89M | -9.21M | -51.89M | -15.64M | -14.03M | -17.33M | -5.18M | -8.3M | -10.26M | -10.2M | -8.36M | -3.11M | -1.65M | -2.41M | -2.67M | -2.25M | -3.46M | -1.67M | -2M | -911.6K | -900K | -1.9M | -2.34M |
| Net Interest Income | 3.75M | 3.82M | 1.89M | -23.97K | -4.44K | -949 | 29.37K | 144K | 0 | 0 | 0 | 0 | -49.08K | -2.21M | -4.24M | -7.41M | -171.56K | -155K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07K | -15.88K | 0 | 0 | 0 |
| Interest Income | 3.75M | 3.82M | 1.91M | 0 | 0 | 0 | 31K | 144K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 23K | 23.97K | 4.44K | 949 | 1.63K | 0 | 0 | 0 | 32.5M | 49.08K | 49.08K | 2.21M | 4.24M | 7.41M | 171.56K | 155K | 3.61M | 1.68M | 1.66M | 0 | 0 | 0 | 13.6K | 1.07K | 1.07K | 15.88K | 0 | 0 | 0 |
| Other Income/Expense | 3.71M | 3.79M | 1.89M | 523K | 4.75K | 253.88K | 16.54K | 160.9K | 79.83K | 366.22K | 764.74K | 536.3K | -392.53K | -2.67M | -4.23M | -7.49M | 409.85K | -238.53K | -30.29M | -4.95M | -852.28K | -1.59M | -405.59K | 48.56K | 130.29K | 331.02K | 1.11M | 911.6K | -356.58K | -914 | -5.92K |
| Pretax Income | -57.91M | -52.6M | -17.6M | -7.71M | -11.05M | -32.47M | -9.85M | -8.39M | -6.81M | -8.84M | -51.89M | -15.1M | -14.08M | -19.54M | -9.42M | -15.71M | -10.15M | -10.44M | -33.22M | -6.72M | -3.33M | -4.07M | -2.67M | -2.22M | -3.47M | -1.67M | -895.46K | 0 | -1.26M | -1.9M | -2.35M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | -30641.45% | -28571.63% | -6768.3% | -763.01% | -3785.81% | -3149.64% | -22031.87% | - | 27852.84% | 12994.46% | 15864.68% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.96M | 0 | 0 | 0 | 0 | 0 | 399.1K | 67.35K | 0 | 0 | 0 | -23.63K | 0 | -94.61K | -260.58K | -662.04K | 776.79K | 911.34K | -456.58K | 12.96K | 5.24K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 15.35% | 0% | 0% | 0% | 0% | 0% | -3.93% | -0.65% | 0% | 0% | 0% | 0.58% | 0% | 4.25% | 7.5% | 39.62% | -86.75% | - | 36.33% | -0.68% | -0.22% |
| Net Income | -57.91M | -52.6M | -17.6M | -7.71M | -11.05M | -32.47M | -9.85M | -8.39M | -6.81M | -8.84M | -43.92M | -14.08M | -14.08M | -19.54M | -9.42M | -15.71M | -10.45M | -10.51M | -6.72M | -3.33M | -3.33M | -2.67M | -2.25M | -2.23M | -3.49M | -1.67M | -1.67M | -911.34K | -800K | -1.91M | -2.35M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | -28571.63% | -28571.63% | -6768.3% | -763.01% | -3785.81% | -3241.3% | -22174.01% | - | 13803.28% | 12994.46% | 10427.18% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -139.18% | -198.82% | -128.27% | 30.2% | 65.98% | -229.64% | -17.36% | -23.2% | 22.92% | 79.88% | -211.92% | 0% | 27.94% | -107.54% | 40.07% | -50.38% | 0.56% | -56.33% | -101.78% | 0% | -24.62% | -18.83% | -0.98% | 36.14% | -108.57% | 0% | -83.49% | -13.92% | 58.12% | 18.58% | - |
| Net Income (Continuing) | -57.91M | -52.6M | -17.6M | -7.71M | -11.05M | -32.47M | -9.85M | -8.39M | -6.81M | -8.84M | -43.92M | -15.1M | -14.08M | -19.54M | -9.42M | -15.71M | -10.45M | -10.51M | -33.22M | -6.72M | -3.33M | -4.07M | -2.67M | -2.25M | -3.49M | -1.67M | -1.67M | -911.34K | -800K | -1.91M | -2.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.28 | -1.34 | -1.15 | -31.04 | -600.80 | -2524.80 | -2125.38 | -26.60 | -7359.14 | -10022.32 | -624.82 | -200.61 | -16038.51 | -2141.41 | -4529.38 | -3580.64 | -290230.44 | -318405.33 | -3226.68 | -2893.89 | -3720.58 | -2552.82 | -2372.58 | -3013.99 | -4726.03 | -2378.72 | -209030.25 | -113917.37 | -3035.62 | -5366.22 | -6590.53 |
| EPS Growth % | 43.15% | -16.52% | 96.3% | 94.83% | 76.2% | -18.79% | -7890.15% | 99.64% | 26.57% | -1504.03% | -211.46% | 98.75% | -648.97% | 52.72% | -26.5% | 98.77% | 8.85% | -9767.89% | -11.5% | 22.22% | -45.74% | -7.6% | 21.28% | 36.23% | -98.68% | 98.86% | -83.49% | -3652.69% | 43.43% | 18.58% | - |
| EPS (Basic) | - | -1.34 | -1.15 | -31.09 | -600.80 | -2524.80 | -2125.38 | -26.60 | -7359.14 | -10022.32 | -624.82 | -200.61 | -16038.51 | -2282.62 | -172897.85 | -3580.64 | -290230.44 | -318405.33 | -5700.74 | -2893.89 | -3720.58 | -2552.82 | -2372.58 | -3013.99 | -4726.03 | -2378.72 | -209030.25 | -113917.37 | -3035.62 | -5366.22 | -6590.53 |
| Diluted Shares Outstanding | 45.23M | 39.22M | 15.27M | 248.45K | 18.39K | 12.86K | 4.63K | 3.87K | 915 | 915 | 879 | 879 | 878 | 293 | 55 | 43 | 36 | 33 | 30 | 16 | 14 | 14 | 13 | 11 | 9 | 9 | 8 | 5 | 5 | 5 | 5 |
| Basic Shares Outstanding | 45.23M | 39.22M | 15.27M | 248K | 18.39K | 12.86K | 4.63K | 3.87K | 915 | 915 | 879 | 879 | 878 | 293 | 52 | 41 | 36 | 33 | 30 | 16 | 14 | 14 | 13 | 11 | 9 | 9 | 8 | 5 | 5 | 5 | 5 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial enrollment delays
As indicated by the most recent quarterly financial statements, Tenax's R&D expenditures have surged to $11.5 million in 2026Q1, reflecting a significant acceleration in clinical trial activity compared to the $2.3 million reported in 2024Q2, which underscores the company's intensifying focus on the LEVEL study.
The rapid expansion in R&D spending suggests that the company is aggressively scaling its clinical operations to meet trial milestones. Investors should monitor whether this cost trajectory remains sustainable relative to the current cash position, as the lack of revenue means every dollar spent directly depletes the capital runway.
Based on reported figures, the company's operating loss has widened to $16.6 million in 2026Q1, demonstrating that the firm's cost structure is currently dominated by fixed clinical development expenses rather than scalable operating efficiencies, which is typical for a pre-revenue biotechnology entity at this stage.
The absence of revenue means that operating leverage cannot be assessed through traditional metrics, as the income statement is entirely defined by the intensity of the clinical pipeline. The widening losses appear to be a direct consequence of the Phase III LEVEL study requirements, which necessitates a high level of ongoing investment regardless of commercial progress.
According to SEC filings, the company's net income is frequently impacted by non-cash items, including stock-based compensation and warrant liability adjustments, which reached $2.8 million in 2026Q1, potentially masking the underlying cash burn rate that investors must track to evaluate the firm's true financial health.
The volatility in reported net income, driven by mark-to-market accounting for derivative liabilities, warrants caution for analysts attempting to gauge operational performance. Adjusting for these non-cash fluctuations is essential to isolate the actual cash consumption, which remains the primary indicator of the company's survival and future financing needs.
While the company has successfully bolstered its cash reserves to approximately $97.5 million, the persistent quarterly burn rate suggests that the current capital buffer may be insufficient if clinical enrollment timelines extend beyond current management expectations, as noted in recent financial disclosures and operational updates.
The reliance on equity-based financing to fund ongoing R&D creates a structural risk of dilution that could weigh on shareholder value if the Phase III LEVEL study faces further delays. Investors should consider whether the current cash position provides enough of a cushion to reach a definitive data readout without requiring additional, potentially dilutive, capital raises.
Quick answers to the most common questions about buying TENX stock.
For fiscal year 2025, Tenax Therapeutics, Inc. (TENX) reported total revenue of $0.0M.
Tenax Therapeutics, Inc. (TENX) reported a net loss of $52.6M for the fiscal year ending 2025.