Tenax completes Phase 3 enrollment, raises $125M, extends runway to end-2027

Filed March 10, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~1 min read

Key Changes

• high

  Completed enrollment of 230 patients in pivotal LEVEL trial (March 2026) and initiated second Phase 3 study LEVEL-2 (December 2025), advancing toward regulatory submission readiness.

  MD&A: Clinical Milestones verify on EDGAR →
• high

  Raised $125M total ($100M August 2024, $25M March 2025) extending operating runway through at least end-2027, sufficient to complete both Phase 3 trials.

  MD&A: Liquidity verify on EDGAR →
• high

  Net loss increased 199% to $52.6M driven by R&D expenses up 157% to $32.7M (Phase 3 trial costs) and G&A up 249% to $23.7M (primarily $15.3M stock-based compensation).

  MD&A: Operating Results verify on EDGAR →