In This Story
Tenax Therapeutics Inc. (TENX+0.47%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $17.6 million for the year, compared to a net loss of $7.7 million in the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses rose to $12.7 million from $3.2 million, mainly due to the ongoing Phase 3 LEVEL trial for oral levosimendan.
General and administrative expenses increased to $6.8 million from $5.0 million, primarily due to higher legal and professional fees.
The company completed a private placement financing in August 2024, raising $99.7 million in gross proceeds, and a registered public offering in February 2024, raising $9.0 million.
Cash and cash equivalents as of December 31, 2024, were $94.9 million, compared to $9.8 million at the end of 2023.
Tenax plans to use the proceeds from the financings to advance its Phase 3 oral levosimendan program and initiate a second planned global Phase 3 study, LEVEL-2.
The company has a working capital of $92.0 million as of December 31, 2024, and believes it has sufficient funds to continue operations through 2027.
The filing also details the company's intellectual property strategy, including recent patent grants related to levosimendan.
Tenax continues to focus on developing therapies for cardiopulmonary diseases, with an emphasis on pulmonary hypertension.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tenax Therapeutics Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.