$TENX
TENAX THERAPEUTICS, INC.

2024 Q1 Form 10-K Financial Statement

#000165495424003827 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.233M $1.642M $5.005M
YoY Change -3.22% 15.62% -11.81%
% of Gross Profit
Research & Development $2.676M $1.699M $3.229M
YoY Change 906.89% 49.74% -39.96%
% of Gross Profit
Depreciation & Amortization $895.00 $7.570K $7.570K
YoY Change 0.0% 464.93% 47.19%
% of Gross Profit
Operating Expenses $3.908M $3.341M $8.234M
YoY Change 153.88% 30.78% -25.5%
Operating Profit -$3.908M $8.234M
YoY Change -353.88% -174.5%
Interest Expense $7.963K -$369.0K -$23.97K
YoY Change 8.34% -639.5%
% of Operating Profit -0.29%
Other Income/Expense, Net -$117.4K $484.4K $547.2K
YoY Change -183.86% 8222.51% 5854.73%
Pretax Income -$3.799M -$3.226M -$7.711M
YoY Change 170.04% 26.55% -30.21%
Income Tax
% Of Pretax Income
Net Earnings $3.799M -$3.226M -$7.711M
YoY Change 170.04% 26.55% -30.21%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.12 -$10.79 -$31.04
COMMON SHARES
Basic Shares Outstanding 1.958M shares 23.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.55M $9.792M $9.792M
YoY Change -12.94% 361.09% 361.09%
Cash & Equivalents $12.55M $9.792M $9.792M
Short-Term Investments
Other Short-Term Assets $66.63K $1.891M $1.891M
YoY Change -78.13% 446.87% 74.35%
Inventory
Prepaid Expenses $1.843M $1.640M
Receivables
Other Receivables
Total Short-Term Assets $14.46M $11.68M $11.68M
YoY Change -5.28% 264.15% 264.15%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.117K $1.120K $1.120K
YoY Change 0.0% -88.27% -88.27%
Total Long-Term Assets $1.117K $1.120K $1.120K
YoY Change -83.45% -99.43% -99.43%
TOTAL ASSETS
Total Short-Term Assets $14.46M $11.68M $11.68M
Total Long-Term Assets $1.117K $1.120K $1.120K
Total Assets $14.46M $11.68M $11.68M
YoY Change -5.31% 243.19% 243.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.081M $2.073M $2.073M
YoY Change 528.34% 362.32% 362.31%
Accrued Expenses $536.4K $1.012M $1.012M
YoY Change 74.21% 30.63% 30.63%
Deferred Revenue
YoY Change
Short-Term Debt $413.2K $500.9K $500.9K
YoY Change -19.6% -19.77% -19.77%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.031M $3.587M $3.587M
YoY Change 106.39% 94.1% 94.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $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 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.031M $3.587M $3.587M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.031M $3.587M $3.587M
YoY Change 105.25% 87.58% 87.58%
SHAREHOLDERS EQUITY
Retained Earnings -$301.1M -$297.3M
YoY Change 3.47% 2.66%
Common Stock $0.00 $30.00
YoY Change -100.0% -99.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.43M $8.098M $8.098M
YoY Change
Total Liabilities & Shareholders Equity $14.46M $11.68M $11.68M
YoY Change -5.31% 243.19% 243.19%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $3.799M -$3.226M -$7.711M
YoY Change 170.04% 26.55% -30.21%
Depreciation, Depletion And Amortization $895.00 $7.570K $7.570K
YoY Change 0.0% 464.93% 47.19%
Cash From Operating Activities -$5.166M -$1.174M -$5.904M
YoY Change 199.48% -49.27% -50.86%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.840K $2.840K
YoY Change -100.0%
Cash From Investing Activities $0.00 $2.840K $2.840K
YoY Change -100.0% -29.0% -222.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.160K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.923M -170.9K 13.57M
YoY Change -43.47% -127.28% 58.61%
NET CHANGE
Cash From Operating Activities -5.166M -1.174M -5.904M
Cash From Investing Activities $0.00 2.840K 2.840K
Cash From Financing Activities $7.923M -170.9K 13.57M
Net Change In Cash $7.923M -1.342M 7.668M
YoY Change -35.54% -20.27% -321.62%
FREE CASH FLOW
Cash From Operating Activities -$5.166M -$1.174M -$5.904M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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TENAX THERAPEUTICS, INC.
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of the accompanying 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 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>
CY2023 us-gaap Concentration Risk Credit Risk
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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 $2,383,498 and $1,877,589 uninsured by the FDIC as of December 31, 2023 and 2022, respectively.</p>
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CY2022Q4 tenx Working Capital Amount
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CY2023 tenx Preclinical Study And Clinical Accrualspolicytaxtblock
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company estimates its preclinical study and clinical trial expenses based on the services received pursuant to contracts with several research institutions and contract research organizations (“CROs”) that do or may conduct and manage preclinical and clinical trials on its behalf. The financial terms of the agreements vary from contract to contract, may be estimated by Tenax Therapeutics and outside advisors prior to contracting with a CRO, and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include the following:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">-</p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">fees paid to CROs in connection with clinical trials,</p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">-</p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">fees paid to research institutions in conjunction with preclinical and clinical research studies, and</p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">-</p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">fees paid to contract manufacturers and service providers in connection with the production and testing of active pharmaceutical ingredients and drug materials for use in preclinical studies and clinical trials.</p></td></tr></tbody></table>
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CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2023 tenx Warrants Canceled
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2023 us-gaap Lessee Operating Lease Option To Extend
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CY2023 tenx Annual Base Rent Increased
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125034 usd
CY2023 tenx Percentage Of Annual Increase In Rent
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CY2023 tenx Annual Lease Term Minimum Duration
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CY2023 tenx Annual Lease Term Maximum Duration
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CY2023Q4 tenx Operating Lease Liabilities Current
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CY2022Q4 tenx Operating Lease Liabilities Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023 us-gaap Payments For Rent
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CY2023 tenx Stock Compensation
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CY2023Q4 tenx Capitals
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CY2023 tenx Description For Operating Loss Carryforwards
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CY2022 tenx Description For Operating Loss Carryforwards
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begin to expire in 2024
CY2023 tenx Description Of Income Taxes
DescriptionOfIncomeTaxes
there is a cumulative change in our ownership by “5% shareholders” that exceeds 50 percentage points over a rolling three-year period.

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