$TENX
TENAX THERAPEUTICS, INC.

2023 Q2 Form 10-Q Financial Statement

#000165495423006566 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.038M $1.274M $1.420M
YoY Change -22.37% -17.33% -38.17%
% of Gross Profit
Research & Development $197.9K $265.7K $1.135M
YoY Change -87.02% -77.44% 23.95%
% of Gross Profit
Depreciation & Amortization $1.000K $895.00 $1.340K
YoY Change -16.67% -36.07% 24.07%
% of Gross Profit
Operating Expenses $1.236M $1.539M $2.555M
YoY Change -56.81% -43.37% -20.46%
Operating Profit $1.236M $1.539M
YoY Change -56.81% -43.37%
Interest Expense $9.126K $7.350K $0.00
YoY Change 514.96% -383.78%
% of Operating Profit 0.74% 0.48%
Other Income/Expense, Net $911.00 $140.1K $5.820K
YoY Change -61.4% 8930.3% -101.14%
Pretax Income -$1.106M -$1.407M -$2.549M
YoY Change -61.33% -48.31% -31.49%
Income Tax
% Of Pretax Income
Net Earnings -$1.106M $1.407M -$2.549M
YoY Change -138.67% -151.69% -31.49%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.05 -$0.15 -$1.25
COMMON SHARES
Basic Shares Outstanding 21.78M shares 22.40M shares 44.70M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.39M $14.41M $2.124M
YoY Change 85.27% 402.49% -61.97%
Cash & Equivalents $13.39M $14.41M $2.124M
Short-Term Investments
Other Short-Term Assets $282.6K $304.6K $345.9K
YoY Change -67.61% -48.11% 229.14%
Inventory
Prepaid Expenses $362.6K $545.4K $738.9K
Receivables
Other Receivables
Total Short-Term Assets $14.04M $15.26M $3.208M
YoY Change 73.28% 341.73% -43.6%
LONG-TERM ASSETS
Property, Plant & Equipment $5.675K $5.632K $7.189K
YoY Change -47.67% -53.37% 1.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.117K $1.117K $9.552K
YoY Change -86.76% -86.76% 13.24%
Total Long-Term Assets $6.792K $6.749K $196.2K
YoY Change -97.33% -97.61% -35.28%
TOTAL ASSETS
Total Short-Term Assets $14.04M $15.26M $3.208M
Total Long-Term Assets $6.792K $6.749K $196.2K
Total Assets $14.05M $15.27M $3.405M
YoY Change 68.1% 308.59% -43.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $206.5K $172.0K $448.4K
YoY Change -77.54% -86.63% -47.84%
Accrued Expenses $271.6K $307.9K $775.0K
YoY Change -37.49% -33.13% 10.04%
Deferred Revenue
YoY Change
Short-Term Debt $345.8K $513.9K $624.3K
YoY Change 276.31% 124.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $823.8K $983.9K $1.848M
YoY Change -43.02% -50.22% 18.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $64.20K
YoY Change -100.0% -100.0% -65.03%
Total Long-Term Liabilities $0.00 $0.00 $64.20K
YoY Change -100.0% -100.0% -65.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $823.8K $983.9K $1.848M
Total Long-Term Liabilities $0.00 $0.00 $64.20K
Total Liabilities $823.8K $989.3K $1.912M
YoY Change -47.58% -53.58% 9.41%
SHAREHOLDERS EQUITY
Retained Earnings -$292.1M -$290.9M -$289.5M
YoY Change 2.81% 3.46% 3.97%
Common Stock $2.386K $2.178K $4.584K
YoY Change -5.36% -13.61% 81.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.22M $14.28M $1.493M
YoY Change
Total Liabilities & Shareholders Equity $14.05M $15.27M $3.405M
YoY Change 68.1% 308.59% -43.18%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.106M $1.407M -$2.549M
YoY Change -138.67% -151.69% -31.49%
Depreciation, Depletion And Amortization $1.000K $895.00 $1.340K
YoY Change -16.67% -36.07% 24.07%
Cash From Operating Activities -$923.0K -$1.725M -$2.313M
YoY Change -73.1% -41.28% -16.45%
INVESTING ACTIVITIES
Capital Expenditures $1.241K -$4.000K
YoY Change -80.37% 135.29%
Acquisitions
YoY Change
Other Investing Activities $1.600K $1.240K $0.00
YoY Change
Cash From Investing Activities $1.600K $1.241K $4.000K
YoY Change -119.63% -335.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.90K $14.01M 626.4K
YoY Change -101.28% 6026.36%
NET CHANGE
Cash From Operating Activities -923.0K -$1.725M -2.313M
Cash From Investing Activities 1.600K $1.241K 4.000K
Cash From Financing Activities -99.90K $14.01M 626.4K
Net Change In Cash -1.021M $12.29M -1.683M
YoY Change -123.42% -552.67% -39.26%
FREE CASH FLOW
Cash From Operating Activities -$923.0K -$1.725M -$2.313M
Capital Expenditures $1.241K -$4.000K
Free Cash Flow -$1.726M -$2.309M
YoY Change -41.37% -16.54%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s results of operations and financial position could be materially impacted.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Federal Deposit Insurance Corporation (the “FDIC”) insurance limits are $250,000 per depositor per insured bank. The Company had cash balances of $14.2 million and $1.9 million uninsured by the FDIC as of March 31, 2023 and December 31, 2022, respectively.</p>
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CY2023Q1 tenx Liquidity And Capital Resources
LiquidityAndCapitalResources
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has financed its operations since September 1990 through the issuance of debt and equity securities and loans from stockholders. The Company had total current assets of approximately $15.3 million and $3.2 million and working capital of $14.3 million and $1.4 million as of March 31, 2023 and December 31, 2022, respectively.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s cash resources were approximately $14.4 million as of March 31, 2023, compared to cash resources of approximately $2.1 million as of December 31, 2022.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company expects to continue to incur expenses related to the development of levosimendan for pulmonary hypertension and other potential indications and imatinib for PAH, as well as identifying and developing other potential product candidates. Based on its resources on March 31, 2023, the Company believes that it has sufficient capital to fund its planned operations through to the first quarter of calendar year 2024. However, the Company will need substantial additional financing in order to fund its operations beyond such period and thereafter until it can achieve profitability, if ever. The Company depends on its ability to raise additional funds through various potential sources, such as equity and debt financing, or to license its product candidates to another pharmaceutical company. The Company intends to continue to fund operations from cash on hand and through sources of capital similar to those previously described. The Company cannot provide assurance that it will be able to secure such additional financing on reasonable terms, or if available, that it will be sufficient to meet its needs.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">To the extent that the Company raises additional funds by issuing shares of its common stock or other securities convertible or exchangeable for shares of common stock, stockholders will experience dilution, which may be significant. In the event the Company raises additional capital through debt financings, the Company may incur significant interest expense and become subject to restrictive covenants in the related transaction documentation that may affect the manner in which the Company conducts its business. To the extent that the Company raises additional funds through collaboration and licensing arrangements, it may be necessary to relinquish some rights to its technologies or product candidates or grant licenses on terms that may not be favorable to the Company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The COVID-19 pandemic or a similar societal disruption could in the future, directly or indirectly, adversely affect the Company’s clinical trial operations, including its ability to recruit and retain patients, principal investigators and site staff who, as healthcare providers, may have heightened exposure to infectious diseases if an outbreak occurs in their geography. Further, some patients may be unable to comply with clinical trial protocols if quarantines or travel restrictions impede patient movement or interrupt healthcare services, or if the patients become infected with COVID-19 themselves, which would delay the Company’s ability to initiate and/or complete planned clinical and preclinical studies in the future. In May 2023, the World Health Organization declared that COVID-19 was no longer a global health emergency, however, any lingering impact from COVID-19 is not fully known and cannot be estimated. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Any or all of the foregoing may have a material adverse effect on the Company’s business and financial performance.</p>
CY2023Q1 tenx Total Current Assets
TotalCurrentAssets
15300000 usd
CY2022Q4 tenx Total Current Assets
TotalCurrentAssets
320000 usd
CY2023Q1 tenx Working Capital Amount
WorkingCapitalAmount
14300000 usd
CY2022Q4 tenx Working Capital Amount
WorkingCapitalAmount
1400000 usd
CY2023Q1 us-gaap Cash
Cash
14400000 usd
CY2022Q4 us-gaap Cash
Cash
2100000 usd
CY2023Q1 tenx Derivative Financial Instruments Policy Taxt Block
DerivativeFinancialInstrumentsPolicyTaxtBlock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Warrants for our shares of common stock and other derivative financial instruments are classified as equity if the contracts (1) require physical settlement or net-share settlement or (2) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). Contracts which (1) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (2) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (3) that contain reset provisions that do not qualify for the scope exception are classified as equity or liabilities. The Company assesses classification of its warrants for shares of common stock and other derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required.</p>
CY2023Q1 us-gaap Depreciation
Depreciation
895 usd
CY2022Q1 us-gaap Depreciation
Depreciation
1353 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
246766 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
245391 usd
CY2023Q1 tenx Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
0 usd
CY2022Q4 tenx Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
119393 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
61156 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
410261 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
307922 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
775045 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Medium Term Notes
ProceedsFromIssuanceOfMediumTermNotes
693669 usd
CY2023Q4 tenx Note Payable Downpayment
NotePayableDownpayment
69367 usd
CY2020Q2 tenx Ppp Loan Amount
PppLoanAmount
624302 usd
CY2023Q1 tenx Note Payable Monthly Installment
NotePayableMonthlyInstallment
58873 usd
CY2023Q4 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.0739 pure
CY2023Q1 tenx Debt Instrument Decrease Forgiveness Accrued Interest
DebtInstrumentDecreaseForgivenessAccruedInterest
3845 usd
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
513906 usd
CY2023Q1 tenx Lease Term Period
LeaseTermPeriod
P64M
CY2023Q1 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The Company had two five-year options to extend the Lease and a one-time option to terminate the Lease 36 months after the commencement of the initial term if no additional space became available. On April 2, 2021, the Company negotiated a three year extension to the existing lease term,
CY2023Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
125034 usd
CY2023Q1 tenx Percentage Of Annual Increase In Rent
PercentageOfAnnualIncreaseInRent
0.025 pure
CY2023Q1 us-gaap Lease Cost
LeaseCost
169867 usd
CY2023Q1 tenx Lease Monthly Installment
LeaseMonthlyInstallment
750 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21777434 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2291809 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1576240 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.13
CY2023Q1 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
17333332 shares
CY2023Q1 tenx Weighted Average Exercise Price Issued
WeightedAverageExercisePriceIssued
2.25
CY2023Q1 tenx Warrants Amended And Restated
WarrantsAmendedAndRestated
-14407332 shares
CY2023Q1 tenx Weighted Average Exercise Price Amended And Restared
WeightedAverageExercisePriceAmendedAndRestared
2.25
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4502240 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0223 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0569 pure

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