TNX-103 (oral levosimendan) - (LEVEL)

May 12, 2026: Tenax Therapeutics, Inc. (NASDAQ: TENX) reported Q1 2026 financial results and provided a clinical update for oral levosimendan (TNX-103) in pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF). The company said all patients have been randomized in the Phase 3 LEVEL trial (>230 patients) and it remains on track to report topline data in Q3 2026. Tenax also said its second pivotal trial, the global Phase 3 LEVEL-2 study (started December 2025), is ongoing with enrollment completion anticipated by end of 2027.

Leadership updates: Thomas R. Staab, II was appointed CFO (announced April 2026); Timothy Healey, MBA was appointed Chief Commercial Officer (May 2026); and So-Young Kim, MD was appointed EVP of Clinical Development and Strategy (May 2026).

Financials: cash and cash equivalents were $118.8 million as of March 31, 2026; the company expects cash to fund operations through at least Q1 2028. Q1 2026 R&D expense was $11.5 million, G&A was $5.0 million, and net loss was $15.7 million.