Overview

• US cardiopulmonary drug developer's Q1 net loss widened yr/yr due to higher R&D costs

• Company expects cash and equivalents to fund operations through at least Q1 2028

• Leadership team expanded with new CFO, CCO, and EVP of Clinical Development

Outlook

• Tenax expects to report topline data from the LEVEL study in Q3 2026

• Company anticipates completing enrollment for LEVEL-2 trial by end of 2027

• Tenax expects cash and cash equivalents to fund operations through at least Q1 2028

Result Drivers

• R&D SPENDING - Higher clinical and preclinical development costs for Phase 3 LEVEL and LEVEL-2 trials drove increased R&D expenses

• OPERATIONAL MILESTONES - Completion of patient randomization in LEVEL study and ongoing site activations for LEVEL-2 trial

Company press release: ID:nGNX7lxFwW

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$15.72 mln
Q1 Operating Expenses		$16.57 mln
Q1 Operating Income		-$16.57 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Tenax Therapeutics Inc is $30.00, about 151% above its May 11 closing price of $11.95

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.