Tenax Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in cash and cash equivalents, rising to approximately $98.3 million from $9.8 million at the end of the previous fiscal year. Total current assets also surged to about $99.8 million, compared to $11.7 million as of December 31, 2023. This increase is primarily attributed to a successful private placement financing completed in August 2024, which generated gross proceeds of approximately $99.7 million.

Despite the increase in cash reserves, Tenax reported a net loss of approximately $3.96 million for the three months ended September 30, 2024, compared to a net loss of $1.97 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss totaled approximately $11.33 million, significantly higher than the $4.49 million loss reported for the same period in the previous year. The increase in losses is largely due to a 118% rise in total operating expenses for the quarter, which reached approximately $4.62 million, up from $2.12 million in 2023. For the nine-month period, operating expenses increased by 149% to approximately $12.20 million.

Research and development expenses were a major contributor to the increased operating costs, with a 192% rise for the quarter, totaling approximately $3.11 million, and a staggering 431% increase for the nine months, reaching approximately $8.12 million. This reflects the company's intensified focus on clinical trials for levosimendan, particularly the ongoing Phase 3 LEVEL trial for pulmonary hypertension.

The company’s total stockholders’ equity rose to approximately $97.2 million as of September 30, 2024, compared to $8.1 million at the end of 2023, driven by the influx of capital from the recent financing activities. Additionally, Tenax has extended its license agreement for levosimendan, securing global rights for its oral and subcutaneous formulations, which are pivotal for its ongoing clinical development efforts.

Overall, Tenax Therapeutics is positioned to continue its operations with sufficient capital through at least the end of 2027, as management believes the proceeds from the August 2024 offering will support its strategic initiatives and clinical trials.