Tenax Therapeutics (TENX) Faces Binary August Data Readout

Tenax Therapeutics said it expects to report Phase 3 data for its only drug candidate, oral levosimendan, in August. The company's second-quarter earnings release confirmed the timeline.

The drug targets pulmonary hypertension in patients with heart failure with preserved ejection fraction, a condition with few approved treatments. The LEVEL trial enrolled about 150 patients and measures change in six-minute walk distance at 12 weeks. The study is double-blind and placebo-controlled, Tenax said.

Tenax had $5.1 million in cash at the end of the second quarter, enough to fund operations into the first quarter of 2025, it said. The company has no approved products and no other late-stage pipeline assets.

The stock has traded with wide swings in recent weeks, reflecting the high stakes of the single data readout. Tenax expects to report the data in August. No specific date has been set.