Tenax Completes Randomization of 230 Patients, Extends Cash Runway to 2028
Tenax completed randomization of over 230 patients in its Phase 3 LEVEL trial of oral levosimendan and now expects topline data in third quarter 2026. The company reported $118.8 million in cash, extending its runway through early 2028, and posted a $15.7 million net loss driven by higher R&D spending.
1. First Quarter Financial Results
Tenax reported cash and cash equivalents of $118.8 million as of March 31, 2026, extending its cash runway through at least the first quarter of 2028. R&D expenses rose to $11.5 million from $5.7 million year-over-year, while G&A expenses fell to $5.0 million and net loss widened to $15.7 million.
2. Phase 3 Clinical Progress
All patients have been randomized in the Phase 3 LEVEL trial of TNX-103, totaling over 230 participants and positioning Tenax to deliver topline data in the third quarter of 2026. Enrollment for the second global Phase 3 LEVEL-2 study is underway, with completion anticipated by end of 2027.
3. Leadership Team Additions
In April 2026, Tenax appointed Thomas R. Staab, II as Chief Financial Officer, leveraging over 25 years of healthcare finance leadership. In May 2026, Timothy Healey joined as Chief Commercial Officer and So-Young Kim, MD was named Executive Vice President of Clinical Development and Strategy to bolster commercial and development capabilities.