Tenax reports Q2 2026 results, confirms August LEVEL trial data and ESC presentation

Tenax Therapeutics said it still expects to report topline data from its Phase 3 LEVEL clinical trial in August 2026. Chief Executive Officer Chris Giordano said the company is approaching a moment it has prepared for since beginning development of a therapy for PH-HFpEF, and reiterated that topline LEVEL data are expected in August.¹

In July 2026, Tenax said it plans to present the Phase 3 LEVEL results in a Late-Breaking Clinical Science session at the European Society of Cardiology Congress 2026, being held August 28-31 in Munich, Germany, and that an abstract anticipating the topline data was submitted and accepted.¹

Giordano also said the company continues to activate sites and advance enrollment in LEVEL-2, its second global pivotal trial, and expects to complete LEVEL-2 enrollment by the end of 2027.¹ TNX-103, the oral formulation of levosimendan, is being evaluated in both LEVEL and LEVEL-2, described as Phase 3, double-blind, randomized, placebo-controlled trials in patients with PH-HFpEF.¹

On finances, Tenax reported cash and cash equivalents of $118.0 million as of June 30, 2026.¹ The company said proceeds of $13.4 million during the second quarter from warrant exercises helped extend its cash runway, and it now expects to fund operations through the second quarter of 2028.¹

R&D expenses for the quarter were $12.9 million, up from $6.1 million a year earlier, which the company attributed mainly to higher clinical and preclinical costs tied to the ongoing LEVEL trial and the LEVEL-2 trial, which began in December 2025.¹ Net loss for the quarter was $17.8 million, compared with $10.9 million in the second quarter of 2025.¹