Tenax Therapeutics (TENX) AI Stock Analysis

• Market Cap: $87.47M
• Dividend Yield: N/A
• Average Volume (3M): 285.76K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• Revenue Growth: N/A
• EPS Growth: 92.89%
• Country: US
• Employees: 4
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.40
• Shares Outstanding: 6,243,575
• 10 Day Avg. Volume: 386,168
• 30 Day Avg. Volume: 285,761
• PEG Ratio: 0.06
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.38
• Enterprise Value/Market Cap: -0.44
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: 0.89
• 1Y Price Target: $25.00
• Price Target Upside: 78.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $14.00 ▼(-0.07% Downside)

The score is primarily held back by weak financial performance (no revenue, widening losses, and ongoing cash burn) despite a strong debt-free balance sheet. Technicals are supportive due to a strong uptrend, but very overbought momentum raises pullback risk. Valuation contributes negatively because the company is loss-making (negative P/E) and no dividend yield is provided.

Positive Factors

Debt-free balance sheet

Zero reported debt and materially higher equity provide durable financial flexibility to fund clinical programs and absorb setbacks. Low leverage reduces bankruptcy risk and gives the company choices on financing structure, supporting multi-month R&D plans without mandatory debt service.

Focused clinical-stage pipeline

A concentrated R&D focus on pulmonary and cardiovascular diseases creates durable competitive advantages in expertise and trial design for high-unmet-need indications. Specialized focus can improve probability of targeted development success and makes the company an attractive partner for collaborations.

Improving cash burn trend

An improving FCF trend, even while negative, indicates management is beginning to moderate cash consumption. Sustained reductions in burn extend runway and reduce dilution risk, a durable operational improvement that can materially affect financing needs over the next several quarters.

Negative Factors

No revenue and widening losses

Absence of revenue combined with rapidly widening losses means the business relies entirely on external capital to continue. This structural deficit increases financing frequency and dilution risk, constrains strategic options, and reduces resilience if clinical results delay or trials require more resources.

Persistent negative operating cash flow

Ongoing negative operating cash flow shows losses are translating into real cash outflows. Continued cash consumption necessitates near-term financing or partnerships; this structural cash gap pressures management to choose between dilutive raises, slowed programs, or asset sales, affecting long-term execution.

Reduced CMO time commitment

A materially reduced executive time commitment for the CMO may weaken hands-on clinical oversight and slow trial execution. Over months, reduced senior management bandwidth can delay program milestones, complicate regulatory interactions, and impair coordination with partners or CROs, affecting development velocity.

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

Tenax Therapeutics makes money primarily through the development and commercialization of its pharmaceutical products. The company's revenue model is centered on the successful advancement of its drug candidates through clinical trials, regulatory approvals, and eventual market entry. Revenue streams include potential product sales, licensing agreements, and partnerships with other pharmaceutical companies. Key factors contributing to its earnings include the successful demonstration of clinical efficacy and safety of its drug candidates, strategic alliances with industry partners, and potential collaborations for the distribution and marketing of its products. The company's focus on targeting niche markets with high unmet medical needs may also play a significant role in its revenue generation strategies.

Tenax Therapeutics Financial Statement Overview

Summary

Operating fundamentals are weak: no revenue reported and losses have widened materially (TTM net loss ~$43.3M vs. ~$17.6M in 2024), with meaningful ongoing cash burn (TTM FCF about -$25.9M). The key offsetting strength is a solid, low-leverage balance sheet with $0 debt and substantially higher equity/asset base, but returns remain deeply negative.

Income Statement

TENX shows no revenue across the annual periods provided and in TTM (Trailing-Twelve-Months), while losses remain sizable and have recently worsened (net loss of about $43.3M in TTM vs. ~$17.6M in 2024). Operating results are deeply negative, reflecting a business still in a heavy investment/burn phase with limited visibility to profitability based on the current financials. A modest positive is that EBITDA loss is slightly smaller than EBIT loss in TTM, but overall earnings quality and margin profile remain very weak due to the absence of revenue.

Balance Sheet

The balance sheet is a relative strength: total debt is reported at $0 in 2024 and TTM (Trailing-Twelve-Months), and equity has scaled significantly (about $96.2M in TTM vs. ~$8.1M in 2023), indicating substantial capitalization. Total assets are also higher (~$102.8M TTM). The key weakness is that returns on equity remain negative (about -31% in TTM), meaning the company is still destroying shareholder value while it funds operations.

Cash Flow

Cash flow remains pressured with consistently negative operating cash flow and free cash flow, including roughly -$25.9M in TTM (Trailing-Twelve-Months). While free cash flow growth appears positive in TTM versus 2024 (improvement in burn rate), the company is still consuming meaningful cash with no operating inflows. Free cash flow roughly matches net losses, suggesting losses are translating into cash burn rather than being cushioned by non-cash items.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	-114.75K
EBITDA	-43.33M	-17.58M	-7.68M	-10.93M	-32.36M	-9.74M
Net Income	-43.33M	-17.60M	-7.71M	-11.05M	-32.47M	-9.85M
Balance Sheet
Total Assets	102.81M	96.69M	11.68M	3.40M	5.99M	6.87M
Cash, Cash Equivalents and Short-Term Investments	99.37M	94.85M	9.79M	2.12M	5.58M	6.71M
Total Debt	0.00	0.00	500.90K	807.89K	290.78K	305.04K
Total Liabilities	6.60M	4.69M	3.59M	1.91M	1.75M	2.24M
Stockholders Equity	96.21M	91.99M	8.10M	1.49M	4.24M	4.63M
Cash Flow
Free Cash Flow	-25.91M	-14.81M	-5.90M	-12.02M	-10.86M	-9.28M
Operating Cash Flow	-25.91M	-14.81M	-5.90M	-12.01M	-10.86M	-9.27M
Investing Cash Flow	0.00	0.00	3.00K	-2.32K	452.61K	20.11K
Financing Cash Flow	26.97M	99.87M	13.57M	8.55M	9.74M	10.60M

Tenax Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 14.01 is below the 20-day moving average (MA) of 14.29, above the 50-day MA of 11.82, and above the 200-day MA of 7.64, indicating a neutral trend. The MACD of 0.73 indicates Positive momentum. The RSI at 48.39 is Neutral, neither overbought nor oversold. The STOCH value of 9.07 is Positive, 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	$289.67M	-2.18	-196.79%	―	―	37.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VYNE	49 Neutral	$18.80M	-0.72	-70.67%	―	6.29%	7.42%
TENX	48 Neutral	$87.47M	-11.79	-44.80%	―	―	92.89%
CLDI	45 Neutral	$7.38M	-0.12	―	―	―	87.42%
TPST	44 Neutral	$13.75M	-0.28	-405.03%	―	―	49.43%
LGVN	40 Underperform	$12.67M	-0.43	-119.92%	―	-22.41%	78.88%

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.