$TENX
TENAX THERAPEUTICS, INC.

2023 Q3 Form 10-Q Financial Statement

#000165495423010758 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.050M $1.038M
YoY Change -23.76% -22.37%
% of Gross Profit
Research & Development $1.066M $197.9K
YoY Change -30.8% -87.02%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K
YoY Change -16.67% -16.67%
% of Gross Profit
Operating Expenses $2.117M $1.236M
YoY Change -27.42% -56.81%
Operating Profit $2.117M $1.236M
YoY Change -27.42% -56.81%
Interest Expense $5.337K $9.126K
YoY Change 1334.68% 514.96%
% of Operating Profit 0.25% 0.74%
Other Income/Expense, Net $0.00 $911.00
YoY Change -100.0% -61.4%
Pretax Income -$1.970M -$1.106M
YoY Change -32.45% -61.33%
Income Tax
% Of Pretax Income
Net Earnings $1.972M -$1.106M
YoY Change -32.39% -138.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.08 -$0.05
COMMON SHARES
Basic Shares Outstanding 23.86M shares 21.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.14M $13.39M
YoY Change 192.66% 85.27%
Cash & Equivalents $11.14M $13.39M
Short-Term Investments
Other Short-Term Assets $267.1K $282.6K
YoY Change -62.23% -67.61%
Inventory
Prepaid Expenses $474.9K $362.6K
Receivables
Other Receivables
Total Short-Term Assets $11.88M $14.04M
YoY Change 163.27% 73.28%
LONG-TERM ASSETS
Property, Plant & Equipment $4.706K $5.675K
YoY Change -51.15% -47.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.117K $1.117K
YoY Change -86.76% -86.76%
Total Long-Term Assets $5.823K $6.792K
YoY Change -97.42% -97.33%
TOTAL ASSETS
Total Short-Term Assets $11.88M $14.04M
Total Long-Term Assets $5.823K $6.792K
Total Assets $11.89M $14.05M
YoY Change 150.87% 68.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $134.8K $206.5K
YoY Change -49.21% -77.54%
Accrued Expenses $293.0K $271.6K
YoY Change -30.97% -37.49%
Deferred Revenue
YoY Change
Short-Term Debt $170.0K $345.8K
YoY Change 276.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $602.2K $823.8K
YoY Change -12.7% -43.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $602.2K $823.8K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $602.2K $823.8K
YoY Change -23.3% -47.58%
SHAREHOLDERS EQUITY
Retained Earnings -$294.0M -$292.1M
YoY Change 2.45% 2.81%
Common Stock $2.386K $2.386K
YoY Change -20.41% -5.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.29M $13.22M
YoY Change
Total Liabilities & Shareholders Equity $11.89M $14.05M
YoY Change 150.87% 68.1%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.972M -$1.106M
YoY Change -32.39% -138.67%
Depreciation, Depletion And Amortization $1.000K $1.000K
YoY Change -16.67% -16.67%
Cash From Operating Activities -$2.080M -$923.0K
YoY Change -37.55% -73.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.600K
YoY Change
Cash From Investing Activities $0.00 $1.600K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.0K -99.90K
YoY Change 85.02% -101.28%
NET CHANGE
Cash From Operating Activities -2.080M -923.0K
Cash From Investing Activities 0.000 1.600K
Cash From Financing Activities -170.0K -99.90K
Net Change In Cash -2.250M -1.021M
YoY Change -34.26% -123.42%
FREE CASH FLOW
Cash From Operating Activities -$2.080M -$923.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Registrant Name
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TENAX THERAPEUTICS, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Security12b Title
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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 $13.1 million and $1.9 million uninsured by the FDIC as of June 30, 2023 and December 31, 2022, respectively.</p>
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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 $14.0 million and $3.2 million and working capital of $13.2 million and $1.4 million as of June 30, 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 $13.4 million as of June 30, 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 June 30, 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 healthcare 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 or impact from 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 coronavirus or a similar virus 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>
CY2023Q2 tenx Total Current Assets
TotalCurrentAssets
14000000.0 usd
CY2022Q4 tenx Total Current Assets
TotalCurrentAssets
3200000 usd
CY2023Q2 tenx Working Capital Amount
WorkingCapitalAmount
13200000 usd
CY2022Q4 tenx Working Capital Amount
WorkingCapitalAmount
1400000 usd
CY2023Q2 us-gaap Cash
Cash
13400000 usd
CY2022Q4 us-gaap Cash
Cash
2100 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
245391 usd
CY2023Q2 tenx Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
0 usd
CY2022Q4 tenx Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
119393 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
41633 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
410261 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
271633 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
775045 usd
tenx Warrants Amended And Restated
WarrantsAmendedAndRestated
-17187332 shares
CY2023Q2 us-gaap Depreciation
Depreciation
1000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
1200 usd
us-gaap Depreciation
Depreciation
1895 usd
us-gaap Depreciation
Depreciation
2600 usd
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
17333332 shares
us-gaap Proceeds From Issuance Of Medium Term Notes
ProceedsFromIssuanceOfMediumTermNotes
693669 usd
CY2023Q2 tenx Note Payable Downpayment
NotePayableDownpayment
69367 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
624302 usd
tenx Note Payable Monthly Installment
NotePayableMonthlyInstallment
58873 usd
tenx Account Payable Interest Bearing Interest Rate
AccountPayableInterestBearingInterestRate
0.0739 pure
CY2023Q2 tenx Debt Instrument Decrease Forgiveness Accrued Interest
DebtInstrumentDecreaseForgivenessAccruedInterest
8463 usd
tenx Debt Instrument Decrease Forgiveness Accrued Interest
DebtInstrumentDecreaseForgivenessAccruedInterest
15814 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
345749 usd
CY2023Q2 tenx Ppp Loan Amount
PppLoanAmount
624302 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
125034 usd
tenx Percentage Of Annual Increase In Rent
PercentageOfAnnualIncreaseInRent
0.025 pure
us-gaap Lease Cost
LeaseCost
169867 usd
tenx Lease Monthly Installment
LeaseMonthlyInstallment
750 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23862434 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
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
15.87
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0223 pure
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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