Wed, Nov 13, 9:07 PM (89 days ago)
Tenax Therapeutics, Inc. (NASDAQ: TENX) reported significant financial developments for Q3 2024, highlighting a strong cash position and increased operational expenses. As of September 30, 2024, the company had cash and cash equivalents of approximately $98.3 million, a substantial increase from $9.8 million at the end of 2023, following a successful private placement that raised about $99.7 million. Operating expenses surged to $4.6 million in Q3 2024, up 118% year-over-year, primarily driven by a 192% increase in research and development costs, reflecting ongoing Phase 3 trials for oral levosimendan. The net loss for the quarter was approximately $4.0 million, compared to $2.0 million in Q3 2023. For the nine-month period, total operating expenses reached $12.2 million, a 149% increase from the previous year, with R&D expenses accounting for the majority of this rise. The company’s accumulated deficit now stands at $308.6 million. Despite these losses, Tenax believes it has sufficient capital to fund operations through the end of 2027, focusing on advancing its clinical programs and potential commercialization of its products.