Tenax Therapeutics (TENX) AI Stock Analysis

• Market Cap: $267.68M
• Dividend Yield: N/A
• Average Volume (3M): 291.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.65
• Revenue Growth: N/A
• EPS Growth: 92.89%
• Country: US
• Employees: 4
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.38
• Shares Outstanding: 17,197,613
• 10 Day Avg. Volume: 526,199
• 30 Day Avg. Volume: 291,614
• PEG Ratio: -0.55
• Price to Book (P/B): 4.92
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.35
• Enterprise Value/Market Cap: -0.10
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $31.50
• Price Target Upside: 102.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.54
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $15.50 ▼(-0.39% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak financial performance (pre-revenue, widening losses, and accelerating cash burn), which raises ongoing funding and dilution risk. Technicals are a meaningful positive with an established uptrend and positive momentum indicators, while valuation remains challenged due to negative earnings and no dividend yield data.

Positive Factors

Clean balance sheet

Reported zero debt and a materially larger equity base reduce refinancing and interest risk, giving the company greater financial flexibility to fund clinical programs. This improves runway and optionality versus similarly sized peers that rely on debt financing.

Executive continuity

Retention and continued engagement of the CMO preserves clinical and regulatory expertise, lowering execution risk on program timelines. Stable leadership in medical development supports consistent protocol conduct and interactions with regulators and investigators.

Focused clinical-stage franchise

A concentrated pipeline in cardiopulmonary indications aligns with persistent unmet medical needs and specialized expertise, improving the odds that successful trial outcomes produce durable value creation versus undifferentiated early-stage portfolios.

Negative Factors

Pre-revenue with widening losses

The company remains pre-revenue and reported a sharp increase in annual losses, indicating clinical and operating costs are outpacing any near-term revenue potential. Sustained losses reduce runway and raise the likelihood of further capital raises that can dilute existing shareholders.

Accelerating cash burn

Operating cash flow has been negative every reported year and accelerated materially in 2025, creating persistent funding needs. This structural cash outflow increases reliance on external capital and constrains long-term planning for trials and hires without dilutive financing.

Negative returns on equity / dilution risk

While equity was materially increased, deeply negative ROE shows the new capital has yet to generate returns. Persistent negative profitability implies continued financing will be needed, risking further dilution and signaling capital allocation challenges over the medium term.

Tenax Therapeutics Business Overview & Revenue Model

Company Description

Tenax Therapeutics, Inc., a specialty pharmaceutical company, engages in identifying, developing, and commercializing products for cardiovascular and pulmonary diseases in the United States and Canada. It develops TNX-103 and TNX-102 (levosimendan) that have completed phase II clinical trials for the treatment of patients with pulmonary hypertension associated with heart failure with preserved ejection fraction and associated pulmonary hypertension; and TNX-201 (imatinib), a tyrosine kinase inhibitor for the treatment of pulmonary arterial hypertension. The company was formerly known as Oxygen Biotherapeutics, Inc. and changed its name to Tenax Therapeutics, Inc. in September 2014. Tenax Therapeutics, Inc. was founded in 1967 and is headquartered in Morrisville, North Carolina.

How the Company Makes Money

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Tenax Therapeutics Financial Statement Overview

Summary

Income statement and cash flow are weak: the company is pre-revenue with widening net losses in 2025 (about $52.6M vs. $17.6M in 2024) and sharply higher cash burn (operating/free cash flow around -$35.8M in 2025 vs. about -$14.8M in 2024). The main offset is a cleaner balance sheet with reported $0 debt and a higher equity base, but ongoing losses imply continued financing/dilution risk.

Income Statement

The company remains a pre-revenue biotech (revenue has been $0 across all provided annual periods), so losses are driven by operating spend rather than commercial performance. Profitability is consistently negative, with net losses widening materially in 2025 (annual net loss of about $52.6M vs. about $17.6M in 2024), indicating an accelerating burn profile. A modest positive is that 2024 losses were smaller than earlier years (e.g., 2021), but the latest year reverses that improvement and keeps earnings visibility weak.

Balance Sheet

Balance sheet leverage appears low: total debt is reported at $0 in 2024 and 2025, which reduces refinancing risk and interest burden. Equity and assets increased meaningfully from 2023 to 2025 (equity rising from ~$8.1M in 2023 to ~$97.1M in 2025), suggesting the company raised capital and improved balance sheet capacity. The key weakness is that returns on equity are deeply negative where provided (e.g., 2024), reflecting ongoing losses and implying continued dilution risk if losses persist.

Cash Flow

Cash generation is weak and volatile, with operating cash flow negative every year provided. Cash burn accelerated sharply in 2025 (operating and free cash flow around -$35.8M vs. about -$14.8M in 2024), which increases near-term funding needs. While 2025 shows positive free cash flow growth versus 2024 (a year-over-year improvement rate is reported), the absolute level of cash outflow remains large and sustained, limiting financial flexibility without additional capital raises.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Mar 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00
EBITDA	-56.38M	-17.58M	-7.68M	-10.93M	-32.36M
Net Income	-52.60M	-17.60M	-7.71M	-11.05M	-32.47M
Balance Sheet
Total Assets	104.23M	96.69M	11.68M	3.40M	5.99M
Cash, Cash Equivalents and Short-Term Investments	97.56M	94.85M	9.79M	2.12M	5.58M
Total Debt	0.00	0.00	500.90K	807.89K	290.78K
Total Liabilities	7.16M	4.69M	3.59M	1.91M	1.75M
Stockholders Equity	97.07M	91.99M	8.10M	1.49M	4.24M
Cash Flow
Free Cash Flow	-35.80M	-14.81M	-5.90M	-12.02M	-10.86M
Operating Cash Flow	-35.80M	-14.81M	-5.90M	-12.01M	-10.86M
Investing Cash Flow	0.00	0.00	3.00K	-2.32K	452.61K
Financing Cash Flow	38.51M	99.87M	13.57M	8.55M	9.74M

Tenax Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TENX, the sentiment is Positive. The current price of 15.56 is above the 20-day moving average (MA) of 12.60, above the 50-day MA of 13.36, and above the 200-day MA of 8.75, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 64.18 is Neutral, neither overbought nor oversold. The STOCH value of 75.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TENX.

Tenax Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RLMD	57 Neutral	$455.40M	-1.65	-269.50%	―	―	37.37%
TENX	53 Neutral	$267.68M	-7.69	-51.83%	―	―	92.89%
LGVN	53 Neutral	$20.83M	-0.39	-119.92%	―	-22.41%	78.88%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VYNE	48 Neutral	$19.48M	-0.94	-74.15%	―	6.29%	7.42%
CLDI	45 Neutral	$2.21M	-0.36	―	―	―	87.42%
TPST	44 Neutral	$29.12M	-3.25	-310.89%	―	―	49.43%

Tenax Therapeutics Corporate Events

Tenax Therapeutics Updates Chief Medical Officer Agreement

On January 6, 2026, Tenax Therapeutics disclosed that its Chief Medical Officer, Dr. Stuart Rich, entered into a second amendment to his executive employment agreement originally dated January 15, 2021 and previously amended on June 12, 2024. Effective January 1, 2026, Dr. Rich will shift to an average four-day workweek in his role as CMO, with his annual base salary prorated to reflect the reduced schedule, a change approved by the board on December 22, 2025 that adjusts executive compensation and time commitment without indicating broader operational changes.

The most recent analyst rating on (TENX) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Tenax Therapeutics stock, see the TENX Stock Forecast page.