Tenax Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update
Funding and Development Updates: Tenax Therapeutics has successfully completed private placements totaling approximately $125 million to support the advancement of its TNX-103 drug candidate for pulmonary hypertension with heart failure (PH-HFpEF), including an expanded Phase 3 LEVEL study and the initiation of a second Phase 3 study, LEVEL-2, expected to start this year.
Financial Performance: The company reported significant increases in research and development expenses, resulting in a net loss of $17.6 million for the year ended December 31, 2024, while maintaining a cash position of $94.9 million, which is projected to sustain operations through 2027.
Trade with 70% Backtested Accuracy
Analyst Views on TENX
About TENX
About the author
Tenax Therapeutics (TENX) Price Target Raised by 12.22% to 25.76
Price Target Update: The average one-year price target for Tenax Therapeutics (NasdaqCM:TENX) has been revised to $25.76 per share, reflecting a 12.22% increase from the previous estimate of $22.95, with a potential range between $20.20 and $31.50 per share.
Fund Sentiment: There are currently 48 funds reporting positions in Tenax Therapeutics, marking a 20% increase in ownership over the last quarter, with total shares owned by institutions rising by 109.94% to 4,753K shares.
Significant Shareholder Activity: Ikarian Capital and Boothbay Fund Management both increased their holdings by 100%, while VR Adviser raised its stake by 77.48%, indicating strong interest from institutional investors.
Fintel Overview: Fintel provides comprehensive investment research tools, including fundamentals, analyst reports, and ownership data, aimed at individual investors and small hedge funds to enhance their trading strategies.
Tenax Initiates Global LEVEL-2 Study, Enrollment Expected by 2027
- Trial Design Confirmation: Tenax Therapeutics' LEVEL study underwent a Blinded Sample Size Re-estimation, demonstrating over 90% statistical power to detect a 25-meter change in 6-minute walk distance, which bolsters confidence in the company's drug development in heart failure.
- Enrollment Progress: The LEVEL study is expected to complete enrollment in the first half of 2026, indicating smooth clinical trial progress in cardiopulmonary therapies, allowing timely access to critical data to support further development.
- New Study Initiation: The LEVEL-2 study has been initiated, aiming to enroll approximately 540 patients, with completion expected by the end of 2027, which will provide crucial data to support the market potential of TNX-103.
- Long-term Study Plan: Tenax will also conduct a long-term open-label extension study to ensure participants continue receiving TNX-103 after trial completion, enhancing patient reliance on the company's product.
