Tenax Therapeutics Inc (NASDAQ: TENX) is a clinical-stage biopharmaceutical company focused on developing pharmaceutical products containing levosimendan. The company generates no product revenue as of the FY2025 10-K filed March 10, 2026, funding operations through equity financing while carrying an accumulated deficit. Tenax holds an exclusive worldwide license from Orion to develop, commercialize, manufacture, and have manufactured orally-administered and subcutaneously-administered pharmaceutical products containing levosimendan, with the license term extending until 10 years after commercial launch in the territory. The license includes a provision allowing either party to terminate if no U.S. regulatory approval is granted on or before September 20, 2030. Tenax amended the license on September 3, 2025, adding exclusive worldwide rights to oral formulations of levosimendan. The company has never declared or paid cash dividends and does not intend to do so, retaining all capital for development activities.

Revenue model

Tenax Therapeutics has no product revenue. The company is pre-commercial and funds operations through equity capital raises while advancing levosimendan through clinical development.

Products and services

Levosimendan, a pharmaceutical compound licensed from Orion, in oral and subcutaneous formulations. The company is developing these products toward regulatory approval, with no approved product in the United States as of the filing date.

Customers and end markets

No commercial customers as of the FY2025 10-K. Target end market is not specified in the available filing excerpts.

Value-chain role

Clinical-stage drug developer and licensee. Orion supplies active pharmaceutical ingredient levosimendan to Tenax at a price in the low triple-digit thousands in Euros per kilogram for development purposes. Tenax relies on third-party contract research organizations to conduct clinical trials.

Geographic exposure

Exclusive worldwide rights to develop and commercialize levosimendan-containing products, per the license amendment dated September 3, 2025. Primary regulatory focus is the United States.

Source: SEC 10-K, filed 2026-03-10

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