Tenax Therapeutics Q2 2024 Financial Results and Corporate Update

Tenax Therapeutics, Inc., a development-stage pharmaceutical company listed on Nasdaq under the symbol TENX, has reported significant progress in the second quarter of 2024, focusing on advancements across its strategic priorities. The company, which is concentrating on developing treatments for cardiovascular and pulmonary diseases, particularly those with high unmet medical needs, highlighted key financial updates and corporate milestones.

During this quarter, Tenax raised approximately $100 million through a private placement financing involving leading institutional healthcare investors. This infusion of capital is expected to support the ongoing Phase 3 LEVEL study, which is evaluating the efficacy of levosimendan for patients suffering from pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF). The company aims to bring the first FDA-approved treatment for this condition to market.

Chief Executive Officer Chris Giordano emphasized the transformative nature of the past quarter for Tenax. Several patients in the Phase 3 LEVEL trial have completed 12 weeks of therapy and transitioned into an open-label extension phase. Giordano also pointed out the acquisition of significant U.S. intellectual property and global development rights for levosimendan in treating PH-HFpEF.

In April 2024, Tenax hosted an event titled “LEVEL Setting,” which convened a panel of globally recognized cardiologists to discuss the unmet medical needs in PH-HFpEF and the potential role of levosimendan in addressing these needs. This event underscored the importance of innovative treatments for this debilitating condition.

Tenax's financial report for the second quarter of 2024 indicated cash and cash equivalents of $9.4 million as of June 30, 2024, slightly down from $9.8 million at the end of December 2023. The company attributed this decrease to increased expenditures related to the Phase 3 LEVEL study. Research and Development expenses rose to $2.3 million in the second quarter of 2024, up from $0.2 million in the same period in 2023, largely due to the costs associated with the ongoing trial. General and administrative expenses also saw an increase, totaling $1.3 million in Q2 2024 compared to $1.0 million in Q2 2023. Overall, Tenax reported a net loss of $3.6 million for the second quarter of 2024, compared to a net loss of $1.1 million in the same quarter of 2023.

Levosimendan, the primary focus of Tenax’s current efforts, is a unique pharmaceutical agent known for its mechanism as a potassium ATP channel activator and calcium sensitizer. Initially developed by Orion Corporation in Finland, levosimendan has received marketing authorization in 60 countries outside the United States for acute heart failure treatment in hospitalized patients. The Phase 2 HELP study previously demonstrated that intravenous levosimendan could significantly improve exercise capacity in patients with pulmonary hypertension stemming from heart failure with preserved ejection fraction, laying the groundwork for the ongoing Phase 3 LEVEL study.

Tenax Therapeutics continues to strive towards addressing the high unmet medical needs in cardiovascular and pulmonary diseases. With the new funds raised and the intellectual property secured, the company is well-positioned to advance its clinical programs and ultimately provide new treatment options for patients with PH-HFpEF.