TENX on Nasdaq

TENAX THERAPEUTICS, INC.

American pharmaceutical preparations company based in Chapel Hill.

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Last updated Oct 18, 2026.

Overview

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TickerTENX on Nasdaq
IndustryPharmaceutical Preparations
HeadquartersMorrisville, United States
Incorporated inDE²
Business address101 Glen Lennox Drive, Suite 300, Chapel Hill, Nc 27517²
Filer categoryNon-accelerated filer, Smaller reporting company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-54.2%Return on equity³

Financial statements

Revenue⁴³$0 in 2025

Operating income⁵⁶⁷⁸⁴³-$56.4M in 2025+559% since 2019

Net income⁵⁶⁷⁸⁴³-$52.6M in 2025+527% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Research and development	$32.7M	$12.7M
General and administrative	$23.7M	$6.8M
Total operating expenses	$56.4M	$19.5M
Net operating loss	-$56.4M	-$19.5M
Interest income	$3.8M	$1.9M
Interest expense	$0	-$23.0K
Other (expense) income, net	-$33.0K	$1.0K
Net loss	-$52.6M	-$17.6M
Net loss per share, basic	-$1.34	-$1.15
Net loss per share, diluted	-$1.34	-$1.15
Weighted average number of common shares and prefunded warrants outstanding, basic	39.2M shares	15.3M shares
Weighted average number of common shares and prefunded warrants outstanding, diluted	39.2M shares	15.3M shares

Total assets⁵⁶⁷⁸⁴³$104.2M in 2025+1537% since 2019

Total liabilities⁵⁶⁷⁸⁴³$7.2M in 2025+176% since 2019

Shareholders’ equity⁶⁷⁸⁴³$97.1M in 2025+2473% since 2019

Cash⁵⁶⁷⁴³$97.6M in 2025+1889% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$97.6M	$94.9M	$9.8M
Prepaid expenses	$5.6M	$1.8M
Other current assets	$1.0M	$64.0K
Total current assets	$104.2M	$96.7M
Total assets	$104.2M	$96.7M
Accounts payable	$6.0M	$3.2M
Accrued liabilities	$1.1M	$1.5M
Total current liabilities	$7.2M	$4.7M
Total liabilities	$7.2M	$4.7M
Preferred stock, undesignated, authorized 4,818,654 shares Series A Preferred stock, par value $0.0001, issued 5,181,346 shares; outstanding 210, as of December 31, 2025 and December 31, 2024	$0	$0
Common stock, par value $0.0001 per share; authorized 400,000,000 shares; issued and outstanding 9,314,130 as of December 31, 2025 and 3,420,906 as of December 31, 2024, respectively	$1.0K	$0
Additional paid-in capital	$464.5M	$406.8M
Accumulated deficit	-$367.5M	-$314.9M
Total stockholders' equity	$97.1M	$92.0M	$8.1M
Total liabilities and stockholders' equity	$104.2M	$96.7M
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	400.0M shares	400.0M shares
Common Stock, Shares Issued	9.3M shares	3.4M shares
Common Stock, Shares Outstanding	9.3M shares	3.4M shares
Preferred Stock, Undesignated Shares Authorized	4.8M shares	4.8M shares
Prefered Stock, Shares Issued	10.0M shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$97.6M	$94.9M	$9.8M
Prepaid expenses	$5.6M	$1.8M
Other current assets	$1.0M	$64.0K
Total current assets	$104.2M	$96.7M
Total assets	$104.2M	$96.7M
Accounts payable	$6.0M	$3.2M
Accrued liabilities	$1.1M	$1.5M
Total current liabilities	$7.2M	$4.7M
Total liabilities	$7.2M	$4.7M
Preferred stock, undesignated, authorized 4,818,654 shares Series A Preferred stock, par value $0.0001, issued 5,181,346 shares; outstanding 210, as of December 31, 2025 and December 31, 2024	$0	$0
Common stock, par value $0.0001 per share; authorized 400,000,000 shares; issued and outstanding 9,314,130 as of December 31, 2025 and 3,420,906 as of December 31, 2024, respectively	$1.0K	$0
Additional paid-in capital	$464.5M	$406.8M
Accumulated deficit	-$367.5M	-$314.9M
Total stockholders' equity	$97.1M	$92.0M	$8.1M
Total liabilities and stockholders' equity	$104.2M	$96.7M
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	400.0M shares	400.0M shares
Common Stock, Shares Issued	9.3M shares	3.4M shares
Common Stock, Shares Outstanding	9.3M shares	3.4M shares
Preferred Stock, Undesignated Shares Authorized	4.8M shares	4.8M shares
Prefered Stock, Shares Issued	10.0M shares

Cash from operations⁵⁶⁷⁸⁴³-$35.8M in 2025+374% since 2019

Capital spending⁵⁶⁷$2.3K in 2022−35% since 2019

Free cash flow⁵⁶⁷⁸-$11.4M in 2022+51% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net Loss	-$52.6M	-$17.6M
Interest on debt instrument	$0	$23.0K
Stock-based compensation	$19.2M	$1.1M
Prepaid expenses and other current assets	-$4.8M	$58.0K
Accounts payable	$2.9M	$1.1M
Accrued liabilities	-$421.0K	$523.0K
Net cash used in operating activities	-$35.8M	-$14.8M
Proceeds from issuance of common stock, warrants and pre-funded warrants, net of issuance costs	$23.2M	$100.3M
Proceeds from the exercise of warrants	$15.3M	$68.0K
Payments on short-term note	$0	-$501.0K
Net cash provided by financing activities	$38.5M	$99.9M
Net change in cash and cash equivalents	$2.7M	$85.1M
Cash paid for interest	$0	$23.0K

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Leadership

Who has led TENAX THERAPEUTICS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Christian J. Stern2010

President

Chief financial officer

Chief operating officer

Richard M. Kiral2010

201520202025

Chief executive officerAnthony A. Ditonno Apr 22, 2019 to Jul 8, 2021¹¹
Chief executive officerMichael B. Jebsen Apr 5, 2017 to Apr 5, 2017¹²
Chief executive officerJohn P. Kelley Nov 15, 2013 to Mar 20, 2017¹³
Chief executive officerChristian J. Stern Jan 22, 2010 to Aug 10, 2011¹⁴
ChairChristian J. Stern Jan 22, 2010 to Jan 22, 2010¹⁴
PresidentMichael B. Jebsen Feb 15, 2012 to Apr 5, 2017¹⁵
PresidentRichard M. Kiral Jan 22, 2010 to Jun 15, 2010¹⁶
Chief financial officerThomas R. Staab Ii. May 13, 2026 to now¹⁷
Chief financial officerLawrence R. Hoffman Jan 12, 2024 to Jan 12, 2024¹⁸
Chief financial officerThomas McGauley Dec 6, 2024 to May 13, 2026¹⁹
Chief financial officerEliot M. Lurier Nov 4, 2021 to Nov 4, 2021²⁰
Chief financial officerMichael B. Jebsen Jan 22, 2010 to Jan 12, 2021²¹
Chief operating officerRichard M. Kiral Jan 22, 2010 to Jan 22, 2010¹⁶

Board members and other officers (24)

Chief Medical OfficerStuart Rich Jan 27, 2021 to now²²
Chief Finanacial OfficerMichael B. Jebsen Aug 4, 2014 to Aug 4, 2014²³
CHIEF MEDICAL OFFICERGerald L. Klein Jun 1, 2011 to Oct 19, 2011²⁴
SVP, Business DevelopmentKirk Harrington Jan 25, 2010 to Jan 25, 2010²⁵
Board memberRobyn Hunter Jan 31, 2022 to now²⁶
Board memberDeclan Doogan Jun 15, 2021 to now²⁷
Board memberJune Sherie Almenoff Jun 15, 2021 to now²⁸
Board memberMichael H. Davidson Jun 15, 2021 to now²⁹
Board memberStuart Rich Jun 15, 2021 to now³⁰
Board memberIllya Keith Maher Jul 21, 2020 to Jul 21, 2020³¹
Board memberSteven Boyd Aug 21, 2020 to May 19, 2022³²
Board memberJames P. Mitchum Feb 18, 2016 to Jun 15, 2021³³
Board memberGerald T. Proehl Nov 29, 2016 to now³⁴
Board memberJohn P. Kelley Dec 20, 2016 to Mar 20, 2017³⁵
Board memberAnthony A. Ditonno Jan 20, 2012 to Jul 8, 2021³⁶
Board memberChris A. Rallis Feb 6, 2012 to Jun 15, 2020³⁷
Board memberWilliam A. Chatfield Feb 6, 2012 to Jun 14, 2012³⁸
Board memberBruce D. Spiess Jan 22, 2010 to Jan 22, 2010³⁹
Board memberGerald L. Klein Jan 22, 2010 to Jan 22, 2010⁴⁰
Board memberRene Eckert Jan 22, 2010 to Jan 22, 2010⁴¹
Board memberRichard M. Kiral Jan 22, 2010 to Jul 12, 2011¹⁶
Board memberJ. Melville Engle Jan 25, 2010 to Jan 25, 2010⁴²
Board memberChristian J. Stern Jun 15, 2010 to Aug 10, 2011⁴³
Board memberRonald R. Blanck Sep 2, 2010 to May 19, 2020⁴⁴

Former names

OXYGEN BIOTHERAPEUTICS, INC.Jul 30, 2008 to Sep 15, 2014²
SYNTHETIC BLOOD INTERNATIONAL INCAug 2, 1996 to Jun 30, 2008²

Timeline

Apr 22, 2019New chief executive Anthony A. Ditonno becomes CEO¹¹
Apr 5, 2017New chief executive Michael B. Jebsen becomes CEO¹²
Nov 15, 2013New chief executive John P. Kelley becomes CEO¹³
Jan 22, 2010New chief executive Christian J. Stern becomes CEO¹⁴
Apr 17, 2008Founded TENAX THERAPEUTICS, INC. is founded⁴⁵

Filings

331 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 69 major events, 60 insider forms, 94 large holders, 2 private raises, 86 other. The latest 20:

The 331 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 94 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Aug 8, 2024Raised $99.7 million in a private offering of equity Form D: $175 million offered in all Form D
May 17, 2022Raised $8 million in a private offering of securities Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Fmr LLC	3,942,373	$57.4M	0.0%	+3,619,773
Vivo Capital, LLC	2,500,000	$36.4M	3.3%	+2,291,667
BlackRock, Inc.	1,727,988	$25.1M	0.0%	+1,711,011
Perceptive Advisors LLC	1,700,000	$24.7M	0.4%	+252,218
Vanguard Capital Management LLC	1,147,121	$16.7M	0.0%	+883,700
Millennium Management LLC	876,230	$12.7M	0.0%	+342,341
Ikarian Capital, LLC	787,600	$11.5M	1.9%	−230,000
Candriam S.C.A.	749,588	$10.9M	0.0%	New
Citadel Advisors LLC	728,561	$10.6M	0.0%	+576,045
Rtw Investments, LP	696,570	$10.1M	0.1%	+326,324
Stonepine Capital Management, LLC	660,000	$9.6M	7.3%	−315,200
Geode Capital Management, LLC	639,537	$9.3M	0.0%	+570,377
Marshall Wace, Llp	585,578	$8.5M	0.0%	+233,006
Braidwell LP	584,412	$8.5M	0.3%	New
Point72 Asset Management, L.P.	556,761	$8.1M	0.0%	+22,796
Velan Capital Investment Management LP	549,985	$8.0M	4.9%	−33,348
Adage Capital Partners Gp, L.l.c.	540,126	$7.9M	0.0%	No change
Woodline Partners LP	531,254	$7.7M	0.0%	+207,343
State Street Corp	510,814	$7.4M	0.0%	+481,824
Sofinnova Investments, Inc.	500,039	$7.3M	0.4%	+395,639
Jupiter Topco LLC	451,226	$6.6M	0.0%	New
Morgan Stanley	432,220	$6.3M	0.0%	−164,344
Qube Research & Technologies Ltd	429,893	$6.3M	0.0%	+401,608
Siren, L.L.C.	427,141	$6.2M	0.1%	No change
Two Sigma Investments, LP	353,390	$5.1M	0.0%	+284,802

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARTENAX THERAPEUTICS, INC. filings on SEC EDGAR
2
SEC EDGARTENAX THERAPEUTICS, INC. filings on SEC EDGAR
3
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2025
4
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2024
5
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2019
6
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2020
7
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2021
8
SEC EDGARTENAX THERAPEUTICS, INC. 10-K for fiscal 2022
9
SEC EDGARTENAX THERAPEUTICS, INC. 10-Q for fiscal 2026
10
SEC EDGARTENAX THERAPEUTICS, INC. 10-Q for fiscal 2026
11
SEC EDGARAnthony A. Ditonno, Chief executive officer
12
SEC EDGARMichael B. Jebsen, Chief executive officer
13
SEC EDGARJohn P. Kelley, Chief executive officer
14
SEC EDGARChristian J. Stern, Chief executive officer
15
SEC EDGARMichael B. Jebsen, President
16
SEC EDGARRichard M. Kiral, President
17
SEC EDGARThomas R. Staab Ii., Chief financial officer
18
SEC EDGARLawrence R. Hoffman, Chief financial officer
19
SEC EDGARThomas McGauley, Chief financial officer
20
SEC EDGAREliot M. Lurier, Chief financial officer
21
SEC EDGARMichael B. Jebsen, Chief financial officer
22
SEC EDGARStuart Rich, Chief Medical Officer
23
SEC EDGARMichael B. Jebsen, Chief Finanacial Officer
24
SEC EDGARGerald L. Klein, CHIEF MEDICAL OFFICER
25
SEC EDGARKirk Harrington, SVP, Business Development
26
SEC EDGARRobyn Hunter, Board member
27
SEC EDGARDeclan Doogan, Board member
28
SEC EDGARJune Sherie Almenoff, Board member
29
SEC EDGARMichael H. Davidson, Board member
30
SEC EDGARStuart Rich, Board member
31
SEC EDGARIllya Keith Maher, Board member
32
SEC EDGARSteven Boyd, Board member
33
SEC EDGARJames P. Mitchum, Board member
34
SEC EDGARGerald T. Proehl, Board member
35
SEC EDGARJohn P. Kelley, Board member
36
SEC EDGARAnthony A. Ditonno, Board member
37
SEC EDGARChris A. Rallis, Board member
38
SEC EDGARWilliam A. Chatfield, Board member
39
SEC EDGARBruce D. Spiess, Board member
40
SEC EDGARGerald L. Klein, Board member
41
SEC EDGARRene Eckert, Board member
42
SEC EDGARJ. Melville Engle, Board member
43
SEC EDGARChristian J. Stern, Board member
44
SEC EDGARRonald R. Blanck, Board member
45
gleifTENAX THERAPEUTICS, INC. is founded