Tenax Therapeutics, Inc.
TENXHealthcare|Biotechnology|US
$1.69
+0.06 (+3.68%)
DCF Value
$2.35
Tangible Book / Share
$2.03
Cash / Share
$2.13
Financials
Financial Snapshot
Market Cap
$44.8M
Enterprise Value
-$68.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$65.8M
Cash & Investments
$113.7M
Net Cash
$113.7M
Free Cash Flow (TTM)
-$49.4M
Operating CF (TTM)
-$49.4M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$113.7M
Quarterly Burn
$12.3M
Monthly Burn
$4.1M
Est. Runway
~9.2 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $13.3M | $7.7M | $12.9M | $5.4M | $6.7M | $5.6M | $2.1M | $9.8M | $94.9M | $97.6M | $113.7M | |
| Operating Cash Flow | -$15.9M | -$12.1M | -$5.5M | -$7.6M | -$9.3M | -$10.9M | -$12.0M | -$5.9M | -$14.8M | -$35.8M | -$49.4M | |
| Free Cash Flow | -$15.9M | -$12.1M | -$5.5M | -$7.6M | -$9.3M | -$10.9M | -$12.0M | -$5.9M | -$14.8M | -$35.8M | -$49.4M | |
| Capital Expenditure | -$2.9K | -$4.5K | -$7.6K | -$3.6K | -$3.5K | -$5.3K | -$2.3K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $280.6K | $498.5K | $8.9M | $96.5K | $10.6M | $9.7M | $8.6M | $13.6M | $99.9M | $38.5M | $63.7M |
R&D Spending
R&D (TTM)
$47.0M
R&D Intensity
—
R&D Growth vs Prior
+43.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $35.1M | $3.5M | $1.2M | $3.5M | $4.6M | $25.1M | $5.4M | $3.2M | $12.7M | $32.7M | $47.0M | |
| SG&A | $6.2M | $5.7M | $5.7M | $5.1M | $5.2M | $7.6M | $5.7M | $5.0M | $6.8M | $23.7M | $22.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $19.0K | $13.6K | $9.0K | $0.00 | $114.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$19.0K | -$13.6K | -$9.0K | $0.00 | -$114.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $35.1M | $3.5M | $1.2M | $3.5M | $4.6M | $25.1M | $5.4M | $3.2M | $12.7M | $32.7M | $47.0M | |
| SG&A | $6.2M | $5.7M | $5.7M | $5.1M | $5.2M | $7.6M | $5.7M | $5.0M | $6.8M | $23.7M | $22.5M | |
| Operating Income | -$52.7M | -$9.2M | -$6.9M | -$8.6M | -$9.9M | -$32.7M | -$11.1M | -$8.2M | -$19.5M | -$56.4M | -$51.8M | |
| Interest Expense | $32.5M | $0.00 | $0.00 | $0.00 | $1.6K | $949.00 | $4.4K | $24.0K | $23.0K | $0.00 | $0.00 | |
| Pretax Income | -$51.9M | -$8.8M | -$6.8M | -$8.4M | -$9.9M | -$32.5M | -$11.0M | -$7.7M | -$17.6M | -$52.6M | -$65.8M | |
| Net Income | -$43.9M | -$8.8M | -$6.8M | -$8.4M | -$9.9M | -$32.5M | -$11.0M | -$7.7M | -$17.6M | -$52.6M | -$65.8M | |
| EPS (Diluted) | -624.82 | -10022.32 | -7359.14 | -26.60 | -2125.38 | -2524.80 | -600.80 | -31.04 | -1.15 | -1.34 | -1.40 | |
| EBITDA | -$51.9M | -$9.2M | -$6.9M | -$8.4M | -$9.7M | -$32.4M | -$10.9M | -$7.7M | -$17.6M | -$52.6M | -$50.0M | |
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.25 | 15.27 | 39.22 | 53.45 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.0M | $1.6M | $12.4M | $4.9M | $6.3M | $5.6M | $2.1M | $9.8M | $94.9M | $97.6M | $113.7M | |
| Short-Term Investments | $3.3M | $6.1M | $494.6K | $493.9K | $462.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $13.6M | $8.1M | $13.3M | $6.2M | $6.8M | $5.7M | $3.2M | $11.7M | $96.7M | $104.2M | $117.0M | |
| Total Assets | $23.3M | $9.9M | $13.3M | $6.4M | $6.9M | $6.0M | $3.4M | $11.7M | $96.7M | $104.2M | $117.0M | |
| Total Current Liabilities | $6.2M | $1.0M | $1.6M | $2.5M | $2.1M | $1.6M | $1.8M | $3.6M | $4.7M | $7.2M | $8.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $124.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $6.2M | $1.0M | $1.6M | $2.6M | $2.2M | $1.7M | $1.9M | $3.6M | $4.7M | $7.2M | $8.4M | |
| Stockholders' Equity | $17.1M | $8.9M | $11.8M | $3.8M | $4.6M | $4.2M | $1.5M | $8.1M | $92.0M | $97.1M | $108.7M | |
| Retained Earnings | -$204.7M | -$213.5M | -$227.8M | -$236.2M | -$246.0M | -$278.5M | -$289.5M | -$297.3M | -$314.9M | -$367.5M | -$417.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.9M | -$12.1M | -$5.5M | -$7.6M | -$9.3M | -$10.9M | -$12.0M | -$5.9M | -$14.8M | -$35.8M | -$49.4M | |
| Capital Expenditure | -$2.9K | -$4.5K | -$7.6K | -$3.6K | -$3.5K | -$5.3K | -$2.3K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$15.9M | -$12.1M | -$5.5M | -$7.6M | -$9.3M | -$10.9M | -$12.0M | -$5.9M | -$14.8M | -$35.8M | -$49.4M | |
| Investing Cash Flow | $22.2M | $3.7M | $7.4M | -$1.7K | $20.1K | $452.6K | -$2.3K | $3.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $280.6K | $498.5K | $8.9M | $96.5K | $10.6M | $9.7M | $8.6M | $13.6M | $99.9M | $38.5M | $63.7M | |
| Issuance of Stock | $769.9K | $498.5K | $316.3K | $96.5K | $8.7M | $9.2M | $7.9M | $14.2M | $100.4M | $38.5M | $55.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $244.7K | $0.00 | $624.3K | -$624.0K | -$501.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1K | $79.6K | $190.1K | $0.00 | $0.00 | $0.00 | $0.00 | $191.0K | $1.1M | $0.00 | -$8.2M | |
| Net Change in Cash | $6.3M | -$8.4M | $10.8M | -$7.5M | $1.3M | -$666.3K | -$3.5M | $7.7M | $85.1M | $2.7M | $18.6M |
Dilution Tracker
Shares outstanding grew 846011.0% over 5 years — significant dilution
Shares Outstanding
27M
5-Year Share Growth
+846011.0%
Stock Issuance (TTM)
$55.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.25 | 15.27 | 39.22 | 53.45 | |
| Change vs Prior % | — | 4.1% | 0.0% | 323.2% | 19.7% | 177.5% | 43.0% | 1250.9% | 6046.9% | 156.8% | 36.3% | |
| Stock Issuance | $769.9K | $498.5K | $316.3K | $96.5K | $8.7M | $9.2M | $7.9M | $14.2M | $100.4M | $38.5M | $55.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1K | $79.6K | $190.1K | $0.00 | $0.00 | $0.00 | $0.00 | $191.0K | $1.1M | $0.00 | -$8.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -256.3% | -99.5% | -57.9% | -222.5% | -213.0% | -765.1% | -740.1% | -95.2% | -19.1% | -54.2% | -60.6% | |
| ROA % | -188.2% | -89.4% | -51.1% | -131.9% | -143.4% | -541.9% | -324.5% | -66.0% | -18.2% | -50.5% | -56.2% | |
| ROIC % | -260.0% | -103.6% | -58.6% | -216.9% | -200.1% | -721.6% | -480.4% | -95.8% | -21.2% | -58.1% | -47.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -147.9% | 28.1% | 33.8% | 100.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | -236.7% | 82.5% | 25.1% | -24.1% | -15.3% | -231.7% | 66.2% | 25.5% | -136.8% | -189.2% | |
| Net Income | -211.9% | 79.9% | 22.9% | -23.2% | -17.4% | -229.6% | 66.0% | 30.2% | -128.3% | -198.8% | |
| EPS (Diluted) | -211.5% | -1504.0% | 26.6% | 99.6% | -7890.2% | -18.8% | 76.2% | 94.8% | 96.3% | -16.5% | |
| Operating Cash Flow | -62.8% | 23.5% | 54.7% | -37.4% | -22.7% | -17.1% | -10.7% | 50.9% | -150.9% | -141.7% | |
| Free Cash Flow | -61.0% | 23.5% | 54.7% | -37.3% | -22.7% | -17.1% | -10.6% | 50.9% | -150.9% | -141.7% | |
| R&D Expense | 427.6% | -90.0% | -64.9% | 180.1% | 31.4% | 451.4% | -78.6% | -40.0% | 293.6% | 157.1% | |
| SG&A Expense | -12.9% | -9.1% | -0.4% | -10.1% | 2.1% | 46.0% | -25.1% | -11.8% | 35.6% | 249.5% | |
| Total Assets | -68.0% | -57.6% | 34.8% | -52.3% | 7.9% | -12.8% | -43.2% | 243.2% | 727.5% | 7.8% | |
| Book Value / Share | -71.6% | -50.2% | 32.5% | -92.4% | 2.4% | -66.9% | -75.4% | -59.8% | -81.5% | -58.9% | |
| Debt | -100.0% | 0.0% | 0.0% | 0.0% | 77.6% | -4.7% | 177.8% | -38.0% | -100.0% | 0.0% | |
| Diluted Shares | 0.0% | 4.1% | 0.0% | 323.2% | 19.7% | 177.5% | 43.0% | 1250.9% | 6046.9% | 156.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.83
10Y Low / Med / High0.15 / 2.32 / 5.04
EV/EBITDA1.38
10Y Low / Med / High0.02 / 0.50 / 1.54
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.35
Tangible Book / Share
$2.03
Net Current Assets / Share
$4.10
Graham Net-Net
$1.97
Cash / Share
$2.13
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -99.87 | -1.56 | -0.26 | -84.81 | -1.40 | -0.66 | -0.30 | -0.71 | -5.38 | -9.10 | -1.21 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 3.20 | 1.62 | 0.15 | 2.32 | 2.98 | 5.04 | 2.19 | 0.67 | 1.03 | 4.92 | 0.83 | |
| EV/EBITDA | -0.86 | -1.39 | 1.54 | -0.47 | -0.81 | -0.50 | -0.18 | 0.50 | 0.02 | -7.23 | 1.38 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-2.07
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.2M | $12.9M | $26.7M |
| Net Income | -$56.4M | -$57.5M | -$66.5M |
| EPS | $-1.45 | $-1.45 | $-1.72 |
| # Analysts (EPS) | 5 | 6 | 6 |
Revenue Segments
By Product
| Segment | 2013 |
|---|---|
| United States | $46.0K |
By Geography
| Segment | 2013 |
|---|---|
| Europe | $46.7K |
| United States | $46.0K |