TENAX THERAPEUTICS Business Summary

Tenax Therapeutics, Inc. (TENX) is a Phase 3 development-stage pharmaceutical company focused on the identification and commercialization of novel therapies for orphan cardiopulmonary conditions, primarily Pulmonary Hypertension (PH). The company operates as a pre-revenue entity, deriving its current funding from strategic capital raises, institutional investments, and interest income, with a long-term revenue model centered on the commercialization or out-licensing of its proprietary drug candidates. Its primary business segments are divided by its lead assets: TNX-103 (oral levosimendan) for PH associated with Heart Failure with preserved Ejection Fraction (PH-HFpEF) and TNX-201 (enteric-coated imatinib) for Pulmonary Arterial Hypertension (PAH). As of February 2026, the company is nearing a critical inflection point with its LEVEL Phase 3 trial expected to report topline data in late 2026. Tenax competes against larger industry incumbents such as United Therapeutics, Liquidia Corporation, and Merck & Co., positioning itself as a first-mover in the Group 2 PH (PH-HFpEF) market, a multi-billion dollar indication that currently lacks any FDA-approved disease-modifying treatments. The executive leadership is anchored by President and CEO Chris Giordano, who brings extensive clinical development expertise from his former role as President of IQVIA Biotech. The company’s clinical strategy is directed by Chief Medical Officer Dr. Stuart Rich, a preeminent authority in pulmonary vascular medicine and a founding member of the Pulmonary Hypertension Association. The management team is further strengthened by Chief Business Officer Douglas Randall and interim CFO Thomas McGauley. Tenax is overseen by a board of industry veterans, including Chairman Gerald Proehl, co-founder of Santarus, and Dr. June Almenoff. The company maintains a robust institutional shareholder base, featuring notable healthcare-focused investors such as RTW Investments, Perceptive Advisors, and Armistice Capital, the latter of which remains a major stakeholder following significant 2025 funding rounds that extended the firm’s operational runway into 2027.