Why Tenax Therapeutics Inc. (TENX) stock plummeted on Tuesday?

Tenax Therapeutics Inc. (TENX) shares fell 2.09% in after-hours on Tuesday, January 04, 2021, and closed the daily trading at $0.99. Even in the regular trading session, TENX’s stock lost 9.01%. The stock volume remained 1.96 million shares. TENX shares have fallen 45.41% over the last 12 months, and they have moved down 3.81% in the past week. Over the past three months, the stock has lost 44.20%, while over the past six months, it has sunk 47.67%.

Let’s see why did it face negativity on Tuesday?

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TENX update on its clinical programs

On January 04, 2022, Tenax Therapeutics, Inc. (TENX) provided patent and clinical program updates for its two lead product candidates, TNX-103 for the treatment of pulmonary hypertension associated with left heart failure (PH-HFpEF), and TNX-201 for the treatment of pulmonary arterial hypertension (PAH).

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Update about TNX-102

The United States Patent and Trademark Office (USPTO) issues a notice of allowance for the subcutaneous administration of levosimendan. The patent, expected to be issued in January 2022 and will provide coverage up to 2039 for the treatment of human subjects with health conditions of any kind.

TNX-103 program update

Tenax Therapeutics completed the transition from intravenous (IV) to oral levosimendan of those patients currently enrolled in the open-label extension (OLE) rollover study (TNX-LVO-05), following their enrolment in the Phase 2 HELP trial. All patients currently in the OLE study successfully completed the transition sub-study without any unexpected safety issues or serious drug-related adverse events.

TENX-201 update

Tenax announced that it has completed the pharmacokinetic (PK) assessment in healthy volunteers of TNX-201 compared to reference imatinib (GLEEVEC) and made important observations about the characteristics of the two formulations. The company is modifying the TNX-201 formulation based on recent results to ensure the best efficacy and tolerance in the upcoming Phase 3 trial, which is expected to start in the second half of 2022.

TENX latest financial results

On November 16, 2021, Tenax Therapeutics, Inc. (TENX), announced its financial results for the third quarter of 2021.

Q3 2021 financial highlights

  • TENX generated no revenue in Q3 2021.
  • Research and development expenses were $1.2 million in Q3 2021, compared to $1.1 million for the third quarter of 2020.
  • General and administrative expenses were $2.6 million, compared to $1.2 million for the third quarter of 2020.
  • It suffered a net loss of $3.8 million, or $0.15 per share in Q3 2020, compared to a net loss of $2.2 million, or $0.18 per share in Q3 2020.
  • The company ended the third quarter with cash, cash equivalents, and marketable securities of $8.4 million compared to $6.7 million as of December 31, 2020.

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The company provided a comprehensive update about its clinical program but we are not sure why Tenax stock went down on Tuesday. We hope that it will bounce back in the coming trading sessions on Wednesday.

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